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 N966.3mn in Q3 to N1,484.2mn in Q4.
It however admitted that there was a dip of 27% in Gross Premium Written year-on-year, while the group’s net premium income grew by N27.3mn to N2.996bn from N2.938bn, a marginal increase of 1%, respectively.
Veritas Assurance further indicated that the year-on-year decrease from N6.319bn in 2021 to N4.669bn in 2022 was 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 36.3mn in 2021 to 871.2mn in 2022.
Profit after tax result indicated a growth margin of 77% year-on-year from N570.4mn in 2021 to N825.7mn in 2022.
In affirmation of its mantra of “Enhanced Shareholders’ Value,” the group grew shareholders’ fund by N1.665bn to N12.47bn from N10.80bn showing a growth of 15% year-on-year.
The group also achieved a growth of N756mn in total assets to N17.32bn from N16.56bn, representing a growth of 5% 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.