Veritas Kapital Assurance grows assets by 54% to N54.56 billion despite 9M 2026 loss
Veritas Kapital Assurance Plc recorded a pre-tax loss of N3.64 billion for the nine months ended September 30, 2026, compared with a pre-tax profit of N4.88 billion in the corresponding period of 2025, as rising claims and reinsurance costs weighed on underwriting performance. The post Veritas Kapital Assurance grows assets by 54% to N54.56 billion despite 9M 2026 loss appeared first on…
Veritas Kapital Assurance Plc witnessed a 54% surge in total assets to N54.56 billion, alongside a 60% increase in shareholders' funds to N30.59 billion, despite recording a pre-tax loss of N3.64 billion in the nine months to September 2026. This performance contrasted with a pre-tax profit of N4.88 billion in the same period last year, as escalating claims and reinsurance costs impacted underwriting results.
The company's total assets rose by 54% to N54.56 billion, driven by growth in investment securities and cash reserves, while shareholders' funds expanded by 60% to N30.59 billion. Net investment income climbed to N3.51 billion from N2.61 billion, bolstered by a significant N2.01 billion RSA asset-based fee. However, insurance service expenses surged by 101% to N10.71 billion, reflecting the primary challenge posed by heightened underwriting performance.
Despite the loss, the company's equity base strengthened, and the capital injection provided a robust foundation amid mounting underwriting costs.
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