Veritas Kapital Assurance Plc reported a revenue earlier than tax of N1.8 billion for Q3 2025, exceeding its Q3 forecast of N867 million and marking a pointy turnaround from the N2.8 billion loss recorded in Q3 2024.
This brings the corporate’s nine-month pre-tax revenue to N4.88 billion, up 64% from the N2.97 billion recorded in 9M 2024.
Based on the unaudited outcomes, insurance coverage income declined by 40% to N3.73 billion from N6.19billion in Q3 2024.
Nevertheless, 9-month insurance coverage income grew by 1.3% YoY to N16.31 billion.
Key Highlights (Q3 2025 vs. Q3 2024)
- Insurance coverage Income: N3.73 billion (Down 40% YoY from N6.19 billion)
- Insurance coverage Service Bills: N6.02 billion (Down 44% YoY from N10.75 billion)
- Internet Funding Earnings: N717.1 million (Down 0.5% YoY from N720.4 million)
- Internet Insurance coverage and Funding End result: N2.54 billion (vs. N-3.05 billion in Q3 2024)
- Different Working Earnings: N180.8 million (vs. N1.47 billion in Q3 2024)
- Different Working Bills: N1.54 billion (vs. N1.23 billion in Q3 2024)
- Revenue for the Interval: N526.4 million (vs. N-2.3 billion loss in Q3 2024)
- Primary Earnings per Share (EPS): N0.08 (vs. N-0.33 in Q3 2024)
- Whole Property: N36.36 billion (Down 3.2%)
- Whole Fairness: N19.47 billion (Up 27% from N15.29 billion in Dec 2024)
Administration commentary
Talking of the outcomes, the Managing Director/CEO, Dr. Adaobi Nwakuche, described the efficiency as “a mirrored image of function translated into progress.”
She continued, “We see these outcomes as validation that when a corporation aligns its technique with its values, development turns into inevitable. Each milestone we obtain is constructed on belief—the belief of our prospects, brokers, companions, and our folks, who proceed to present their finest on daily basis.”
The drivers
The robust bottom-line efficiency was largely pushed by a N2.5 billion web insurance coverage and funding consequence, a serious enchancment from the N3 billion loss recorded in Q3 2024.
One of many principal elements contributing to the rebound was a sharp drop in insurance coverage bills.
- Veritas Kapital succeeded in streamlining operations and bettering price effectivity, resulting in a 62% discount in insurance coverage service bills, from N10.75 billion in Q3 2024 to N6.02 billion in Q3 2025.
- This discount helped offset the adverse affect of a decline in insurance coverage income.
One other essential driver was the constructive web expense from reinsurance contracts held.
- In easy phrases, this implies Veritas Kapital obtained extra money again from its reinsurers than it paid in premiums.
This restoration from reinsurance helped to offset the upper claims payout and contributed positively to the web insurance coverage and funding consequence.
By sharing its threat with reinsurers, Veritas Kapital was in a position to cut back its publicity to massive claims, which improved its general profitability.
This helped easy out the monetary affect of claims whereas additionally bettering the corporate’s money stream.
Stability sheet:
As of September 2025, Veritas Kapital’s whole belongings stood at N36.36 billion, a slight decline from N37.54 billion within the earlier yr (2024).
- This lower in whole belongings primarily displays a decline in money and money equivalents, however the firm stays financially steady with vital belongings backing its operations.
On the legal responsibility facet, the true spotlight was the 27% enhance in whole fairness, which rose to N19.47 billion, up from N15.29 billion in December 2024.
- Shareholders’ funds have been positively pushed by share capital, which remained steady at N6.93 billion
- Additionally, the spectacular development in fairness displays improved profitability as retained earnings stood at N2.1 billion in comparison with retained losses of N1.2 billion as of December 2024.
Dr. Nwakuche emphasised, “Our development in fairness displays the energy of our operational methods and the belief our traders place in us. With a stable fairness base, we’re positioned to proceed investing in our enterprise and our folks.”
Share efficiency
Veritas Kapital started the yr with a share value of N1.36, and as of November 7, 2025, its share value rose to N1.85, reflecting a 36% enhance in valuation.
Bottomline
Veritas Kapital’s robust efficiency in Q3 2025. Regardless of a decline in insurance coverage income, the corporate’s decreased bills and constructive reinsurance recoveries performed a vital function in its return to profitability.
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