Veritas Kapital Assurance grows PAT by 46% to N833m in 2022

By Olivia Nnorom

Veritas Kapital Assurance Plc, a frontline insurance company, delivered a 46 per cent  increase in profit after tax (PAT) from N570.4 million in 2021 to N833.6 million in 2022 in its 2022 Audited Financial Statement results.

The audited financial figures also disclosed that, while the group’s profit before tax by 169 per cent year on year, from N344.4.3 million in 2021 to N825.9 million in 2022, it also increased underwriting profit by N169.23 million, from N1.28 billion in 2021 to N1.45 billion in 2022.

On the flipside, Veritas Kapital Plc stated that gross premium written dipped by 26 per cent year on year from N6.32 billion in FY 2021 to N4.67 billion in the period ended December 2022. The year-on-year decline was attributed to lower return premiums in the agric business, which was adversely impacted by a shift in climatic conditions, particularly the recent flood which affected a lot of farmers’ productivity.

In contrast, net premium income rose two per cent, or N60.9 million to N3.0 billion in the period under review, compared to N2.94 billion posted in the corresponding period of 2021.

Dwelling further on the company’s financials, Kenneth E. Egbaran,the managing director/chief executive officer,  said the company, in line with its mantra of enhanced shareholder value increased its shareholders’ fund by N1.86 billion to N12.66 billion from N10.80 billion, representing a 17 per cent appreciation year on year, while the group’s total assets climbed by N947 million to N17.51 billion from N16.56 billion, representing a six per cent year-on-year increase.