Veritas Kapital Assurance Reports N3.16 Billion Pre-Tax Profit

Veritas Kapital Assurance Plc reported a pre-tax profit of N3.156 billion for 2025, a significant recovery from a loss of N1.485 billion in 2024. The profit after tax rose to N3.046 billion, up 86% from N1.634 billion in the previous year.

Mr. Babatunde Irukera, Chairman of the Board, disclosed these results at the company’s 49th Annual General Meeting (AGM) held on Friday in Abuja. He described 2025 as a year of both difficulty and opportunity, crediting the recapitalization under the Nigerian Insurance Industry Reform Act (NIIRA) 2025 for strengthening the company's capital base and enhancing its underwriting capacity.

Irukera noted that this recapitalization allows the company to take on larger and more complex risks while maintaining governance and financial stability. Although no dividend was paid, shareholders commended the leadership for navigating a challenging environment.

NAICOM confirmed that Veritas Kapital was among 43 companies that met the recapitalization deadline of July 31, 2026.