Veritas posts N6bn premium | Dailytrust

Veritas posts N6bn premium

Veritas Kapital Assurance Plc has posted a gross premium of N6.06 billion for the 2020 financial year, which is 105 percent growth from the N2.9bn it had 2019.

The insurance firm is also diversifying into agriculture business insurance, said the Chairman, Board of Directors, Mr Thomas Etuh, yesterday at its 44th Annual General Meeting in Abuja.

Giving a breakdown of the financial record, Etuh said Underwriting Profit was N1.2bn which is 12% higher than N1.076bn in 2019.

He noted that despite the economic downturn caused by the COVID-19 pandemic last year, the company re-strategized focus on the agriculture sector whose premium accounted for the largest chunk of the premiums. It generated N3.39bn premium as against N502.9 million in 2019.

Veritas also grew Profit After Tax to N740.9m from N123.4m while assets increased to N13.05m from N11.1m in 2019.

Fielding questions, the Chairman said the company is sustaining profitability noting that the firm should be declaring dividends within to three years.

 

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
1017257739
Media Trust Ltd


Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Inquiries:
Email: membership@dailytrust.com
Whatsapp: +234 806 990 3410