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 against a loss of N1.485 billion a year earlier.
The Chairman of the Board, Mr. Babatunde Irukera, disclosed this at the company’s 49th Annual General Meeting (AGM) on Friday in Abuja.
Irukera described 2025 as a year of both difficulty and opportunity 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 under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 for strengthening the company’s capital base, enhancing its underwriting capacity and improving its financial resilience, and said it also reinforces its ability to take on larger and more complex risks while maintaining governance, solvency and financial stability standards.
Key highlight:
- Profit before tax: N3.156 billion (from a loss 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 revenue: N22.602 billion (down 3% from N23.330 billion)
- Shareholders’ equity: N15.173 billion (up 27% from N11.917 billion)
- Total assets: N29.877 billion (down 10% from N33.060 billion)
Chairman’s comments:
The chairman commended shareholders for their commitment which he said helped the company 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 said the company would use its capital base, experienced leadership and dedicated workforce to seize emerging opportunities and strengthen its position as one of Nigeria’s leading 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 turn, commended the leadership for steering the company through the difficult operating environment. They noted that no dividend was paid, but welcomed that the company was recapitalised and paid claims during the year. The shareholders’ remarks were reported in summary, not as direct quotes.
What you should know:
NAICOM confirmed Veritas Kapital among 43 insurance and reinsurance companies that met the July 31, 2026 recapitalisation deadline.
- In Q1 2026, Veritas Kapital reported pre-tax profit of N1.8 billion, up 13.62% from N1.6 billion, helped by aviation insurance.
- By H1 2026, Nairametrics’ sector analysis showed that Veritas Kapital earned N1.78 billion from investments while its insurance service result was a loss of N687.30 million, an example of investment income, not underwriting, driving insurers’ profits.
- Veritas Kapital shares closed at N1.08 on October 14, 2026, down 3.57% from N1.12 that day.
With revenue falling and assets down 10%, the 2025 result shows profit recovering from a low base rather than business growth. A larger capital base can support bigger risks, but its value depends on whether the underwriting side turns profitable.