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Veritas Kapital Assurance posts N2.08bn Gross Premium in Q1 2023

Veritas Kapital Assurance Plc Unaudited Financial Statement (UFS) for first quarter 2023 has shown the group posted a Gross Premium Written of over a 2.08…

Veritas Kapital Assurance Plc Unaudited Financial Statement (UFS) for first quarter 2023 has shown the group posted a Gross Premium Written of over a 2.08 billion, representing 45 percent growth year-on-year.

It has also posted a net premium income of NGN978.1 million which is 151% growth.

The company also posted a 43% growth in profit after tax, from N126.2 million in Q1 2022 to N181.0 million in Q1 2023 and a 10% growth in profit before tax, from N172.9Mn in Q1 2022 to N190.0Mn in Q1 2023,

The company said it is focused on enhancing shareholder value thus, shareholders’ fund grew by N181.0Mn to N12.8 billion, while total assets increased by 9% to N19.0Bn in the first three months of 2023.

Veritas Kapital Assurance’s CEO, Kenneth Egbaran, attributed the positive results to the company’s commitment to improving its business offerings and delivering seamless customer experience.

He also reiterated Veritas’ focus on remaining one of the leading insurance companies in Nigeria and delivering value to all stakeholders.

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