Yemisi Izuora
Veritas Assurance Q4 results has revealed that the Company’s Profit Before Tax, PBT, grew year–on–year by 1453 per cent from N36.3million in 2021 to N871.2million in 2022.
Also, Profit After Tax, PAT, showed a growth margin of 77 per cent year-on-year from N570.4million in 2021 to N825.7million in 2022.
Veritas a frontline insurance firm affirmed that its Q4 2022 results show a 54 per cent growth in gross premium from N966.3million in Q3 to N1,484.2million in Q4.
The firm however noted that there was a dip of 27 per cent 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 per cent 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.
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 5 per cent year-on-year.
The Managing Director and Chief Executive Officer, MD/CEO, of Veritas Kapital Assurance Plc, Kenneth Egbaran, stated that the 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, assured that the Company will continue to keep its focus to remain one of the leading insurance companies in Nigeria delivering value to all its stakeholders.
