Veritas Kapital says it recorded N2.7bn net premium in 2022 financial period.
A statement said the underwriting firm got its shareholders’ commended on the performance during its 46th annual general meeting in Abuja.
“Veritas Kapital Assurance has announced a net premium income of N2.1bn for the 2022 financial year, which translates to a marginal one per cent growth compared to N2.7n in 2021,” the statement said.
The Chairman of the Board of Directors of Veritas Kapital, Mr Nahim Ibraheem, said the company recorded a 28 per cent reduction in gross premium written to N4.37bn compared to N6.1bn in 2021.
This was a result of the strain on operations attributable to the adverse economic environment in the year under review, he said.
Giving details on the performance, he said, “According to the company’s annual report for the year under review, profit before tax grew to N219.77m in 2022 from N36.31m in 2021, which signified a growth of 505 per cent.
“The report however showed a decline in profit after tax from N331.24m in the prior year to N170.13m in 2022.”
He added, “Shareholders’ equity grew organically by three per cent from N9.32bn to N9.63bn in 2022 as total assets declined by per cent from N14.55bn in 2021 to N13.99bn in 2022.”
He noted that although the general economic challenges the country was facing affected the company, it was working hard to ensure shareholders got dividends in the next business year.
Ibraheem added that the company was strengthening business relations with notable and key players in the upstream and downstream sectors of the oil and gas industry to attract profitable business from the sector.
He said, “The board and management remain confident and committed as it continues to leverage several key fundamentals in its activities to provide reasonable returns to shareholders.
“Efforts are in high gear to enhance the perception and awareness of the Veritas Kapital Assurance brand geared towards further penetrating the market.”
