Home Business Insurance World Veritas Kapital Improves Profit By 505% To N219.77m FY22, Despite Drop In Gross Premium 
Insurance World

Veritas Kapital Improves Profit By 505% To N219.77m FY22, Despite Drop In Gross Premium 

Share
Share

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.

Also Read: NAICOM Approves Appointment Of Sunkanmi Adekeye As Executive Director Of Veritas Kapital Assurance 

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.

Related News

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

NAICOM, NDPC Sign MoU To Safeguard Data Of Policyholders

NKECHI NAECHE-ESEZOBOR-The National Insurance Commission, (NAICOM) and the Nigeria Data Protection Commission,...

NAICOM, CIIN Tell Insurance Firms Directors To Uphold GRC Principles For Industry Sustainability

BY NKECHI NAECHE- ESEZOBOR–The National Insurance Commission, (NAICOM), has urged directors in...

Non Settlement Of Claims Is A Ground For Cancellation Of License- NAICOM

BY NKECHI NAECHE- ESEZOBOR–The National Insurance Commission on Wednesday told insurance directors...

Onifade Calls For AI Innovation To Drive Insurance Growth At WAICA Conference In Accra

Niyi Onifade, Sector Head of Heirs Insurance Group, has called for the...