VERITAS KAPITAL ASSURANCE : QUARTER 1 - FINANCIAL STATEMENT FOR 2023

VERITAS KAPITAL ASSURANCE PLC

UNAUDITED FINANCIAL STATEMENT FOR THE PERIOD ENDED

31 MARCH 2023

VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 March 2023

Report and Unaudited Financial Statements for the Period ended March 31, 2023
Table of contents	Page
Corporate information	3
Vision, Mission and Values	4
Our Commitments	5
Statement of significant accounting policies	7
Statement of financial position	42
Statement of profit or loss and other Comprehensive income	43
Statement of changes in equity	44
Statement of cash flows	46
Notes to the financial statements	47
Value added statement	92
Five-year financial summary	93

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VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 March 2023

CORPORATE INFORMATION

Membership of the Board of Directors during the period ended 31 March, 2023.

1	Mr. Nahim Abe Ibraheem	Non-Executive Director	Chairman
2	Dr. Oluwafunsho A. Obasanjo	Non-Executive Director
3	Mr. Aminu Babangida	Non-Executive Director
4	Hajia Yabawa Lawan Wabi (mni)	Non-Executive Director
5	Mrs. Priya Heal	Non-Executive Director
6	Emmanuel Etuh	Non-Executive Director
7	Sen. Maj. Gen. M. Magoro (OFR)	Non-Executive Director
8	Mr. Kenneth Egbaran	Managing Director/CEO
9	Mr. Olusunkanmi Oluseyi Adekeye	Executive Director, Technical
10	Mr. Paul Oki	Independent Non-Executive Director
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
		Surulere Lagos.
BANKERS
Unity Bank Plc	AUDITORS
Guaranty Trust Bank Plc.	Deloitte & Touche
First Bank Limited	(Chartered Accountants)
Fidelity Bank Plc	Civic Center Towers
Keystone Bank Limited	Ozumba Mbadiwe Avenue,
Sterling Bank Plc	Victoria Island, Lagos.
Access Bank Plc
		Tax Consultants

Pedabo Professional Services

FCT Abuja

REGULATORY AUTHORITY

National Insurance Commission

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VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 March 2023

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.

Responsibility

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

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VERITAS KAPITAL ASSURANCE PLC

Unaudited Financial Statement

For the period ended 31 March 2023

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.

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