Veritas Kapital earns net premium of N2.7 billion to leverage the energy sector.
Veritas Kapital Assurance has declared a net premium income of N2.699 billion for the fiscal year 2022, representing a 1% increase over N2.675 billion in 2021.
Mr. Nahim Ibraheem, Chairman of Veritas Kapital’s Board of Directors, stated this on Tuesday at the company’s 46th Annual General Meeting (AGM) in Abuja.
According to him, the company reduced its gross premium written (GPW) by 28% to N4.37 billion in 2021 from N6.055 billion.
This, he explained, was due to the burden on operations caused by the year’s unfavourable economic environment.
“Profit before tax (PBT) increased by 505 percent to N219.77 million in 2022 from N36.31 million in 2021, according to the company’s annual report for the year under review.
“However, the report shows a drop in profit after tax (PAT) from N331.24 million the previous year to N170.13 million in 2022.”
“The board chairman highlighted in his report that “shareholders’ equity expanded organically by three percent from N9.320 billion in 2021 to N9.625 billion in 2022, while total assets dropped by percent from N14.551 billion in 2021 to N13.996 billion in 2022,” he said.
He stated that, while the country’s general economic issues hurt the company, the company was working hard to ensure stockholders received dividends in the coming fiscal year.
Ibraheem also stated that the company was strengthening commercial contacts with significant and key companies in the oil and gas industry’s upstream and downstream sectors in order to attract profitable business from the sector.
“The Board and management remain confident and committed to providing reasonable returns to shareholders by leveraging several key fundamentals in its activities.”
“Efforts are underway to improve the perception and awareness of the Veritas Kapital Assurance brand in order to further penetrate the market.”
“Your company has re-positioned itself and taken deliberate steps to compete favourably while retaining more premiums from the highly profitable energy sector,” he remarked.
In the same vein, he stated that the technique of striking a balance between overexposure to capital and total risk aversion in making business decisions remained relevant.
“We are well-positioned to take full advantage of the prospects while maintaining excellence and affordable coverage for our customers and the insuring public,” he said.
Previously, shareholders praised the company’s board and management for maintaining strong in directing the company’s activities despite the sector’s current economic hardships.
They were pleased that, despite the fact that no dividend was given during the period, the company was able to settle all of its clients’ claims during the period under consideration.