Veritable Kapital Assurance Plc has reported a return to profitability for the 2025 financial year, posting a profit after tax of ₦3.046 billion after recording a loss of ₦1.634 billion in 2024.
The company also recorded a slight increase in gross premiums, which rose to ₦23.733 billion from ₦23.694 billion in the previous year.
The figures were disclosed by the Chairman of the Board of Directors, Babatunde Irukera, at the company’s 49th Annual General Meeting (AGM) held in Abuja on Friday.
Despite a challenging economic environment, the insurer improved its profitability and strengthened its shareholders’ equity during the year under review.
Veritable Kapital Assurance Records ₦3.05bn Profit
Presenting the company’s financial performance, Irukera said profit before tax rose to ₦3.156 billion in 2025, compared with a loss of ₦1.485 billion in 2024.
Profit after tax also improved significantly, moving from a negative ₦1.634 billion to a positive ₦3.046 billion.
The results mark a turnaround in the company’s earnings, following a loss-making financial year in 2024.
However, insurance revenue declined to ₦22.602 billion from ₦23.330 billion in the preceding year.
Gross premiums increased by approximately 0.2 per cent, indicating relatively modest growth in the volume of premiums recorded.
Shareholders’ Equity Rises as Total Assets Decline
The company’s shareholders’ equity grew by 27 per cent, rising from ₦11.917 billion in 2024 to ₦15.173 billion in 2025.
According to Irukera, the improvement reflects the company’s stronger financial position following its recapitalisation.
Total assets, however, fell by about 10 per cent, from ₦33.060 billion to ₦29.877 billion during the same period.
The contrasting figures show that although the insurer strengthened its equity position and returned to profitability, some balance-sheet indicators declined.
Recapitalisation Strengthens Insurance Business
Irukera described 2025 as a year of challenges and opportunities, noting that the company had to operate amid economic uncertainties affecting the insurance sector.
He said Veritable Kapital Assurance remained resilient in its core operations despite the difficult business environment.
The chairman also highlighted the company’s successful recapitalisation to meet the minimum capital requirements prescribed under the Nigerian Insurance Industry Reform Act (NIIRA).
According to him, the exercise strengthened the company’s capital base, improved its underwriting capacity and enhanced its ability to withstand financial pressures.
He added that the stronger capital position would help the insurer compete more effectively in an increasingly capital-intensive insurance market.
The recapitalisation is also expected to support the company’s ability to underwrite larger and more complex risks while maintaining appropriate standards of governance and financial stability.
Company Targets Sustainable Growth
Looking ahead, Irukera said the company would rely on its strengthened capital base, experienced leadership and workforce to pursue new business opportunities.
He expressed confidence that the insurer was better positioned to expand its market presence, improve profitability and deliver sustainable returns to shareholders.
The chairman also acknowledged shareholders for their continued support during the recapitalisation process and the company’s financial recovery.
He said their confidence had helped place the business in a stronger position for future growth.
Shareholders Commend Management
Shareholders at the AGM praised the company’s leadership for managing its affairs amid economic challenges facing Nigeria’s insurance industry.
They expressed satisfaction with the recapitalisation and the company’s payment of claims during the 2025 financial year.
Although no dividend was paid, shareholders welcomed the company’s return to profitability and its improved capital position.
The development suggests that management’s immediate priorities include consolidating the financial recovery, strengthening operations and creating a more sustainable foundation for future shareholder returns.
As the company moves into the next financial year, investors will be watching whether it can translate its improved earnings and stronger equity position into sustained growth in insurance revenue and profitability.
WeGoTalk.com.ng will continue to monitor developments in Nigeria’s insurance sector and report on corporate earnings, recapitalisation and financial market trends.
