BY NKECHI NAECHE-ESEZOBOR—Veritas Kapital Assurance has released its financial statement for the year ended 31st December 2022 with impressive growth of 505% in Profit before Tax (PBT).
According to notice sent to Nigerian Exchange, PBT grew from N36.31 million achieved in 2021 to N219.77 million in the year under review.
Shareholders’ equity appreciated by three per cent from N9.320 billion to N9.625 billion in 2022 while Net Premium Income rose slightly by one percent to N2.699 billion for the 2022 financial year as against N2.675 billion recorded in the previous year of 2021.
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However, the insurers total assets declined by per cent from N14.551 billion in 2021 to N13.996 billion in 2022, as Gross Premium Written declined by 28% from N6.055 billion in 2021 to N4.37billion in year under review.
Profit after Tax (PAT) was not left out as it dropped from N331.24 million in the previous year to N170.13 million in 2022.
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