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.
