Veritas Kapital assets rise 54% to N54.6bn in nine-months

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Veritas Kapital Assurance Plc grew its total assets by 54 per cent to N54.56 billion at the end of September 2026. The company’s unaudited nine-month results showed that total…

Veritas Kapital Assurance Plc grew its total assets by 54 per cent to N54.56 billion at the end of September 2026.

The company’s unaudited nine-month results showed that total assets increased from N35.40 billion in September 2025, while shareholders’ equity rose 60 per cent to N30.59 billion from N19.12 billion, reflecting a stronger capital and asset position.

The growth in equity was supported by an increase in share capital from N6.93 billion to N14.43 billion and share premium from N663.6 million to N8.16 billion.

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 more than doubled to N25.64 billion from N12.45 billion.

The expansion of its investment portfolio contributed to a 34 per cent increase in net investment income, which rose to N3.51 billion from N2.61 billion in the corresponding period of 2025.

However, stronger investment income and balance-sheet growth were insufficient to offset pressure on the company’s underwriting operations, with insurance revenue declining to N15.41 billion from N16.31 billion.

The contrasting performance highlights the challenge facing the insurer as it seeks to convert its stronger capital and investment position into sustainable underwriting profitability.

The N3.84 billion loss after tax, compared with a N4.12 billion profit in the previous year, points to the impact of higher insurance service expenses and net expenses from reinsurance contracts held during the period.

Commenting on the performance, Adaobi Nwakuche, managing director/CEO of Veritas Kapital Assurance, said the results reflected significant developments in the company’s asset base, equity position and investment income.

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