Veritas Kapital Assurance Plc
NNSENG:VERITASKAP1.08
NGN
-0.06
(-5.26%)
ISIN
NGUNITYKAP04
Return %
Stock
S&P 500
1Y
-48.57
14.20
3Y
315.38
81.12
5Y
390.91
68.34
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.Company Description
- CEO
- Adaobi Nwakuche
- Full Time Employees
- 289
- Sector
- Finance
- Industry
- Insurance brokers/Services
- Address
- Abuja Nigeria
- IPO Date
- Dec 17, 2009
- Website
- veritaskapital.com
- Similar Companies
- Business
- Veritas Kapital Assurance Plc is a Nigeria-based financial services institution primarily engaged in the provision of non-life general insurance underwriting, pension fund administration, and healthcare management services. Originally incorporated in 1973 as Kano State Insurance Company, the company underwent a major consolidation in 2007 through the merger of Global Commerce and General Insurance Plc, Intercontinental Assurance Plc, and Kapital Insurance Company Limited, operating as UnityKapital Assurance Plc before rebranding to Veritas Kapital Assurance Plc in 2018. Headquartered in Abuja, Nigeria, the company serves individual, commercial, industrial, and institutional clients through an extensive branch network across Nigeria. The company operates across three main business segments: Non-Life Insurance, Pension Administration, and Healthcare. The Non-Life Insurance segment offers a comprehensive suite of risk protection products, including: motor vehicle insurance comprising private, commercial, and fleet comprehensive and third-party policies; fire and property insurance covering fire and special perils, industrial all risks, burglary, householders, and business interruption; engineering insurance encompassing contractors all risks, erection all risks, machinery breakdown, and electronic equipment coverage; marine and aviation insurance covering marine cargo, marine hull, aviation hull, and related liabilities; energy and oil and gas insurance protecting onshore and offshore exploration, production assets, and specialized operational risks; agricultural insurance offering multi-peril crop insurance, livestock coverage, and area-yield index insurance; general accident and casualty insurance including personal accident, group personal accident, employers liability, workmen compensation, public liability, product liability, professional indemnity, fidelity guarantee, goods-in-transit, and money insurance; and surety bonds comprising bid bonds, performance bonds, advance payment bonds, and customs bonds. Through its majority-owned subsidiary Veritas Glanvills Pensions Limited, the company provides pension fund administration, Retirement Savings Account management, voluntary contribution schemes, programmed withdrawals, and retirement advisory services. Through its subsidiary Veritas Healthcare Limited, it operates as an accredited Health Maintenance Organization providing corporate health plans, retail health insurance, emergency medical assistance, and wellness management services. The company also maintains a significant equity holding in Goldlink Insurance Plc. In recent developments, Veritas Kapital Assurance Plc has undertaken strategic capital and operational initiatives to scale its underwriting capacity and enhance solvency margins in accordance with the Nigerian Insurance Industry Reform Act framework. The company initiated a capital raise program to secure up to NGN 15 billion in new equity capital through private placement to expand balance sheet strength and support large-scale underwriting in high-growth sectors such as energy, agriculture, and infrastructure. To improve customer reach and operational efficiency, the company has expanded its digital distribution infrastructure, deploying automated policy issuance tools, digital self-service platforms, and accelerated claims processing systems. In governance, the company appointed Babatunde Irukera as Chairman of the Board of Directors to oversee strategic growth, corporate governance, and market expansion. The company continues to advance operational scaling across retail and agricultural insurance lines, broadening coverage partnerships with agricultural cooperatives and agribusiness enterprises while growing annuity and health management assets across its pension and healthcare subsidiaries.