Profit after Tax (PAT) declared by Veritas Kapital Assurance in its third quarter financial statement shows a growth of 44%, to 4.12 billion from 2.86 billion recorded in the same period of 2024.
According to the statement sent to NGX, this growth was driven by prudence in its insurance service expense which dropped drastically by 62% from 13.97 billion in 2024 to 5.32 billion in the third quarter of 2025. This shuts insurance service result before reinsurance contracts held by 418% to 10.98 billion from 2.12 billion in 2024.
In the statement for the period ended 30th September, Veritas Kapital Assurance raised its Gross Premium by 1% rosing from 18.53 billion in 2024 to 18.67 billion.
Its both assets and liabilities saw a reduction. Assets dropped to 36.35 billion from 37.54 billion while liabilities saw significant reduction to 16.88 billion from 22.25 billion
About Veritas Kapital Assurance
Veritas Kapital Assurance operates in the general (non-life) insurance sector, offering a broad range of products and services tailored to individual and corporate clients across Nigeria. Through its subsidiaries, Veritas Glanvills Pensions Limited and Veritas Healthcare Limited, and a significant stake in Goldlink Insurance Plc, Veritas Kapital extends its footprint in pensions and healthcare financing.
As one of Nigeria’s top insurance providers, Veritas Kapital Assurance is committed to helping stakeholders achieve peace of mind by delivering consistent, reliable, and ethical insurance solutions. The company’s core offerings include motor, fire, marine, aviation, oil & gas, and general accident insurance, supported by reinsurance partnerships with prominent African and global reinsurers.
Growth oriented activities
Early in October, Veritas Kapital Assurance announced plans to seek approval from shareholders to raise N15 billion in fresh capital through private placement or other methods. This notice has been issued ahead of its 48th Annual General Meeting scheduled for October 31, 2025, in Abuja.
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The planned N15 billion capital is expected to strengthen the company’s operations, and reposition the company for better results despite recording strong revenue growth in the first half of 2025.
H1 2025 Performance
Driven by N5.8 billion from Aviation insurance, Veritas Kapital Assurance Plc delivered a strong performance in the first half of 2025, raising revenue to N12.5 billion, up from N9.9 billion recorded in the same period last year.
Oil and Gas complimented strongly with N2.9 billion while other segments made up the balance.
The company’s insurance service result stood at N4.7 billion after expenses, representing a strong 141.99% increase year-on-year.
