Veritas Kapital Assurance Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Premiums & Annuity Revenue	12,202	9,035	4,755	2,994	2,939
Total Interest & Dividend Income	3,994	3,341	2,426	2,149	1,919
Gain (Loss) on Sale of Investments	51	48.44	27.76	6.41	-287.12
Other Revenue	716.16	340.09	719.29	488.77	547.25
Total Revenue	16,964	12,764	7,927	5,638	5,093
Revenue Growth (YoY)	32.90%	61.02%	40.60%	10.71%	8.19%
Policy Benefits	-354.64	9,551	3,194	1,153	1,301
Policy Acquisition & Underwriting Costs	3,644	3,852	1,779	868	846.44
Amortization of Goodwill & Intangibles	-	5	-	-	-
Depreciation & Amortization	386.75	361.25	275.03	-	240.03
Selling, General & Administrative	2,792	2,049	1,633	395.41	1,062
Other Operating Expenses	245.13	332.22	278.98	1,593	22.06
Total Operating Expenses	9,683	18,410	8,521	5,027	4,783
Operating Income	7,281	-5,646	-593.54	611.16	309.8
Interest Expense	-	-	-	-2.13	-
Currency Exchange Gain (Loss)	-596.49	5,087	3,502	168.4	86.03
Other Non Operating Income (Expenses)	-35.31	-80.64	-17.54	3.51	-57.67
EBT Excluding Unusual Items	6,649	-639.59	2,891	780.94	338.17
Gain (Loss) on Sale of Assets	0.67	15.88	96.79	24.83	6.75
Other Unusual Items	-22.87	-	-5.37	-23.1	-0.5
Pretax Income	6,627	-623.72	2,982	782.67	344.41
Income Tax Expense	167.16	161.69	231.99	70.24	-225.95
Earnings From Continuing Ops.	6,459	-785.4	2,750	712.43	570.36
Minority Interest in Earnings	-291.24	-223.77	-174.92	-171.82	-65.06
Net Income	6,168	-1,009	2,575	540.61	505.3
Net Income to Common	6,168	-1,009	2,575	540.61	505.3
Net Income Growth	-	-	376.38%	6.99%	-46.28%
Shares Outstanding (Basic)	13,867	13,867	13,867	13,867	13,867
Shares Outstanding (Diluted)	13,867	13,867	13,867	13,867	13,867
EPS (Basic)	0.44	-0.07	0.19	0.04	0.04
EPS (Diluted)	0.44	-0.07	0.19	0.04	0.04
EPS Growth	-	-	376.38%	6.99%	-
Free Cash Flow	-5,634	8,419	4,748	-2,707	-515.9
Free Cash Flow Per Share	-0.41	0.61	0.34	-0.20	-0.04
Operating Margin	42.92%	-44.23%	-7.49%	10.84%	6.08%
Profit Margin	36.36%	-7.91%	32.49%	9.59%	9.92%
Free Cash Flow Margin	-33.21%	65.96%	59.89%	-48.00%	-10.13%
EBITDA	7,547	-5,390	-388.49	820.13	758.12
EBITDA Margin	44.49%	-42.22%	-4.90%	14.54%	14.89%
D&A For EBITDA	266.31	256.5	205.06	208.97	448.32
EBIT	7,281	-5,646	-593.54	611.16	309.8
EBIT Margin	42.92%	-44.23%	-7.49%	10.84%	6.08%
Effective Tax Rate	2.52%	-	7.78%	8.97%	-

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.