Veritas Kapital Assurance Plc has recorded an improvement in its operations, recovering from a loss position in its 2019 financial year. It recorded with an increase in profit before tax of N253 million, compared with a loss of N50 million in the previous year.
This is even as it recorded a decline in management expenses by four per cent to N1.462 billion in 2019, from N1.530 billion the previous year, with a two per cent increase in net assets which during the year under review stood at N7.947 billion as against N7.781 billion in the previous year.
The company, disclosed these during its 43rd Annual General Meeting (AGM) in Abuja.
At the meeting held in line with the COVID-19 rules and guidelines, the Chairman of the Board, Thomas Etuh, said the focus of the company for the year 2020 is “simply innovative”
According to him, “Innovation is how we will win in the highly competitive environment that we operate in that is also further challenged by the effects of the novel coronavirus pandemic.
“This will include innovation in processes, enhancement of our product portfolio, development of mutually beneficial partnerships and collaborations, while ensuring simplicity in all areas of your company’s operations. We are confident that the future remains ours to shape.”
He said in spite of the pandemic, and the associated lockdown imposed on a significant portion of economic activities by the federal government, the company has been providing seamless and uninterrupted service to customers and stakeholders.
He said though Nigeria’s insurance industry was yet to exceed a penetration rate of one percent, his company, expects that several non-regulatory growth drivers would reverse these trends, pointing out that micro-insurance and index insurance in the agriculture sector are potential growth areas for the industry.
Also speaking, the company’s Managing Director, Kenneth E. Egbaran, said that the 2019 result was a great improvement when compared to where the company was coming from.