Veritas Kapital Assurance Announces N3.04bn Profit in 2025

Veritas Kapital Assurance Plc has reported a remarkable N3.04 billion profit after tax (PAT) for the 2025 financial year, a striking 286% increase from N1.634 billion in 2024. The company's chairman, Mr Babatunde Irukera, disclosed these figures during the 49th Annual General Meeting (AGM) held in Abuja. This substantial growth was accompanied by a significant rise in Profit before Tax (PBT), reaching N3.156 billion from a negative N1.485 billion in the previous year, marking a 313% increase.

Irukera shared that Veritas Kapital Assurance achieved a gross premium of N23.733 billion for 2025, reflecting only a modest 0.2% growth from N23.694 billion in 2024. The insurer's shareholders' equity expanded by 27%, climbing from N11.917 billion in 2024 to N15.173 billion in 2025. However, the company experienced a slight decline in insurance revenue, growing by only 3% to N22.602 billion from N23.330 billion in the previous year.

Total assets of Veritas Kapital Assurance contracted by 10%, falling from N33.060 billion in 2024 to N29.877 billion in 2025. Despite these challenges, Irukera emphasized that 2025 was a year of both trials and opportunities for the insurance company, which was navigating a challenging economic landscape. He highlighted the successful recapitalisation of the company, aligning with the minimum capital requirements set by the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

This milestone significantly bolstered the company's capital base, enhanced its underwriting capacity, and improved its financial resilience. Irukera concluded by stating that recapitalisation enabled the firm to compete more effectively in a dynamic and capital-driven insurance market, reinforcing its ability to handle larger and more complex risks while upholding the highest standards of corporate governance, solvency, and financial stability.