Veritas Kapital Assurance Reports N3.04bn Profit in 2025

Veritas Kapital Assurance Plc announced a 286 percent increase in its Profit After Tax (PAT), which rose from N1.634 billion in 2024 to N3.046 billion in 2025. This announcement was made by the company's Chairman, Mr Babatunde Irukera, during the 49th Annual General Meeting held in Abuja.

The Profit before Tax (PBT) also saw a significant rise, reaching N3.156 billion in 2025 from a negative N1.485 billion in the previous year, marking a growth of 313 percent. The company reported a Gross Premium of N23.733 billion for the 2025 financial year, a slight increase from N23.694 billion in 2024.

Shareholders' equity grew by 27 percent, from N11.917 billion in 2024 to N15.173 billion in 2025. However, insurance revenue decreased by 3 percent to N22.602 billion from N23.330 billion in 2024, and total assets dipped by 10 percent from N33.060 billion in 2024 to N29.877 billion in 2025.

Irukera emphasized the successful recapitalization of the company in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which has strengthened its capital base and enhanced its underwriting capacity.