BUSINESS
Veritas Kapital Assurance total assets hit N54.56bn
Veritas Kapital Assurance Plc has recorded a 54 per cent increase in total assets to N54.56 billion for the period ended Sept. 30, compared to N35.40 billion in the corresponding period of 2025.
The company disclosed this in its unaudited financial results for the nine months ended Sept. 30, released through the Nigerian Exchange Ltd. on Thursday.
The results showed that total equity rose by 60 per cent to N30.59 billion from N19.12 billion in the corresponding period of 2025.
The growth in equity was supported by an increase in share capital to N14.43 billion from N6.93 billion, while share premium rose to N8.16 billion from N663.6 million.
Cash and cash equivalents also increased by 28 per cent to N10.17 billion from N7.98 billion, while investment securities held at amortised cost rose to N25.64 billion from N12.45 billion.
Similarly, net investment income increased by 34 per cent to N3.51 billion from N2.61 billion recorded in the corresponding period of 2025.
However, the insurer’s insurance revenue declined to N15.41 billion from N16.31 billion, while it recorded a loss after tax of N3.84 billion, compared with a profit of N4.12 billion in the previous year.
The company attributed the performance largely to increased insurance service expenses and net expenses from reinsurance contracts held.
Commenting on the results, Dr Adaobi Nwakuche, Managing Director of Veritas Kapital Assurance, said, “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.
“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.
“Our commitment to meeting our obligations to policyholders remains central to our business as we work toward delivering sustainable value to all stakeholders.”
Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.
Veritas Kapital Assurance provides general insurance services to individuals and businesses.
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