Veritas Kapital Assurance Posts 54% Growth In Gross Premium In Q4 2022


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.

In a statement circulated to the media on Monday, in Abuja, Veritas Kapital Plc 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.

It 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 showed that it grew by 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, Kenneth Egbaran, these results speak to the company’s commitment to keeping improving its business offerings to all prospective insureds and customers whilst delivering a seamless customer experience.

The MD 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.

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