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From Adanna Nnamani, Abuja
Veritas Kapital Assurance Plc, a frontline insurance firm has affirmed that its Q4 2022 results show a 54% growth in gross premium from N966.3million in Q3 to N1,484.2million in Q4.
It however admitted that there was a dip of 27percent in Gross Premium Written year-on-year, while the group’s net premium income grew by N27.3million to N2.996billion from N2.938billion, a marginal increase of 1 percent respectively.
Veritas Assurance further indicated that the year-on-year decrease from N6.319billion in 2021 to N4.669billion in 2022 was as a result of return premiums in the area of Agric business which was negatively affected by a change in climatic conditions.
The Q4 results also showed that profit before tax grew year–on–year by 1453% from 36.3million in 2021 to 871.2million in 2022.
Profit after tax result indicated a growth margin of 77percent year-on-year from N570.4million in 2021 to N825.7million in 2022.
In affirmation of its mantra of “Enhanced Shareholders’ Value,” the group grew shareholders’ fund by N1.665billion to N12.47billion from N10.80billion showing a growth of 15 percent year-on-year.
The group also achieved a growth of N756mn in total assets to N17.32bn from N16.56billion, representing a growth of 5percent year-on-year.
According to the MD/CEO, of Veritas Kapital Assurance Plc, Kenneth Egbaran, these results speak to the company’s commitment to keep improving its business offerings to all prospective insureds and customers whilst delivering a seamless customer experience.
Egbaran further stated that Veritas will continue to keep its focus to remain one of the leading insurance companies in Nigeria delivering value to all its stakeholders.
