Veritas Kapital Assurance Plc reported a profit after tax of N3.046 billion for 2025, up 286 per cent from N1.634 billion in 2024, the company said at its 49th annual general meeting in Abuja. The turnaround was even sharper at the profit before tax level, which swung from a loss of N1.485 billion in 2024 to a gain of N3.156 billion in 2025, representing growth of 313 per cent, according to the company's Chairman, Babatunde Irukera.
The insurance company's gross premium income reached N23.733 billion in 2025, a marginal increase of 0.2 per cent compared with N23.694 billion the previous year, the company said. However, insurance revenue fell slightly by 3 per cent to N22.602 billion in 2025 from N23.330 billion in 2024. Total assets declined by 10 per cent, falling to N29.877 billion from N33.060 billion, the company reported.
Shareholders' equity strengthened considerably, growing 27 per cent to N15.173 billion in 2025 from N11.917 billion in 2024. Irukera attributed the company's improved performance to its successful recapitalisation in line with the minimum capital requirements set out in the Nigerian Insurance Industry Reform Act of 2025. He said the milestone substantially strengthened the company's capital base, enhanced its underwriting capacity and improved its financial resilience, positioning it to compete more effectively in the capital-driven insurance market and undertake larger and more complex risks.
The company navigated what Irukera described as a challenging economic landscape in 2025, demonstrating resilience across its core businesses despite the uncertainties. The recapitalisation drive also reinforced the company's ability to maintain the highest standards of corporate governance, solvency and financial stability, the company said.