Veritas Kapital Assurance Plc reported a profit after tax of N3.046 billion for 2025, up from N1.634 billion in 2024, and a pre-tax profit of N3.156 billion towards a lack of N1.485 billion a yr earlier.
The Chairman of the Board, Mr. Babatunde Irukera, disclosed this on the firm’s forty ninth Annual General Meeting (AGM) on Friday in Abuja.
Irukera described 2025 as a yr of each problem and alternative for the insurer.
- “2025 presented both trials and opportunities for the insurance company, as it navigated through challenging economic landscape.”
- “In spite of these uncertainties, Veritas Kapital Assurance demonstrated resilience and strength in its core businesses.”
He credited the recapitalisation below the Nigerian Insurance Industry Reform Act (NIIRA) 2025 for strengthening the corporate’s capital base, enhancing its underwriting capability and bettering its monetary resilience, and mentioned it additionally reinforces its skill to tackle bigger and extra complicated dangers whereas sustaining governance, solvency and monetary stability requirements.
Key spotlight:
- Profit earlier than tax: N3.156 billion (from a lack of N1.485 billion in 2024)
- Profit after tax: N3.046 billion (up 86.4% from N1.634 billion)
- Gross premium: N23.733 billion (up 0.2% from N23.694 billion)
- Insurance income: N22.602 billion (down 3% from N23.330 billion)
- Shareholders’ fairness: N15.173 billion (up 27% from N11.917 billion)
- Total belongings: N29.877 billion (down 10% from N33.060 billion)
Chairman’s feedback:
The chairman counseled shareholders for his or her dedication which he mentioned helped the corporate to emerge stronger. Equity rose 27%, helped by the recapitalization.
- “Recapitalization has positioned us to compete more effectively in an increasingly dynamic and capital-driven insurance market.”
- “This milestone would not have been possible without the unwavering support of our shareholders, whose continued confidence and commitment have enabled the company to emerge stronger and better positioned for sustainable growth.”
On the outlook, he mentioned the corporate would use its capital base, skilled management and devoted workforce to seize rising alternatives and strengthen its place as considered one of Nigeria’s main non-life insurers.
- “We therefore, look to the future with confidence, believing that the company is well positioned to achieve sustainable profitability, expand its market presence and deliver enduring returns to our shareholders.”
Shareholders in flip, counseled the management for steering the corporate via the troublesome working surroundings. They famous that no dividend was paid, however welcomed that the corporate was recapitalised and paid claims throughout the yr. The shareholders’ remarks have been reported in abstract, not as direct quotes.
What it is best to know:
NAICOM confirmed Veritas Kapital amongst 43 insurance coverage and reinsurance corporations that met the July 31, 2026 recapitalisation deadline.
With income falling and belongings down 10%, the 2025 end result reveals profit recovering from a low base somewhat than enterprise progress. A bigger capital base can help greater dangers, however its worth relies on whether or not the underwriting aspect turns worthwhile.
