WorldStage– Veritas Kapital Assurance Plc, a general insurance company listed on the Nigerian Exchange Group (NGX) has released its consolidated and separate unaudited financial statements for the half-year ended 30 June 2026, reporting a sharp reversal from profit to loss amid lower premiums and higher insurance service expenses.
The financial statements were approved by the Board and signed on its behalf by Managing Director/CEO Dr. Adaobi Nwakuche and Chief Financial Officer Mojeed Somorin showed group Gross Premium: ₦10.93 billion (down 21% from ₦13.84 billion in H1 2025); Insurance Revenue: ₦11.77 billion (down 6% from ₦12.58 billion); Insurance Service Result before Reinsurance: ₦5.03 billion (down 62% from ₦13.28 billion); Net Expenses from Reinsurance Contracts Held: ₦5.72 billion; Loss Before Taxation of ₦1.56 billion (compared with a profit of ₦3.70 billion in H1 2025); Loss After Taxation of ₦1.87 billion (versus a profit of ₦3.60 billion a year earlier).
At the Company level, the loss after tax was ₦2.58 billion, compared with a profit of ₦3.16 billion in the corresponding period of 2025.
Statement of Financial Position as at 30 June 2026 (Group):Total Assets: ₦36.24 billion (up slightly from ₦35.40 billion); Total Liabilities: ₦17.32 billion; Total Equity: ₦18.92 billion (including non-controlling interest; equity attributable to owners of the parent stood at approximately ₦16.57 billion); and Share capital remained ₦6.93 billion.
The decline in profitability was driven primarily by a significant increase in insurance service expenses and the impact of reinsurance costs, despite a still-positive insurance service result before reinsurance.
