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Veritas Kapital Assurance gross premium written up 43% Q1

Veritas Kapital Assurance gross premium written up 43% Q1

Veritas Kapital Assurance Plc has reported a 43 percent growth in profit after tax to N181.0 million in first quarter 2023, from N126.2 million in Q1 2022, and a 10 percent growth in profit before tax, from N172.9 million in Q1 2022 to N190.0 million in Q1 2023.

The unaudited result for the group also saw a significant increase in Gross Premium Written, which grew by 45 percent year-on-year to N2.08 billion, and net premium income growth of 151 percent to N978.1 million.

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The group’s focus on enhancing shareholder value was also evident, as shareholders’ fund grew by N181.0 million to N12.8 billionn, while total assets increased by 9 percent to N19.0 billion 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.