Veritas Kapital Assurance Plc reported a benefit after tax of N3.046 billion for 2025, up from N1.634 billion in 2024, and a pre-tax benefit of N3.156 billion in opposition to a lack of N1.485 billion a yr previous.
The Chairman of the Board, Mr. Babatunde Irukera, disclosed this on the corporate’s forty ninth Annual Normal Assembly (AGM) on Friday in Abuja.
Irukera described 2025 as a yr of each problem and alternative for the insurer.
- “2025 offered each trials and alternatives for the insurance coverage corporate, because it navigated via difficult financial panorama.”
- “Despite those uncertainties, Veritas Kapital Assurance demonstrated resilience and power in its core companies.”
He credited the recapitalisation below the Nigerian Insurance coverage Trade Reform Act (NIIRA) 2025 for strengthening the corporate’s capital base, improving its underwriting capability and bettering its monetary resilience, and mentioned it additionally reinforces its skill to tackle higher and extra advanced dangers whilst keeping up governance, solvency and monetary steadiness requirements.
Key spotlight:
- Benefit sooner than tax: N3.156 billion (from a lack of N1.485 billion in 2024)
- Benefit after tax: N3.046 billion (up 86.4% from N1.634 billion)
- Gross top class: N23.733 billion (up 0.2% from N23.694 billion)
- Insurance coverage earnings: N22.602 billion (down 3% from N23.330 billion)
- Shareholders’ fairness: N15.173 billion (up 27% from N11.917 billion)
- General 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 more potent. Fairness rose 27%, helped by way of the recapitalization.
- “Recapitalization has situated us to compete extra successfully in an more and more dynamic and capital-driven insurance coverage marketplace.”
- “This milestone do not need been conceivable with out the unwavering strengthen of our shareholders, whose persevered self assurance and dedication have enabled the corporate to emerge more potent and higher situated for sustainable enlargement.”
At the outlook, he mentioned the corporate would use its capital base, skilled management and devoted group of workers to grasp rising alternatives and improve its place as one in every of Nigeria’s main non-life insurers.
- “We due to this fact, glance to the longer term with self assurance, believing that the corporate is definitely situated to reach sustainable profitability, make bigger its marketplace presence and ship enduring returns to our shareholders.”
Shareholders in flip, counseled the management for guiding the corporate throughout the tough working surroundings. They famous that no dividend used to be paid, however welcomed that the corporate used to be recapitalised and paid claims throughout the yr. The shareholders’ remarks have been reported in abstract, now not as direct quotes.
What you must know:
NAICOM confirmed Veritas Kapital among 43 insurance and reinsurance companies that met the July 31, 2026 recapitalisation closing date.
With earnings falling and belongings down 10%, the 2025 consequence presentations benefit recuperating from a low base reasonably than industry enlargement. A bigger capital base can strengthen larger dangers, however its worth is determined by whether or not the underwriting aspect turns winning.