Veritas Kapital Assurance Plc., on Monday reported that its Gross Premium Written (GPW) grew by 45 percent, year-on-year to N2.08 billion in its first quarter unaudited financial statement.

Mr Kenneth Egbaran, Chief Executive Officer (CEO) of the insurance company said this in a statement made available in Lagos.
Egbaran stated that the insurer’s net premium income for the quarter under review also increased by 151 percent to N978.1 million.

He explained that the insurance company also recorded a 43 percent growth in Profit After Tax from N126.2 million in the first quarter of 2022 to N181.0 million in the first quarter of 2023.
The CEO said the underwriting firm grew its Profit Before Tax year–on–year by 10 percent from N172.9 million in the first quarter of 2022 to N190.0 million in the quarter under review.

“The group has reported strong financial results and focuses on enhancing shareholders' value.
“This was evident, as shareholders’ fund grew from N181.0 million to N12.8 billion, while total assets increased by 9 percent to N19.0 billion in the first three months of 2023,” he said.

According to him, the company’s positive financial statement was a result of its commitment to improve its business offerings and deliver seamless customer experience.
Egbaran noted that Veritas Kapital would continue to focus on remaining one of the leading insurance companies in Nigeria and deliver value to all its stakeholders.