The Managing Director of Veritas Kapital Assurance Plc, Kenneth Egbaran, said its profit after tax rose by 46 per cent from N570.4m in 2021 to N833.6m in 2022 in its 2022 audited financial statement.
The audited financial figures also revealed that, while the group increased profit before tax by 169 per cent year on year, from N344.4.3m in 2021 to N825.9m in 2022, while its underwriting profit rose by N169.23m, from N1.28bn in 2021 to N1.45bn in 2022.
In a statement on Wednesday, the company said its gross premium written fell by 26 per cent year on year, while net premium income increased by two per cent to N60.9m to N3.0bn from N2.94bn.
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 managing director said the company increased its shareholders’ fund by N1.86bn to N12.66bn from N10.80bn, representing a 17 per cent increase year on year, while the group’s total assets increased by N947m to N17.51bn from N16.56bn, indicating a six per cent year-on-year increase.
As part of its corporate social responsibility, the company said it 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 recorded three best students. They are Chiemerie Oguejiofor of University of Lagos who won the competition; Alabi Taofeek Oluwatomilola of Ekiti State University, Ado-Ekiti; and Ehidiamen-Ton Tonica of Ahmadu Bello University who finished second and third, respectively topping the list.
