Veritas Kapital Assurance posts N833m net profit

Veritas Kapital Assurance Plc, a frontline insurance company, reported a 46 per cent increase in profit after tax from N570.4 million in 2021 to N833.6m in 2022. This was according to its 2022 Audited Financial Statement results. The audited financial figures also revealed that, while the group increased profit before tax by 169% year on […]

Veritas Kapital Assurance Plc, a frontline insurance company, reported a 46 per cent increase in profit after tax from N570.4 million in 2021 to N833.6m in 2022.

This was according to 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 N344.4.3m in 2021 to N825.9m in 2022, it also increased underwriting profit by N169.23m, from N1.28 billion in 2021 to N1.45bn in 2022.

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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 N60.9m to N3bn 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.

The MD/CEO, Mr Kenneth Egbaran, said the company increased its shareholders’ fund by N1.86bn to N12.66bn from N10.80bn, representing a 17% increase year on year, while the group’s total assets increased by N947m to N17.51bn from N16.56bn, indicating a 6% year-on-year increase.