Joy Agwunobi
Veritas Kapital Assurance Plc has announced a strong set of financial results for the first half of 2025 (H1 2025), reaffirming its resilience and consolidating its standing as one of Nigeria’s leading non-life insurance players.
Despite operating in a difficult macroeconomic environment, the insurer sustained growth momentum, with Gross Premium Written (GPW) climbing to N13.6 billion, an 8 percent increase over the previous year. The performance underscores the company’s market reach and the effectiveness of its distribution channels.
One of the most notable highlights was the surge in Net Insurance and Investment Income, which rose by 244 percent to N5.2 billion, compared with N1.52 billion recorded in full-year 2024. Profit After Tax also reached N3.2 billion, already outstripping the company’s entire 2024 full-year earnings.
On the balance sheet side, Veritas Kapital reported steady improvements. Total Assets grew by 11 percent, moving from N33.1 billion in 2024 to N37 billion in H1 2025, while Shareholders’ Funds rose to N15.1 billion, up from N11.92 billion. These metrics, according to the company, reflect improved financial health, operational efficiency, and growing investor confidence.
The Management attributed the strong performance to deliberate strategic actions, including disciplined underwriting, investment optimization, digital expansion, and a sharper focus on customer-centric service delivery.
Speaking on the results, Adaobi Nwakuche, managing director/CEO of Veritas Kapital Assurance Plc, said the numbers go beyond financial growth to reflect the company’s purpose-driven model.
“These results affirm the strength of our values-driven business model, built on the dedication of our people, the clarity of our strategy, and our unwavering focus on customer value,” she said. “Each figure tells a story of protection delivered, promises honored, and futures secured. We are building trust, not just growing profits.”
Looking ahead, the company said it remains committed to navigating Nigeria’s evolving economic landscape with agility and innovation. Priority areas include expanding digital access, enhancing claims responsiveness, and strengthening talent development, all while reinforcing its guiding principles of integrity, transparency, and service.
“With the second half of the year underway, our focus is on sustaining this momentum by deepening customer engagement, strengthening broker relationships, and driving product innovation to meet changing market needs,” Nwakuche noted, adding “Our goal is clear: to remain a trusted ally for our customers and a growth engine for our stakeholders, not just for today, but for the future we are helping to shape.”
Veritas Kapital Assurance Plc is among Nigeria’s foremost non-life insurers, providing risk solutions to individuals, SMEs, and corporate organisations. With a legacy anchored in trust and a future defined by resilience, the company says it is reimagining insurance in Nigeria through technology, transparency, and customer-first service
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