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 announced at its 49th Annual General Meeting in Abuja. The turnaround was even more dramatic at the pre-tax level, with Profit Before Tax reaching N3.156 billion in 2025 compared with a loss of N1.485 billion in the prior year, representing growth of 313 per cent. Babatunde Irukera, the company's board chairman, said the results demonstrated the insurer's resilience through a challenging economic period.
Gross Premium income for 2025 stood at N23.733 billion, a marginal 0.2 per cent increase from N23.694 billion in 2024. However, insurance revenue declined slightly by 3 per cent to N22.602 billion from N23.330 billion a year earlier. Total assets fell 10 per cent to N29.877 billion in 2025 from N33.060 billion in 2024. Despite these mixed signals on the top line, the company's shareholders' equity grew substantially by 27 per cent, climbing from N11.917 billion in 2024 to N15.173 billion in the year under review.
Irukera attributed the improved financial position partly to the company's successful recapitalisation in line with minimum capital requirements set under the Nigerian Insurance Industry Reform Act of 2025. He said the recapitalisation strengthened the company's capital base, enhanced its underwriting capacity and improved financial resilience, positioning it to compete more effectively in the market and take on larger and more complex risks while maintaining high standards of corporate governance and solvency.
The chairman noted that the insurer navigated through uncertainties in 2025 by demonstrating strength in its core businesses and maintaining its highest standards. He acknowledged shareholder support as essential to the company's performance and said the business would leverage its expanded capital base and experienced leadership to seize emerging opportunities. Although no dividend was paid during the year, shareholders commended management for remaining steadfast amid sector challenges, successfully recapitalising the company and paying claims as due.
For savers and investors in Nigeria's insurance sector, the company's strong profit recovery and recapitalisation signal improved financial stability and claims-paying ability, though the decline in total assets and revenue growth suggest the operating environment remains pressured.