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.
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.
The chairman commended shareholders for their commitment which he said helped the company to emerge stronger. Equity rose 27%, helped by the recapitalization.
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.
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.
NAICOM confirmed Veritas Kapital among 43 insurance and reinsurance companies that met the July 31, 2026 recapitalisation deadline.
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.
