By Sibe Inumidun
Veritas Kapital Assurance Plc reported a pre-tax loss of N3.64 billion for the nine months ended September 30, 2026, reversing a pre-tax profit of N4.88 billion recorded in the corresponding period of 2025.
The insurance company’s unaudited financial statements showed that its loss after tax stood at N3.84 billion, compared with a profit after tax of N4.12 billion in the same period last year.
The earnings decline was attributed to higher claims and reinsurance costs, which weakened the company’s underwriting performance during the period.
Gross premium written fell by 15% to N15.87 billion from N18.68 billion in the corresponding period of 2025, while insurance revenue declined by 6% to N15.41 billion from N16.31 billion.
Despite the earnings setback, Veritas Kapital recorded growth in its balance sheet, with total assets rising by 54% to N54.56 billion from N35.40 billion.
Shareholders’ funds also increased by 60% to N30.59 billion, reflecting an improvement in the company’s equity position.
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Commenting on the results, Managing Director and Chief Executive Officer of Veritas Kapital Assurance, Dr Adaobi Nwakuche, said the nine-month performance reflected growth in the company’s asset base, equity position and investment income.
She said management would focus on strengthening the core insurance business, improving operational efficiency and enhancing overall performance.
“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders,” Nwakuche said.
