Ebere Nwoji
Veritas Kapital Assurance Plc, has introduced 286 per cent improve in its Profit After Tax (PAT), which grew from N1.634 billion in 2024 to N3.046 billion in 2025.
The Company’s Chairman, Mr Babatunde Irukera, said this on the forty ninth Annual General Meeting (AGM) of the corporate in Abuja.
Irukera additionally mentioned the corporate’s Profit earlier than Tax (PBT) rose to N3.156 billion in 2025 from a unfavourable place of N1.485 billion reported in the earlier yr, indicating a progress of 313 per cent.
According to him, the underwriter posted a Gross Premium of N23.733 billion for the 2025 monetary yr, representing 0.2 per cent progress from 23.694 billion recorded in 2024.
He introduced that the Insurer’s shareholders fairness grew by 27 per cent, from N11.917 billion in 2024 to N15.173 billion in the yr beneath evaluate.
Irukera nonetheless revealed that the corporate’s insurance coverage income contrasted barely by 3 per cent to N22.602 billion in the yr beneath evaluate, from N23.330 billion in 2024.
“Total assets also dipped by 10 per cent from N33.060 billion in 2024 to N29.877 billion in 2025. 2025 presented both trials and opportunities for the insurance company, as it navigated through challenging economic landscape. In spite of these uncertainties, Veritas Kapital Assurance demonstrated resilience and strength in its core businesses,” he mentioned.
The chairman additional lauded the profitable recapitalisation of the corporate in line with the minimal capital necessities prescribed beneath the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He mentioned the milestone has considerably strengthened the corporate’s capital base, enhanced its underwriting capability and improved its monetary resilience.
“Recapitalisation has positioned us to compete more effectively in an increasingly dynamic and capital-driven insurance market,” Irukera mentioned.
According to him, the feat additionally reinforces the corporate’s skill to undertake bigger and extra advanced dangers, whereas sustaining the very best requirements of company governance, solvency and monetary stability.
