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.
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.