Veritas Kapital Assurance PlcNSENG: VERITASKAP

Year end financial statement for 2024

Jan 28, 2025 at 5:01 PM UTC · Issued by Veritas Kapital Assurance Plc

VERITAS KAPITAL ASSURANCE PLC

UNAUDITED FINANCIAL STATEMENT

FOR THE PERIOD ENDED 31 DECEMBER 2024

VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial	Statement
For the period ended 31 December 2024
TABLE OF CONTENTS	PAGE
Corporate Information	1
Financial Result at a Glance	2
Vision, Mission and Values	3
Our Commitments	4
Statement of Financial Position	6
Statement of Profit or Loss and Other Comprehensive Income	7
Statement of Changes in Equity	8
Statement of Cash Flows	10
Notes to the Unaudited financial Statements	11 - 118
Value Added Statement	119
Five-Year Financial summary	120

VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 December 2024

CORPORATE INFORMATION
DIRECTORS
Mr. Nahim Abe Ibraheem	Non-Executive Director	Chairman
Dr. Oluwafunsho A. Obasanjo	Non-Executive Director
Mr. Aminu Babangida	Non-Executive Director
Hajia Yabawa Lawan Wabi (mni)	Non-Executive Director
Mrs Priya Heal (British)	Non-Executive Director
Mr. Emmanuel Etuh	Non-Executive Director
Mr. Paul Oki	Independent Non-Executive Director
Mr. Sunkanmi Adekeye	Executive Director, Operations
Dr. Adaobi Nwakuche	Managing Director/CEO
COMPANY SECRETARY	RE-INSURERS
Ms. Saratu Umar Garba	African Reinsurance Corporation
FRC/2019/NBA/00000019159	Continental Reinsurance Corporation
	WAICA Reinsurance Corporation
REGISTERED OFFICE	Nigerian Reinsurance Corporation
Plot 497, Abogo Largema Street,	Alwen Hough Johnson (AHJ) Limited
Off Constitution Avenue,	CK Reinsurance Limited
Central Business District	Meridian Risk Solutions Ltd, London
Abuja.	Score Re.
	CICA Re.
	ACTUARIES
	O & A Hedge Actuarial Consulting
	(Consulting Actuaries & Chartered Insurers)
	Suite 28, Motorways Centre
	(Opposite 7UP Bottling Plant)
www.veritaskapital.com	1 Motorways Avenue
RC NO: 11785	Alausa Ikeja - Lagos, Nigeria
FRC REGISTRATION NO:	REGISTRARS
FRC/2013/0000000000717	Unity Registrars Limited
	25 Ogunlana Drive
BANKERS	Surulere Lagos.
Unity Bank Plc
Guaranty Trust Bank Plc.	AUDITORS
First Bank Limited	Ernst & Young Nigeria
Fidelity Bank Plc	(Chartered Accountants)
Keystone Bank Limited	10th & 13th Floor, UBA House,
Sterling Bank Plc	57 Marina, Lagos, Nigeria
Access Bank Plc
Zenith Bank Plc	TAX CONSULTANTS
	Pedabo Professional Services
PROPERTY VALUERS	Lagos
Obiora Okafor and Associates
No 11 Aliyu mohammed Road
Life Camp	REGULATORY AUTHORITY
Abuja-FCT	National Insurance Commission
Tax Identification Number	01129230-0001

VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 December 2024

FINANCIAL RESULT AT A GLANCE

RESULT AT A GLANCE (GROUP)
Figure in thousands of naira	2024	2023	Changes
Gross Premium	23,693,377	7,298,401	16,394,976	225%
Insurance revenue	22,113,138	7,103,516	15,009,622	211%
Insurance service expense	(15,986,291)	(5,488,154)	(10,498,137)	-191%
Insurance service result before reinsurance contracts held	6,126,847	1,615,362	4,511,485	279%
Net expenses from reinsurance contracts held	(10,077,416)	(1,833,101)	(8,244,315)	-450%
Profit before Taxation	213,694	2,982,273	(2,768,578)	-93%
Taxation	(140,282)	(231,985)	91,703	-40%
Profit after taxation	73,412	2,750,288	(2,676,876)	-97%

RESULT AT A GLANCE (COMPANY)
Figure in thousands of naira	2024	2023	Changes
Gross Premium	23,693,377	7,298,401	16,394,976	225%
Insurance revenue	22,132,495	7,103,516	15,028,979	212%
Insurance service expense	(15,986,291)	(5,488,154)	(10,498,137)	-191%
Insurance service result before reinsurance contracts held	6,146,204	1,615,362	4,530,842	280%
Net expenses from reinsurance contracts held	(10,077,416)	(1,833,101)	(8,244,315)	-450%
(Loss)/Profit before Taxation	(415,945)	2,417,104	(2,833,049)	117%
Taxation	(130,314)	(87,788)	(42,526)	-48%
(Loss)/Profit after taxation	(546,259)	2,329,316	(2,875,575)	-123%

VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 December 2024

VISION MISSION AND VALUES

MISSION

To help our Stakeholders have peace of mind

VISION

To be one of the top Insurance Companies of choice in Africa

PRINCIPLES

Integrity

We will act with openness, fairness, integrity and diligence. We will always adhere to the applicable laws, regulations and standards of doing business.

Performance

We will promote a positive and challenging high performance culture. We will do this by encouraging personal accountability, development and measuring, reward and recognizing success.

Responsibilty

We will act responsibly as individuals and as a Company. This applies to the management of our business, our approach to corporate interaction with key external stakeholders.

Values

- Working in teams

-Servicing our Customers -Respecting each other -Being proactive -Growing our people

-Delivering to our Shareholders -Guarding against arrogance -Upholding the highest levels of integrity

VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 December 2024

OUR COMMITMENTS

Customers

A satisfied and loyal customer base is core to our business.

We are committed to:

Delivering the consistent and reliable levels of customer service.
Acting with integrity, due care and diligence.
Communicating openly, honestly and with sensitivity and understanding.
Listening to our customers.
Handling complaints fairly and promptly.
Respecting our customers' rights to privacy and confidentiality.
Protecting our customers and our business from fraud.
Business Partners
We demand high standards from the companies we work with and believe that they should expect the same from us. We are committed to:
Carrying out our business with fairness and integrity.
Being reliable and quick to respond.
Awarding contracts and selecting business partners solely on the basis of fair and objective business criteria and having regards to high ethical standards.
Respecting all obligations and confidentiality.
Protecting our customers and our business from fraud.
Employees
Motivated and skilled employees are critical to our success. We are committed to:
Fostering a positive and challenging high performance culture.
Rewarding superior performance.
Encouraging personal development.
Encouraging a culture of frank and honest communication.
Encouraging teamwork and strong leadership.
Providing a safe and secure working environment.
Encouraging diversity and equal opportunities.
Ensuring that grievances and unethical behaviour can be raised without fear of discrimination. In return we expect our employees to:
Act with integrity.
Take responsibility and accountability for their own actions.
Show support and commitment for change.
Focus their energy in getting the best from themselves and others.
Have the confidence and courage to act with conviction.
Show understanding for and meet external and internal customers needs.
Show a relentless desire for success.
Create positive and effective working relationships.

VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 December 2024

OUR COMMITMENTS - CONTINUED

Regulators

We have an open, cooperative and transparent relationship with our regulators.

We are committed to:

Dealing with our regulators in an open, cooperative and transparent manner.
Managing our business with appropriate standards of risk management and controls.
Preventing and reporting any instances of significant financial crime.
Preventing breaches of relevant regulatory requirements.
Complying with all set standards.
Community & Environment
We believe in continuous improvement of our environmental performance and in taking action around emerging environmental issues. Whenever we operate, we will seek positive engagement with local communities.
We are committed to:
As a business, we have a responsibilty to manage our impacts on the environment through appropriate use of resources such as energy, paper and water and the investment of our assets.
We also have a responsibility to take proactive action on environmental issues that are likely to affect our business and community at large.
In each of these areas, we will look to make continuous improvement and actively monitor our performance.
Shareholders
We are committed to fufilling the aspirations of our shareholders through a commitment to business performance, and high standards of transparency, communication and corporate governance.
We are committed to:
A culture of business performance, focused on delivering returns to shareholders.
Comprehensive and transparent disclosure.
Aiding Shareholder's understanding through the disclosure of relevant financial and non-financial information.
Listening to the views of our shareholders.
Managing our business with appropriate standards of risk and control.
Ensuring due care in the selection of our third party advisers, including our auditors.
Preventing and reporting any market abuse.
Acting with due sense of responsibilty on confidence entrusted to us.

VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 December 2024

Veritas Kapital Assurance Plc

Statement of Financial Position

As at 31 December 2024

2024	2023	2024	2023
Group	Group	Company	Company
N'000	N'000	N'000	N'000

Assets
Cash and cash equivalents	10,379,880	6,564,667	9,235,509	4,718,745
Investment Securities:
Fair value through profit or loss	153,408	113,615	153,408	113,615
Armotised cost	10,430,378	7,472,050	5,094,862	3,161,226
Fair value through OCI	433,485	433,485	433,485	433,485
Premium Receivables	1,550,657	1,029,780	1,550,657	1,029,780
Reinsurance contract assets	5,706,639	1,647,856	5,706,639	1,647,856
Other receivables and prepayments	901,810	826,508	198,225	352,853
Investment in subsidiaries	-	-	4,026,300	4,026,300
Property, plant and equipment	5,657,571	5,436,390	4,672,921	4,391,555
Goodwill	316,884	316,884	-	-
Intangible assets - Software	517,593	422,753	504,233	401,541
Statutory deposits	355,000	355,000	355,000	355,000
Deferred tax asset	21,745	60,854	21,745	21,745
Total Assets	36,425,050	24,679,842	31,952,984	20,653,701

Liabilities:
Insurance contract liabilities	15,489,167	4,539,202	15,489,167	4,539,202
Other contract liabilities	2,038	15,539	-	-
Trade Payables	2,508,177	2,105,972	2,508,177	2,105,972
Employees retirement benefit obligations	23,933	23,933	-	-
Provision and other payables	1,649,466	1,254,607	1,017,403	597,587
Income tax liabilities	204,528	187,034	154,432	80,876
Deferred Tax Liabilities	221,723	184,753	157,143	157,143
Total Liabilities	20,099,032	8,311,040	19,326,322	7,480,780

Share capital & reserves:
Share capital	6,933,333	6,933,333	6,933,333	6,933,333
Share premium	663,600	663,600	663,600	663,600
Statutory contingency reserves	2,611,257	1,900,456	2,611,257	1,900,456
Retained earnings	147,147	1,008,862	(1,217,386)	39,674
Component of Equity:
Asset revaluation reserve	3,634,971	3,634,970	3,396,185	3,396,185
Fair value reserve	235,984	235,984	239,673	239,673
Equity attributable to equity holders of the parent	14,226,292	14,377,206	12,626,662	13,172,921
Non Controlling interest(NCI)	2,099,726	1,991,597	-	-

Total Equity	16,326,018	16,368,803	12,626,662	13,172,921

Total Equity & Liabilities	36,425,050	24,679,842	31,952,984	20,653,701

These financial statements were approved by the Board on…..................28 Jan 2025 and signed on its behalf by:

Mojeed Somorin			Dr. Adaobi Nwakuche
Chief Financial Officer			Managing Director
FRC/2017/PRO/ICAN/001/00000016849			FRC/2021/003/00000023865

The statement of material accounting policies and the accompanying notes to the account form an integral part of these financial statements.

VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 December 2024

Statement of Profit or Loss and Other Comprehensive income

For the period ended December 31, 2024

		Unaudited	Unaudited	Audited	Audited	Unaudited	Unaudited	Audited	Audited
		Q4	YTD	Q4	YTD	Q4	YTD	Q4	YTD
		(Oct - Dec'24)	(Jan - Dec'24)	(Oct - Dec'23)	(Jan - Dec'23)	(Oct - Dec'24)	(Jan - Dec'24)	(Oct - Dec'23)	(Jan - Dec'23)
		Group	Group	Group	Group	Company	Company	Company	Company
	Note	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Gross premium written		5,153,680	23,693,377	3,211,575	7,298,401	5,153,680	23,693,377	3,211,575	7,298,401
		-
Insurance revenue	26	6,014,604	22,113,138	4,035,980	7,103,516	6,033,961	22,132,495	4,242,738	7,103,516
Insurance service expenses	27	(2,009,580)	(15,986,291)	(2,732,572)	(5,488,154)	(2,009,580)	(15,986,291)	(3,638,582)	(5,488,154)
Insurance service result before reinsurance contracts held	4,005,024	6,126,847	1,303,408	1,615,362	4,024,381	6,146,204	604,156	1,615,362
Net expenses from reinsurance contracts held	28	(6,612,090)	(10,077,416)	(710,119)	(1,833,101)	(6,612,090)	(10,077,416)	(710,119)	(1,833,101)
Insurance service result		(2,607,066)	(3,950,569)	593,289	(217,739)	(2,587,709)	(3,931,212)	(105,963)	(217,739)
Interest income calculated using the effective interest
method	31a	277,230	1,037,059	76,683	704,698	133,520	459,744	65,519	216,068
Net fair value gains/(losses) on financial assets at fair
value through profit or loss	4a	7,413	34,028	21,833	45,525	7,413	34,028	21,833	45,525
Net foreign exchange gain	32	129,404	5,087,438	2,112,690	3,501,928	129,404	5,087,438	2,112,690	3,501,928
Credit impairment (losses)/reversal	34	28,906	28,906	(23,834)	(23,834)	-	-	(5,686)	(5,686)
Finance cost	14a(i).	-	-	(2,995)	(2,995)	-	-	-	-
Other investment income	31b	1,825,370	2,465,248	1,876,790	1,876,790	416,699	894,857	455,292	455,292
Net investment income		2,268,323	8,652,679	4,061,168	6,102,112	687,036	6,476,067	2,649,649	4,213,127
Finance expenses from insurance contracts issued	29	609,656	-	(226,507)	(239,390)	609,656	-	(226,507)	(239,390)
Finance income from reinsurance contracts held	30	(194,128)	-	20,045	83,531	(194,128)	-	20,045	83,531
Net insurance finance income		415,528	-	(206,462)	(155,859)	415,528	-	(206,462)	(155,859)
Net insurance and investment result		76,785	4,702,110	4,447,996	5,728,514	(1,485,145)	2,544,855	2,337,224	3,839,529
					-
Other operating income	33	(935,637)	906,928	(573,925)	838,082	10,254	43,920	115,782	115,782
Other operating expenses	35	(1,903,286)	(5,395,344)	(2,259,093)	(3,584,324)	(1,382,150)	(3,004,720)	(1,551,341)	(1,538,207)
Share of profit of associates and joint ventures accounted
for using the equity method		-	-	-	-	-	-	-	-
Profit/(loss) before income tax		(2,762,138)	213,694	1,614,978	2,982,273	(2,857,041)	(415,945)	901,665	2,417,104
Tax expense	36	(31,552)	(140,282)	(184,429)	(231,985)	(28,346)	(130,314)	(65,310)	(87,788)
Profit/(loss) for the period		(2,793,690)	73,412	1,430,549	2,750,288	(2,885,387)	(546,259)	836,355	2,329,316
Other comprehensive income:
Items that will not be reclassified subsequently to
profit or loss(net of tax):
Net acturial gains/(loss) on retirement benefit obligation	50a	-	-	-	1,364	-	-	-	-
Gain on revaluation of property, plant and equipment
(net of tax)	50b	-	-	-	1,127,346	-	-	1,127,346	1,127,346
Fair value gain on financial asset at FVOCI(net of tax)	50c	-	-	-	286,937	-	-	286,937	286,937
Other comprehensive income, Net of tax		-	-	-	1,415,648	-	-	1,414,283	1,414,283
Total comprehensive income		(2,793,690)	73,412	1,430,549	4,165,935	(2,885,387)	(546,259)	2,250,638	3,743,599
Profit for the period, attributable to:
* Non-controlling interests		-	224,326	-	174,916	-	-	-	-
* Owners' of the Parent		-	(150,914)	-	2,575,372	-	-	-	-
		-	73,412	-	2,750,288	(2,885,387)	(546,259)	836,355	2,329,316
Comprehensive Income, attributable to:
* Non-controlling interests		-	224,326	-	516,711	-	-	-	-
* Owners' of the Parent		-	(150,914)	-	898,936	-	-	-	-
		-	73,412		1,415,647	-	-	-	1,414,283
Basic Earnings per Share	24	(0.40)	(0.02)	0.21	0.40	(0.42)	(0.08)	0.12	0.34

								VERITAS KAPITAL ASSURANCE PLC
								Unaudited Financial Statement
								For the period ended 31 December 2024
Statement of Changes in Equity
for the period ended 31 December 2024
Group

			Asset	Fair value	Contingency	Retained		Non-Controlling
	Share Capital	Share Premium	revaluation	Total	Total
	reserve	Reserve	Earnings	Interest
			reserve

	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Balance as at 1 January 2024	6,933,333	663,600	3,634,971	235,984	1,900,456	1,008,862	14,377,206	1,991,597	16,368,802
							-
(Loss)/Profit for the year	-	-	-	-	-	(150,914)	(150,914)	224,326	73,412
Other Comprehensive Income:
Gain on revaluation of properties, plant and equipment	-	-	-	-	-	-	-	-	-
Fair value gain on financial asset at FVOCI	-		-	-	-	-	-	-	-
Transfer of revaluation gain on disposal of PPE	-	-	-	-	-	-	-	-	-
Acturial gain on retirement benefit obligation	-	-	-	-	-	-	-	-	-
Statutory reserves fund	-	-	-	-	-	-	-	(10,916)	(10,916)
Total Comprehensive Income	-	-	-	-	-	(150,914)	(150,914)	213,410	62,496
Transfer to Contingency Reserve	-	-	-	-	710,801	(710,801)	-		-
Transactions with owners of equity	-	-	-	-	-
Dividends to equity holders	-	-	-	-	-	-	-	(105,281)	(105,281)
As at 31 December 2024	6,933,333	663,600	3,634,971	235,984	2,611,257	147,147	14,226,292	2,099,726	16,326,018

			Asset	Fair value	Contingency			Non-Controlling
	Share Capital	Share Premium	revaluation	reserve	Reserve etained Earnings	Total	Interest	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
Balance as at 1 January 2023	6,933,333	663,600	2,572,253	(50,953)	1,434,593	(985,525)	10,567,302	1,892,000	12,459,302
							-
Profit for the year	-	-	-	-	-	2,575,372	2,575,372	174,916	2,750,288
Other Comprehensive Income:
Gain on revaluation of properties, plant and equipment	-	-	1,127,346	-	-	-	1,127,346	-	1,127,346
Fair value gain on financial asset at FVOCI	-		-	286,937	-	-	286,937	-	286,937
Transfer of revaluation gain on disposal of PPE	-	-	(64,629)	-	-	64,629	-	-	-
Acturial gain on retirement benefit obligation	-	-	-	-	-	1,266	1,266	99	1,364
Total Comprehensive Income	6,933,333	663,600	3,634,971	235,984	1,434,593	1,655,742	14,558,223	2,067,015	16,625,237
Transfer to Contingency Reserve	-	-	-	-	465,863	(465,863)	-		-
Transactions with owners of equity	-	-	-	-	-
Dividends to equity holders						(181,017)	-	(75,418)	(256,435)
As at 31 December 2023	6,933,333	663,600	3,634,971	235,984	1,900,456	1,008,862	14,558,223	1,991,597	16,368,802

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