…records N2.7bn Net Premium in 2022
Veritas Kapital Assurance has recorded Net Premium Income of N2.699 billion for the 2022 financial year, which translates to a marginal one per cent growth compared to N2.675 billion in 2021.
This is as its Profit before Tax (PBT) grew to N219.77 million in 2022 from N36.31 million in 2021, which signifies a growth of 505 per cent.
Nahim Ibraheem, chairman of the Board of Directors of Veritas Kapital, who disclosed this at its 46th Annual General Meeting (AGM) held in Abuja said the company recorded a 28 per cent reduction in Gross Premium Written (GPW) to N4.37 billion compared to N6.055 billion in 2021.
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This, he said , was a result of the strain on operations attributable to the adverse economic environment in the year under review.
“According to the company’s annual report for the year under review, Profit before Tax (PBT) grew to N219.77 million in 2022 from N36.31 million in 2021, which signifies a growth of 505 per cent.
“The report, however, shows a decline in Profit after Tax (PAT) from N331.24 million in the prior year to N170.13 million in 2022.
“The board chairman noted in his report that ”Shareholders’ equity grew organically by three per cent from N9.320 billion to N9.625 billion in 2022 as total assets declined also marginally by N14.551 billion in 2021 to N13.996 billion in 2022,” he said.
He noted that although the general economic challenges the country was facing affected the company, adding that, the company was working hard to ensure shareholders get dividends in the next business year.
Ibraheem added that the company was strengthening business relations with notable and key players in the upstream and downstream sectors of the oil and gas industry to attract profitable business from the sector.
“The Board and management remain confident and committed as it continues to leverage several key fundamentals in its activities to provide reasonable returns to shareholders.
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“Efforts are in high gear to enhance the perception and awareness of the Veritas Kapital Assurance brand geared towards further penetrating the market.
“Your company has re-strategize and has taken deliberate steps to compete favourably while retaining more premiums from the highly lucrative energy sector,” he said.
He said that in the same connection, the strategy to strike a balance between over exposure to capital and total risk aversion in making business decisions remained germane.
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“We are well-positioned to take full advantage of the prospects while maintaining excellence and affordable cover for our customers and the insuring public,” he said.
Earlier, shareholders commended the board and management of the company for remaining steadfast in steering the affairs of the company amidst the prevailing economic challenges facing the sector.
They expressed delight that although no dividend was paid during the period, the company was able to pay its clients all their claims during the period under review, as that remains critical for the insurance business.
