Veritas Kapital Assurance Plc said its gross premium written rose by 45 per cent year-on-year to N2.08bn as of the end of the first quarter of 2023.
It also said its net premium income grew by 151 per cent to N978.1m in the period under review.
The underwriting firm disclosed this in its unaudited financial statement for the first quarter of 2023.
According to the statement, the profit after tax rose by 43 per cent in the first quarter of 2022 from N126.2m to N181m in first quarter of 2023.
It also said its profit before tax rose by 10 per cent from N172.9m Q1, 2022 to N190m in Q1, 2023.
The group’s focus on enhancing shareholder value was also evident, as shareholders’ fund grew by N181m to N12.8bn, while total assets increased by nine per cent to N19bn in the first three months of 2023, the statement said.
The Chief Executive Office, Veritas Kapital Assurance, Kenneth Egbaran, attributed the positive results to the company’s commitment to improving its business offerings and delivering seamless customer experience.
He also reiterated Veritas’ focus on remaining as one of the leading insurance companies in Nigeria, and delivering value to all stakeholders.
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