H1 2026: Veritas Kapital Slashes Reinsurance Costs to ₦5.72bn, Posts ₦11.77bn Revenue

BusinessTodayNG


BY NKECHI NAECHE-ESEZOBOR—Ahead of recapitalization  deadline, Veritas Kapital Assurance PLC has released its unaudited  financial statements for the half-year ended June 30, 2026, showing huge operational cost savings in its risk management operations.

The insurer disclosed this in a notice filed to Nigerian Exchange Plc, to dealing houses and stockbrokers, made available  to BusinessTodayNG that during the half year period  the insurance group net expenses came down to ₦5.72 billion when compared to ₦8.52 billion achieved in 2025, this representing 32.8% drop.

On the part of the company reinsurance outlay achieved an identical reduction of 32.8%, generating approximately ₦2.80 billion in efficiency gains across both operating levels.

The Group maintained robust top-line activity, generating ₦11.77 billion in Insurance Revenue for H1 2026, compared to ₦12.58 billion in H1 2025.

The company was not let out as its insurance revenue went up to ₦11.22 billion in the same period under review. 

Insurance Service (before reinsurance) stood at ₦5.03 billion at the Group level and ₦4.78 billion for the company during the six months period.

The group Gross Premium was not left out as it rose to ₦10.93 billion, while the company achieved ₦10.37 billion.

In all, the insurer’s reduced reinsurance expenditures helped cushion total risk retention costs during an inflationary period across the financial services sector.



Source link
Read Full Article by BusinessTodayNG at businesstodayng.com
Source link

Leave a Comment
Home
Account
Cart
Community
Add Post