Veritas Kapital Assurance Plc, a frontline insurance company, reported a 46% increase in profit after tax from N570.4Mn in 2021 to N833.6Mn in 2022 in its 2022 Audited Financial Statement results.
The audited financial figures also revealed that, while the group increased profit before tax by 169% year on year, from N344.4.3 million in 2021 to N825.9 million in 2022, it also increased underwriting profit by N169.23 million, from N1.28 billion in 2021 to N1.45 billion in 2022.
Veritas Kapital Plc admitted in a statement distributed to the media on Monday in Abuja that gross premium written fell by 26% year on year, while net premium income increased by N60.9Mn to N3.0Bn from N2.94Bn, a 2% rise. It also stated that the year-on-year decline from N6.32Bn to N4.67Bn was due to lower return premiums in the Agric business, which was harmed by a shift in climatic conditions.
In line with its mantra of “Enhanced Shareholder Value,” the MD/CEO Mr Kenneth E. Egbaran said the company increased its shareholders’ fund by N1.86 billion to N12.66 billion from N10.80 billion, representing a 17% increase year on year, while the group’s total assets increased by N947Mn to N17.51Bn from N16.56Bn, indicating a 6% year-on-year increase.
In a parallel development, and in continuation of its Corporate Social Responsibility, the company recently presented cheques to quiz winners at its inaugural insurance challenge for bright students in Nigeria’s tertiary institutions.
The contest, which was available to undergraduates in Insurance and Actuarial Science, saw the three best students – Chiemerie Oguejiofor of the University of Lagos (UNILAG) who won the competition, and Alabi Taofeek Oluwatomilola of Ekiti State University (EKSU), Ado-Ekiti and Ehidiamen-Ton Tonica of Ahmadu Bello University (ABU) who finished second and third, respectively topping the list.
Presenting the prizes to the winners on behalf of Veritas Kapital Assurance Plc, Mr Olasunkanmi Adekeye, charged the beneficiaries to continue to challenge themselves towards achieving their dreams and aspirations.
