Founded in 1973 as Kano State Insurance Company, the firm underwent a significant transformation in 2007 when it merged with Global Commerce & General Insurance, Intercontinental Assurance, and Kapital Insurance to meet the 2005 recapitalisation requirement, after which it adopted its current name, Veritas Kapital Assurance Plc. In November 2009, the company went public with a listing on the Nigerian Stock Exchange, laying the foundation for its modern growth journey.
In recent years, Veritas Kapital has grown into a technology-driven non-life insurance powerhouse, offering motor, fire, marine, aviation, engineering, oil & gas, agricultural, and medical insurance, and pension fund administration through its subsidiaries.
The company achieved remarkable financial milestones in recent years. In 2023, its net profit after tax skyrocketed by 1,101%, from ₦193.9 million to ₦2.33 billion, supported by a 41% rise in insurance revenue (from ₦5.05 billion to ₦7.10 billion) and a 67% increase in gross premium (to ₦7.30 billion). Total assets grew 43% to ₦24.64 billion, with shareholders’ funds reaching ₦16.37 billion.
By mid‑2024, the company recorded a 630% jump in H1 net profit to ₦4.91 billion, driven by a 330% increase in gross written premium (₦12.57 billion) and a 41% rise in total assets (₦34.83 billion).
In February 2025, Business Times recognised Veritas Kapital as one of Nigeria’s 50 Fastest Growing Businesses, highlighting its remarkable growth trajectory. The company was also awarded the Most Resilient Insurance Company of 2024 by Champions Newspaper, underscoring its strength and adaptability in a dynamic market.
Veritas Kapital’s success rests on a sophisticated digital platform, underwriting prudence, and robust customer service, anchored by Dr. Adaobi Nwakuche’s vision of scaling it into the top five general insurance firms in Nigeria.
With a commitment to peace of mind, technological innovation, and market leadership, Veritas Kapital embodies resilience and forward-thinking, making it a standout legacy brand in Nigeria’s evolving insurance landscape.
