Veritas Kapital Assurance grows gross premium by 35% in Q3

A renewed commitment to delivering value to its stakeholders, has seen Veritas Kapital Assurance Plc, posting a 35percent growth in gross premium from an initial N718.0million in Q2 to N966.3million in Q3 2022.

The Managing Director/CEO of the company Kenneth Egbaran, said the result is indicative of the strategic drive of the company in terms of product value propositioning

According to the firm’s report, the firm recorded a 16percent increase in gross premium income from N1.028bn in Q2 2022 to N1.190bn in Q3 2022 whilst the net premium income grew year-on-year by 12percent to N2.25bn in September 2022 (2021: 2.01bn).

The result as published on Nigerian Exchange (NGX) Limited portal also revealed that profit before tax grew year–on–year by 21percent from N531.0million in September 2021 to 640.5million in September 2022.

Veritas Assurance equally states that in the pursuit of its mantra of “Enhanced Shareholders’ Value” it grew shareholders’ fund by N0.6billion to N11.39billion from N10.8billion showing a growth of 5 percent from December 2021.

According to the insurance firm, investments of the group generated a 19 percent growth rate, especially in investment income from N1.366bn to N1.623bn within the period under review.

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Egbaran noted that the Company has designed and developed a robust suite of retail covers as part of its financial inclusion drive, stressing that the latest addition (travel insurance) caters to the needs and expectations of potential travelers for purposes of study, business or leisure to Schengen countries, Europe, Asia, the Middle East, Africa, and North & South America.

“Our various travel insurance plans provide medical and emergency assistance, baggage protection, covers against losses and delays; and much more,” he stated.

He noted that this product addition speaks to the company’s commitment to keep improving its business offerings while delivering a seamless customer experience”.