AfriPulse
Veritas Kapital Assurance The newly appointed chairman of Veritas Kapital Assurance Plc, Babatunde Irukera have assured its shareholders that they will not be disadvantaged in the firms recapitalisation plan towards complying with industry’s regulatory requirement.
Irukera, who is the former executive vice chairman of the Federal Competition and Consumer Protection Commission (FCCPC), was elected chair of the board followed an unanimous decision by shareholders at the Company’s 48th Annual General Meeting (AGM) held in Abuja.
Addressing some issues raised by shareholders, Irukera said the ongoing industry recapitalisation exercise was to make the sector more vibrant.
He said that the company would scrutinize the recapitalization process with a view to ensuring that its shareholders were not disadvantaged.
On the payment of dividends, Irukera assured shareholders that the new management of the company would ensure regular payment of their dividends.
According to him, even prior to recapitalization, “we have been on a high-speed train on being able to pay dividends.” “We are working up to the point that you will receive your dividends,” Irukera said.
In her address, Adaobi Nwakuche, managing director of Veritas Kapital Assurance Plc, reported that the company’s revenue grew by 228 percent to reach N23.3 billion for the 2024 financial year from N7.1 billion recorded in 2023.
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Nwakuche said the company’s total assets grew to N33 billion, representing a 60 percent growth from the N20.66 billion recorded in the same period of 2023.
Nwakuche revealed that the gross premium of the company also grew to N23.69 billion, representing a 225 percent increase from N7.298 billion recorded in the 2023 financial year.
However, she noted that the company recorded a 161 percent decline in its Profit Before Tax (PBT) and a 170 percent decline in its Profit After Tax (PAT) due to significant claims from the special risk portfolio.
Despite the challenges, Nwakuche expressed confidence in the company’s ability to drive growth and profitability.
“As a going concern, Veritas Kapital Assurance Plc remains dedicated and steadfast in achieving its goal of being the Underwriter of choice in the Nigerian insurance market,” she said.
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.
Essien Peters, Patrick Ajudua as well as other shareholders welcomed the chairman and urged him to reinforce their confidence with regular payment of dividends.
Source: Businessday.ng | Read the Full Story…
