Prime Business AfricaVeritas Kapital saw a 124.82 percent growth in revenue for the second quarter (Q2) of 2025, after recording a turnover of N7.94 billion, compared to N3.53 billion reported in the corresponding period in 2024.
Additionally, the company reported in its consolidated and separate unaudited financial statements for the period ended June 30, 2025, that service expenses increased to N1.33 billion in Q2 of this year, compared to the N536.91 million cost incurred in Q2 2024.
Join our WhatsApp ChannelAlso, Veritas Kapital’s insurance service result before reinsurance contracts held increased by 209.79 percent from N2.99 billion in the second quarter of last year to N9.28 billion in the same period in 2025.
During the period under review, the insurer incurred N6.37 billion as net expenses from reinsurance contracts held, compared to the N3.15 billion reported in Q2 2024, representing a 101.91 percent growth.
Veritas Kapital closed the second quarter of 2025 with N2.91 billion as insurance service result, compared to the N159.30 million loss recorded in the same period last year.
However, the company suffered a N4.34 million net foreign exchange (FX) loss in the second quarter of this year, against the N88.14 million FX gain posted in Q2 2024.
Furthermore, net investment income grew to N986.18 million during the review period, compared to the N886.57 million recorded in the second quarter of last year, reflecting an increase of 11.23 percent.
In addition, net insurance and investment result closed Q2 2025 with N3.89 billion, exceeding the N720.46 million posted in Q2 2024, indicating a 441.10 percent growth.
Also, Veritas Kapital reported N2.04 billion profit before tax (PBT), indicating the company recovered from the N426.54 million loss before tax recorded in Q2 2024.
The company also filed N63.84 million in income tax during the period under review, compared to the N60.23 million tax paid in the second quarter of last year.
Veritas Kapital added that it recorded N1.97 billion in profit after tax (PAT) in Q2 2025, compared to the N486.77 million loss after tax reported in Q2 2024.
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