From L-R: Sunkanmi Adekeye, Executive Director Operations, Priya Heal, Non-Executive Director, Yabawa Lawan Wabi mmi, Non-Executive Director, Babatunde AyoKunle Irukera, Chairman, Adaobi Nwakuche, Managing Director/CEO, Saratu Umar Garba, Company Secretary, Oluwatunsho Obasanjo, Non-Executive Director and Paul Oki, Independent Non-Executive Director, all of Veritas Kapital Assurance at the 49th AGM of the insurance company held on Friday, Oct. 16, 2026 in Abuja.
BY NKECHI NAECHE-ESEZOBOR—Veritas Kapital Assurance Plc has recorded a profit of N3.05 billion for the 2025 financial year, representing a 286 per cent increase over the previous year’s result.
Speaking at its 49th Annual General Meeting (AGM) held on Friday in Abuja, Mr Babatunde Irukera, Chairman of the company, said Profit After Tax (PAT) grew from N1.634 billion in 2024 to N3.046 billion in 2025.
Irukera also said the company’s Profit Before Tax (PBT) rose to N3.156 billion in 2025 from a negative position of N1.485 billion reported in the previous year, indicating a growth of 313 per cent.
According to him, Veritas Kapital Assurance Plc posted a Gross Premium of N23.733 billion for the 2025 financial year, representing 0.2 per cent growth from N23.694 billion recorded in 2024.
The chairman announced that the insurer’s shareholders’ equity grew by 27 per cent, from N11.917 billion in 2024 to N15.173 billion in the year under review.
Irukera, however, revealed that the company’s insurance revenue declined slightly by 3 per cent to N22.602 billion in the year under review, 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 a challenging economic landscape.
“In spite of these uncertainties, Veritas Kapital Assurance demonstrated resilience and strength in its core businesses,” he said.
The chairman further lauded the successful recapitalisation of the company in line with the minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
He said the milestone had substantially strengthened the company’s capital base, enhanced its underwriting capacity and improved its financial resilience.
“Recapitalisation has positioned us to compete more effectively in an increasingly dynamic and capital-driven insurance market,” Irukera said.
According to him, the feat also reinforces the company’s ability to undertake larger and more complex risks, while maintaining the highest standards of corporate governance, solvency and financial stability.
“This milestone would not have been possible without the unwavering support of our shareholders, whose continued confidence and commitment have enabled the company to emerge stronger and better positioned for sustainable growth,” he said.
Moving forward, the chairman said the company would leverage its capital base, experienced leadership and dedicated workforce to seize emerging opportunities and strengthen its position as one of Nigeria’s leading non-life insurance companies.
“We, therefore, look to the future with confidence, believing that the company is well positioned to achieve sustainable profitability, expand its market presence and deliver enduring returns to our shareholders,” he said.
In their remarks, shareholders commended the leadership of Veritas Kapital Assurance for remaining steadfast in steering the affairs of the company amid the prevailing economic challenges facing the insurance sector.
They expressed delight that although no dividend was paid, the company was successfully recapitalised and paid claims during the year under review.
