Veritas Kapital Assurance Plc has released its full-year 2019 audited financial statement, which showed a generally positive performance. The financial report was released earlier today on the website of the Nigerian Strock Exchange. See a summary below.
Gross and net premium: The company’s gross premium had declined slightly by 8% to N3 billion, down from N3.3 billion in 2018. Net premium, on the other hand, increased by 11% to N3.3 billion, up from N2.9 billion in the preceding year.
Underwriting profit: This stood at N1.1 billion in 2019, marking a 19% increase when compared with N896.7 billion which was recorded in FY 2018.
Management expenses: The company managed to cut down on management expenses by 11% during the period under review. A total of N2.6 billion was incurred in management expenses and this is some N299 million less than the N2.9 billion which the company spent in 2018 for the same purpose.
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Profit before and after tax: Last year, Veritas Kapital recorded a profit before tax of N214.3 million, compared to a loss after tax of N432.3 in FY 2018. Profit after tax also stood at N165.2 million, better than a loss after tax of N695.2 in 2018.
You may download the full financial statement here.
