BY NKECHI NAECHE-ESEZOBOR—Ahead of recapitalization deadline, Veritas Kapital Assurance PLC has released its unaudited financial statements for the half-year ended June 30, 2026, showing huge operational cost savings in its risk management operations.
The insurer disclosed this in a notice filed to Nigerian Exchange Plc, to dealing houses and stockbrokers, made available to BusinessTodayNG that during the half year period the insurance group net expenses came down to ₦5.72 billion when compared to ₦8.52 billion achieved in 2025, this representing 32.8% drop.
On the part of the company reinsurance outlay achieved an identical reduction of 32.8%, generating approximately ₦2.80 billion in efficiency gains across both operating levels.
The Group maintained robust top-line activity, generating ₦11.77 billion in Insurance Revenue for H1 2026, compared to ₦12.58 billion in H1 2025.
The company was not let out as its insurance revenue went up to ₦11.22 billion in the same period under review.
Insurance Service (before reinsurance) stood at ₦5.03 billion at the Group level and ₦4.78 billion for the company during the six months period.
The group Gross Premium was not left out as it rose to ₦10.93 billion, while the company achieved ₦10.37 billion.
In all, the insurer’s reduced reinsurance expenditures helped cushion total risk retention costs during an inflationary period across the financial services sector.
