In spite of the excruciating environment which prevailed during the period under review, Veritas Kapital Assurance Plc posted Gross premium amounting to N6,063,203 billion for the 2020 financial year, an increase of 105 per cent over N2,953,792 billion registered in 2019.
The Underwriting Profit accounted for N1,203,658 billion for the year under review, as it recorded 12 per cent increase as against N1,076,778 billion in 2019.
Chairman of Board of Directors of the company, Mr Thomas Etuh, who disclosed this at the 44th Annual General Meeting of the company in Abuja on Monday, noted that in spite of the economic downturn caused by the COVID-19 pandemic last year, the company re-strategised its focus on Agricultural insurance business which premium accounted for the largest chunk of the premiums.
The company’s annual report for the year, show that premium earned in agriculture business insurance accounted for N3,399,883 billion as against N502.997 million in 2019.
Profit After Tax is N740.931 million, as against N123.422 million recorded in 2019, total assets increased to N13,057,787 billion from N11,146,383 billion in 2019.
Etuh explained that the company was on continuing path of profitability going by the risk management structures put in place, adding that within the next two to three years, the shareholders would be assured of dividends.
Also speaking, the Managing Director, Mr Kenneth Egbaran, said the success story was achieved through collective efforts of the Board, management and staff of the company.
He said: “With this pace, our 2021 record will be better. It is when all the fundamentals are in right place that we can now begin to expect dividends.
“But meanwhile, we are ploughing back our profits on further investments so that in terms of recapitalization, we will not be caught unawares.”
He explained that the company was being cautious in delving into some very risky business in order to end up paying claims with shareholders’ funds.
He assured the insuring publics of prompt payment of claims, pointing out that the company have not recorded any fine in terms of any shortcoming in corporate governance and payment of claims by the regulatory authorities.
Earlier, Abdullahi Kabiru and Patrick Ajudua, shareholders, applauded the board and management of the company for steering the ship of the company out of losses to profitability levels.
They noted that the shareholders were pleased with the present track records including good corporate governance, prompt payment of claims, increased growth in Agriculture business insurance premiums among others.
However, the shareholders urged the National Insurance Commission (NAICOM) to intensify efforts in enlightenment campaigns on the need for the public to embrace insurance.(NAN)