Abuja: Shareholders of Veritas Kapital Assurance Plc have commended the company for its prompt payment of 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.
According to News Agency of Nigeria, Chief Essien Peters, a shareholder, stated that he was initially attracted to the company and decided to invest because of their high earnings per share, dividend payment policy, and consistent payment of dividends. Peters expressed regret that dividend payments had been halted for some time and appealed to the company to revive its culture of payment to encourage further investment from shareholders. He also called for improved awareness to encourage investment in the pension and healthcare arms of the company.
Mr. Patrick Ajudua, another shareholder, praised the company for its timely claims settlement and urged the company to ensure the early conduct of their AGM for the benefit of shareholders. Ajudua expressed optimism that the company would become one of the five leading insurance companies in the country’s post-recapitalisation era, emphasizing that claims settlement is vital to the insurance business.
Mrs. Obideyi Efunyemi, the National Coordinator of Ark of God Shareholders, praised the company for having a significant number of female representatives on its Board. The Managing Director of the company, Dr. Adaobi Nwakuche, announced that the company’s revenue grew by 228 percent to reach N23.3 billion for the 2024 financial year, up from N7.1 billion recorded in 2023. She added that the company’s total assets grew to N33 billion, representing a 60 percent increase from N20.66 billion in the same period of 2023.
Nwakuche reported that the gross premium of the company also grew to N23.69 billion, a 225 percent increase from N7.298 billion recorded in the 2023 financial year. However, the company experienced a 161 percent decline in its Profit Before Tax (PBT), dropping to N1.485 billion from N2.417 billion recorded in 2023. Similarly, there was a 170 percent decline in Profit After Tax (PAT), from N2.329 billion in 2023 to N1.634 billion in 2024. The decline was attributed to significant claims from the special risk portfolio, which affected the company’s bottom line.
Dr. Nwakuche emphasized that despite a challenging economic environment, Veritas Kapital Assurance Plc demonstrated resilience and strength in its core business areas. She reiterated the company’s commitment to becoming the underwriter of choice in the Nigerian insurance market and expressed confidence in achieving value generation and profitability with the continued support and understanding of shareholders and industry stakeholders.
Veritas Kapital Assurance Plc, formerly known as UnityKapital Assurance Plc, is recognized as one of the leading insurance companies. The company offers non-life insurance products and services to individuals and institutions across Nigeria.