Veritas Kapital Assurance Posts N1.492bn GPI in H1 2019

Veritas Kapital Assurance Plc has released its statement of account comprising of profit or loss and other comprehensive income for the period ended June 30, 2019, recording a Gross Premium Income (GPI) of N1.492 billion as against N1.478 billion recorded in the same period of 2018.

The statement posted on the company’s website shows that the company’s Gross Premium Written (GPW) declined from N2,133,454 recorded in the same period in 2018 to N1,787,239 in 2019.

While the Company’s Gross Premium Income (GPI) rose from N1, 478,278 during the period under review to N1,492,488 recorded in the same period in 2019, reinsurance expensed also increased from N326,666 during the period January to June 2018 to N422,788 in the corresponding period of 2019.

The firm’s Net Underwriting Income reduced from N1,187,766 in the same period of 2018  to N1,045,562,during the period under review.

During the period under review, insurance claims and benefits (including loss adjustment expenses) paid by the company reduced from N469,280 in January to June 2018 to N168,221 in the same period of 2019.

Others are underwriting result which rose from N448,725 in January to June 2018 to N593,480 in the same period of 2019; Investment Income reduced to N246,199 in the review period of 2019 from N274,613 recorded in 2018; while profit before tax appreciated to N162,527 in 2019 from  N93,621 recorded in same period of 2018.

Veritas Kapital Assurance Plc is one of Nigeria’s leading insurance companies.

Veritas Kapital Assurance Plc formerly known as UnityKapital Assurance Plc was incorporated in 1973 as a private liability Company under the name, Kano State Insurance Company.

The company was registered as a general business company; this move was endorsed and approved by the National Insurance Commission (NAICOM) and offers non-life Insurance products and services to individuals and institutions across Nigeria.