VERITAS KAPITAL ASSURANCE PLC
UNAUDITED FINANCIAL STATEMENT FOR THE PERIOD ENDED
30 JUNE 2023
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Report and Unaudited Financial Statements for the Period ended June 30, 2023 | |
Table of contents | Page |
Corporate information | 1 |
Vision, Mission and Values | 2 |
Our Commitments | 3 |
Statement of significant accounting policies | 5 |
Statement of financial position | 27 |
Statement of profit or loss and other Comprehensive income | 28 |
Statement of changes in equity | 30 |
Statement of cash flows | 32 |
Notes to the financial statements | 33 |
Value added statement | 82 |
Five year financial summary | 83 |
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CORPORATE INFORMATION
Membership of the Board of Directors during the period ended 30 June, 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 | |
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 | |||
Lagos |
REGULATORY AUTHORITY
National Insurance Commission
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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
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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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Veritas Kapital Assurance plc published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2023 14:17:09 UTC.