Veritas Assurance grows profit after tax by 46% in 2022

The Managing Director of Veritas Kapital Assurance Plc, Kenneth Egbaran, has reported a 46% increase in profit after tax from N570.4 million in 2021 to N833.6 million in 2022, in 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 N344.4.3 million in 2021 to N825.9 million in 2022, it also increased underwriting profit by N169.23 million, from N1.28 billion in 2021 to N1.45 billion in 2022.

The company admitted in a statement released to one of our correspondents in Kaduna on Wednesday that gross premium written fell by 26% year on year, while net premium income increased by N60.9 million to N3.0billion from N2.94billion, a 2% rise.

It also stated that the year-on-year decline from N6.32 billion to N4.67 billion was due to lower return premiums in the Agric business, which was harmed by a shift in climatic conditions.

Advertisement

This was just as the Managing Director said the company increased its shareholders’ fund by N1.86 billion to N12.66 billion from N10.80 billion, representing a 17% increase year on year, while the group’s total assets increased by N947 million to N17.51 billion from N16.56 billion, indicating a 6% year-on-year increase.

Meanwhile, as part of its Corporate Social Responsibility, the company 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, saw the three best students – Chiemerie Oguejiofor of the University of Lagos who won the competition, and 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.

Presenting the prizes to the winners on behalf of the company, Mr Olasunkanmi Adekeye, charged the beneficiaries to continue to challenge themselves towards achieving their dreams and aspirations.