By Ginika Okoye
Shareholders of Veritas Kapital Assurance Plc, have commended the company for prompt payment of their insurance claims.
They gave the commendation at the 48th Annual General Meeting (AGM) of the company in Abuja on Friday.
The shareholders also appealed to the newly appointed Board and management of the company to ensure the payment of their dividend which had been stalled for some years.
Chief Essien Peters, a shareholder, said he was attracted to the company and decided to invest due to their high earnings per share, dividend payment policy and prompt payment of their dividends.
Peters who regretted that payment of dividends had stopped for sometime, appealed to the company to revive its culture of payment to encourage more shareholders to invest in the company.
He also called for improved awareness to enable people to invest in the pension and healthcare arms of the company.
Mr Patrick Ajudua, another shareholder, commended the company for their prompt payment of claims.
Ajudua appealed to the company to also ensure the early conduct of their AGM in the interest of shareholders.
He expressed optimism that the company would become one of the five leading insurance companies in the country’s post recapitalisation.
”Whether we like it or not, claims settlement is key to insurance business in the country.
”We commend Veritas for their prompt payment of claims,” he said.
Mrs Obideyi Efunyemi, the National Coordinator of Ark of God Shareholders, commended the company for the high number of female representatives on its Board.
The Managing Director of the company, Dr Adaobi Nwakuche, said the revenue of the company grew by 228 per cent to reach N23.3 billion for the 2024 financial year from N7.1 billion recorded in 2023.
She said the company’s total assets grew to N33 billion,representing a 60 per cent growth from the N20.66 billion recorded in the same period of 2023.
Nwakuche said the gross premium of the company also grew to N23.69 billion representing a 225 per cent increase from N7.298 billion recorded in 2023 financial year.
The managing director said the company recorded a 161 per cent decline in its Profit Before Tax (PBT), dropping to N1.485 billion from N2.417 recorded in 2023.
Nwakuche said the company also recorded 170 per cent decline in its Profit After Tax (PAT) from N2.329 billion in 2023 to N1.634 billion in 2024.
She said the decline was due to significant claims from the special risk portfolio which affected its bottom line.
”In spite of a turbulent economic landscape, Veritas Kapital Assurance Plc demonstrated resilience and strength in its core business areas.
”Veritas Kapital Assurance Plc remains dedicated and steadfast in achieving its goal of being the Underwriter of choice in the Nigerian insurance market.
”In the years ahead, we will continue to count on the support and understanding of you, our shareholders, as well as other industry stakeholders, as we drive the course to value generation and profitability,” she said.
The News Agency of Nigeria (NAN) reports that Veritas Kapital Assurance Plc is one of the leading insurance companies formerly known as UnityKapital Assurance Plc.
The company offers non-life Insurance products and services to individuals and institutions across Nigeria.(NAN)
Edited by Ese E. Ekama – Williams
