Veritas Kapital Assurance PlcNSENG: VERITASKAP

Quarter 1 - financial statement for 2026

May 1, 2026 at 12:06 AM UTC · Issued by Veritas Kapital Assurance Plc

RC 11785

VERITAS KAPITAL ASSURANCE PLC CONSOLIDATED AND SEPARATE UNAUDITED FINANCIAL STATEMENTS (UFS) FOR THE PERIOD ENDED 31 MARCH 2026

TABLE OF CONTENTS PAGE

Corporate Information 1

Results at a glance 2

Vision, Mission and Values 3

Our Commitments 4

Consolidated and Separate Statement of Financial Position 6

Consolidated and Separate Statements Profit or Loss and Other Comprehensive Income 7

Consolidated and Separate Statements of Changes in Equity 8

Consolidated and Separate Statements of Cash Flows 10

Notes to the Consolidated and Separate Financial Statements 11

Other National Disclosures:

Value Added Statement 112

Five-Year Financial Summary 113

CORPORATE INFORMATION DIRECTORS

Mr. Babatunde Ayokunle Irukera Non-Executive Director - Chairman (Appointed 31 July, 2025) Dr. Oluwafunsho A. Obasanjo Non-Executive Director

Mr. Aminu Babangida Non-Executive Director

Hajia Yabawa Lawan Wabi (MNI) Non-Executive Director

Mrs Priya Heal (British) Non-Executive Director

Emmanuel Etuh Non-Executive Director

Mr. Paul Oki Independent Non-Executive Director

Dr. Adaobi Nwakuche Managing Director/CEO

Mr. Sunkanmi Adekeye Executive Director, Operations

COMPANY SECRETARY RE-INSURERS

Ms. Saratu Umar Garba African Reinsurance Corporation

FRC/2019/NBA/00000019159 Continental Reinsurance Corporation WAICA Reinsurance Corporation

REGISTERED OFFICE Nigerian Reinsurance Corporation

Plot 497, Abogo Largema Street, CK Reinsurance Limited

Off Constitution Avenue, Score Re.

Central Business District CICA Re. Abuja.

https://www.veritaskapital.com ACTUARIES

RC NO: 11785 O & A Hedge Actuarial Consulting (Consulting Actuaries & Chartered Insurers) Suite 28, Motorways Centre

FRC REGISTRATION NO: (Opposite 7UP Bottling Plant)

FRC/2013/0000000000717 1 Motorways Avenue

Alausa Ikeja - Lagos, Nigeria

BANKERS REGISTRARS

Unity Bank Plc Unity Registrars Limited

Guaranty Trust Bank Ltd. 25 Ogunlana Drive

First Bank Limited Surulere Lagos. Fidelity Bank Plc

Keystone Bank Limited AUDITORS

Sterling Bank Plc Ernst & Young Nigeria

Access Bank Plc (Chartered Accountants)

Zenith Bank Plc 10th & 13th Floor, UBA House, 57 Marina, Lagos, Nigeria

PROPERTY VALUERS TAX CONSULTANTS

Jide Taiwo & Co Kreston Pedabo Professional Services No 70 Abidjan street wuse zone 3 67 Norman Williams Street, Ikoyi, Lagos Abuja-FCT

REGULATORY AUTHORITY

National Insurance Commission

Tax Identification Number 01129230-0001

FINANCIAL RESULT AT A GLANCE

RESULT AT A GLANCE (GROUP)
Figure in thousands of naira	2026	2025	Changes
Gross premium	5,802,140	6,865,645	(1,063,505)	-15%
Insurance revenue	5,370,440	4,632,907	737,533	16%
Insurance service expense	(2,118,592)	(644,397)	(1,474,195)	-229%
Insurance service result before reinsurance contracts held	3,251,848	3,988,510	(736,662)	-18%
Net expenses from reinsurance contracts held	(983,581)	(2,142,837)	1,159,256	54%
Profit before taxation	1,885,104	1,659,170	225,934	14%
Taxation	(349,877)	(41,328)	(308,549)	-747%
Profit after taxation	1,535,227	1,617,842	(82,615)	-5%

RESULT AT A GLANCE (COMPANY)
Figure in thousands of naira	2026	2025	Changes
Gross premium	5,587,935	6,865,645	(1,277,710)	-19%
Insurance revenue	5,156,237	4,558,812	597,425	13%
Insurance service expense	(1,944,661)	(603,861)	(1,340,800)	-222%
Insurance service result before reinsurance contracts held	3,211,576	3,954,951	(743,375)	-19%
Net expenses from reinsurance contracts held	(983,580)	(2,142,837)	1,159,257	54%
Profit before taxation	1,399,508	1,444,162	(44,654)	-3%
Taxation	(349,877)	(37,761)	(312,116)	827%
Profit after taxation	1,049,631	1,406,401	(356,770)	-25%

VISION MISSION AND VALUES MISSION

To help our stakeholders have peace of mind.

VISION

To be one of the top insurance companies of choice in Africa.

PRINCIPLES Integrity

We will act with openness, fairness, integrity and diligence. We will always adhere to the applicable laws, regulations and standards of doing business.

Performance

We will promote a positive and challenging high performance culture. We will do this by encouraging personal accountability, development and measuring, reward and recognizing success.

Responsibilty

We will act responsibly as individuals and as a Company. This applies to the management of our business, our approach to corporate interaction with key external stakeholders.

Values

Working in teams Servicing our Customers Respecting each other Being proactive

Growing our people

Delivering to our Shareholders Guarding against arrogance

Upholding the highest levels of integrity

OUR COMMITMENTS

Customers

A satisfied and loyal customer base is core to our business.

We are committed to:

Delivering the consistent and reliable levels of customer service.
Acting with integrity, due care and diligence.
Communicating openly, honestly and with sensitivity and understanding.
Listening to our customers.
Handling complaints fairly and promptly.
Respecting our customers' rights to privacy and confidentiality.
Protecting our customers and our business from fraud.
Business Partners
We demand high standards from the companies we work with and believe that they should expect the same from us.
We are committed to:
Carrying out our business with fairness and integrity.
Being reliable and quick to respond.
Awarding contracts and selecting business partners solely on the basis of fair and objective business criteria and having regards to high ethical standards.
Respecting all obligations and confidentiality.
Protecting our customers and our business from fraud.
Employees
Motivated and skilled employees are critical to our success.
We are committed to:
Fostering a positive and challenging high performance culture.
Rewarding superior performance.
Encouraging personal development.
Encouraging a culture of frank and honest communication.
Encouraging teamwork and strong leadership.
Providing a safe and secure working environment.
Encouraging diversity and equal opportunities.
Ensuring that grievances and unethical behaviour can be raised without fear of discrimination.
In return we expect our employees to:
Act with integrity.
Take responsibility and accountability for their own actions.
Show support and commitment for change.
Focus their energy in getting the best from themselves and others.
Have the confidence and courage to act with conviction.
Show understanding for and meet external and internal customers needs.
Show a relentless desire for success.
Create positive and effective working relationships.
OUR COMMITMENTS - CONTINUED
Regulators
We have an open, cooperative and transparent relationship with our regulators.
We are committed to:
Dealing with our regulators in an open, cooperative and transparent manner.
Managing our business with appropriate standards of risk management and controls.
Preventing and reporting any instances of significant financial crime.
Preventing breaches of relevant regulatory requirements.
Complying with all set standards.
Community & Environment
We believe in continuous improvement of our environmental performance and in taking action around emerging environmental issues. Whenever we operate, we will seek positive engagement with local communities.
We are committed to:
As a business, we have a responsibilty to manage our impacts on the environment through appropriate use of resources such as energy, paper and water and the investment of our assets.
We also have a responsibility to take proactive action on environmental issues that are likely to affect our business and community at large.
In each of these areas, we will look to make continuous improvement and actively monitor our performance.
Shareholders
We are committed to fufilling the aspirations of our shareholders through a commitment to business performance, and high standards of transparency, communication and corporate governance.
We are committed to:
A culture of business performance, focused on delivering returns to shareholders.
Comprehensive and transparent disclosure.
Aiding Shareholder's understanding through the disclosure of relevant financial and non-financial information.
Listening to the views of our shareholders.
Managing our business with appropriate standards of risk and control.
Ensuring due care in the selection of our third party advisers, including our auditors.
Preventing and reporting any market abuse.
Acting with due sense of responsibilty on confidence entrusted to us.

CONSOLIDATED AND SEPARATE STATEMENT OF FINANCIAL AS AT 31 MARCH 2026	POSITION
		2	3	(1)	1
		2026	2025	2026	2025
		Group	Group	Company	Company
	Notes	N'000	N'000	N'000	N'000
Assets
Cash and cash equivalents	3	9,781,674	7,975,130	7,649,379	7,179,475
Investment securities: Fair value through profit or loss	4	210,506	173,376	210,506	173,376
Amortised cost	4	10,708,668	12,451,756	5,944,775	6,148,171
Fair value through OCI	4	607,208	607,208	607,208	607,208
Trade receivables	5	385,683	2,321,542	385,683	2,321,542
Reinsurance contract assets	17	6,160,294	3,279,213	6,160,294	3,279,213
Other receivables and prepayments	6	1,718,994	1,217,353	222,666	237,275
Investment in subsidiaries	7	-	-	4,026,300	4,026,300
Property, plant and equipment	9	6,546,752	6,288,073	5,285,387	5,149,831
Goodwill	10	316,884	316,884	-	-
Intangible assets	11	429,658	411,196	365,256	400,006
Statutory deposits	12	355,000	355,000	355,000	355,000
Total assets		37,221,321	35,396,731	31,212,454	29,877,397
Liabilities:
Insurance contract liabilities	17	10,569,609	9,706,533	10,569,609	9,706,533
Other contract liabilities	25	124,193	6,389	-	-
Trade payables	13	2,077,964	2,729,426	2,077,964	2,729,428
Employees retirement benefit obligations	14	24,690	28,401	-	-
Provision and other payables	15	2,600,557	3,054,056	1,581,800	1,857,862
Income tax liabilities	16	593,896	275,050	480,171	130,294
Deferred tax liabilities	16.2	469,729	469,729	280,162	280,162
Total liabilities		16,460,637	16,269,583	14,989,706	14,704,279
Share capital & reserves:
Share capital	18	6,933,333	6,933,333	6,933,333	6,933,333
Share premium	19	663,600	663,600	663,600	663,600
Statutory contingency reserves	20	3,533,153	3,323,290	3,533,153	3,323,290
Retained earnings	21	2,885,784	1,560,415	868,784	29,017
Other components of equity: Asset revaluation reserve	22	4,102,776	4,102,775	3,863,989	3,863,990
Fair value reserve	23	356,200	356,200	359,889	359,889
Equity attributable to equity holders of the parent		18,474,846	16,939,613	16,222,747	15,173,118
Non Controlling interest (NCI)	37	2,285,836	2,187,532	-	-

Total Equity	20,760,682	19,127,145	16,222,747	15,173,117
Total Equity & Liabilities	37,221,319	35,396,728	31,212,455	29,877,397

These financial statements were approved by the Board on …3.0.-.0..4.-..2.0..2.6... and signed on its behalf by:

……………………………......................... ……………………………...............

Mojeed Somorin Dr. Adaobi Nwakuche

Chief Financial Officer Managing Director

FRC/2017/PRO/ICAN/001/00000016849 FRC/2021/003/00000023865

The statement of material accounting policies and the accompanying notes to the consolidated and separate financial statements form an integral part of these financial statements.

VERITAS KAPITAL ASSURANCE PLC

Consolidated and Separate Unaudited Financial Statements

For the period ended 30 September 2025

CONSOLIDATED AND SEPARATE STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR PERIOD ENDED 31 MARCH 2026

Insurance revenue Insurance service expenses		Group		Company
	Notes	YTD 2026 N'000	FY 2025 N'000	YTD 2026 N'000	FY 2025 N'000
	26 27	5,370,440 (2,118,592)	4,632,907 (644,397)	5,156,237 (1,944,661)	4,558,812 (603,861)
Insurance service result before reinsurance contracts held		3,251,848	3,988,510	3,211,576	3,954,951
Net expenses from reinsurance contracts held	28	(983,581)	(2,142,837)	(983,580)	(2,142,837)
Insurance service result		2,268,267	1,845,673	2,227,996	1,812,114
Interest income calculated using the effective interest method	31a	248,792	226,902	109,806	87,292
Net fair value gains on financial assets at fair value through profit or loss	31c	37,130	14,694	37,130	14,694
Net foreign exchange (loss)/gain	32	(399,761)	(22,014)	(399,761)	(22,014)
Credit impairment (charge)/reversal	34	(6,638)	(5,740)	-	-
Finance cost	14a(i)	-	-	-	-
Other investment income	31b	818,505	695,851	157,278	183,437
Net investment income		698,028	909,693	(95,547)	263,409
Finance expenses from insurance contracts issued	29	-	-	-	-
Finance income from reinsurance contracts held Net insurance finance income	30	- -	- -	- -	- -
Net insurance and investment result		2,966,295	2,755,366	2,132,449	2,075,523
Other operating income	33	216,311	159,987	2,196	118
Other operating expenses	35	(1,297,502)	(1,256,183)	(735,137)	(631,479)
Profit before income tax		1,885,104	1,659,170	1,399,508	1,444,162
Tax expense	36	(349,877)	(41,328)	(349,877)	(37,761)
Profit for the period		1,535,227	1,617,842	1,049,631	1,406,401
Other comprehensive income:
Items that may be reclassified subsequently to profit or loss
Items that will not be reclassified subsequently to profit or loss(net of tax):
Net acturial gains/(loss) on retirement benefit obligation	50a	-	-	-	-
Gain on revaluation of property, plant and equipment (net of tax)	50b	-	-	-	-
Fair value gain on financial asset at FVOCI(net of tax)	50c	-	-	-	-
Other comprehensive income, Net of tax		-	-	-	-
Total comprehensive (loss)/income		1,535,227	1,617,842	1,049,631	1,406,401
Profit for the period, attributable to: Non-controlling interests Owners' of the Parent		80,836	58,721	1,049,631	1,406,401
		1,454,391	1,559,122	-	-
		1,535,227	1,617,843	1,049,631	1,406,401
Total Comprehensive Income, attributable to: Non-controlling interests Owners' of the Parent		80,836	58,721	1,049,631	1,406,401
		1,454,391	1,559,122	-	-
		1,535,227	1,617,843	1,049,631	1,406,401
Basic Earnings per Share	24	0.22	0.23	0.15	0.20

CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY FOR QUARTER ENDED 31 MARCH 2026

Group
	Share Capital	Share Premium	Asset revaluation reserve	Fair value reserve	Contingency Reserve	Retained Earnings	Total	Non-Controlling Interest	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January 2026	6,933,333	663,600	4,102,776	356,200	3,323,290	1,560,415	16,939,614	2,187,533	15,285,738
Profit for the year Other Comprehensive Income: Gain on revaluation of properties, plant and equipment	- -	- -	- -	- -	- -	1,535,232 -	1,535,232 - -	80,836 -	1,616,068 -
Fair value gain on financial asset at FVOCI Transfer to statutory reserve Transfer of revaluation gain on disposal of PPE	- -	- -	- -	- -	- -	- - -	- - -	-17,467 -	-17,467 -
Acturial gain on retirement benefit obligation	-	-	-	-	-	-	-	-	-
Total Comprehensive Income	-	-	-	-	-	1,535,232	1,535,232	98,303	1,633,535
Transfer to Contingency Reserve Transactions with owners of equity	-	-	-	-	209,863	(209,863)	- -	-	-
Dividends to equity holders	-	-	-	-	-	-	-	-	-
At 31 March 2026	6,933,333	663,600	4,102,776	356,200	3,533,153	2,885,784	18,474,846	2,285,836	16,919,273
	6,933,333	663,600	4,102,775	356,199	3,533,153	2,885,784		2,285,836	20,760,680
	-	-	0	1	0	0		-
	Share Capital	Share Premium	Asset revaluation reserve	Fair value reserve	Contingency Reserve	Retained Earnings	Total	Non-Controlling Interest	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January 2025	6,933,333	663,600	3,974,282	275,880	2,611,284	(1,189,506)	13,268,874	2,016,863	15,285,737
Profit for the year Other Comprehensive Income: Gain on revaluation of properties, plant and equipment	- -	- -	- 128,493	- -	- -	3,744,751 -	3,744,751 -128,493	290,951 -	4,035,702 -128,493
Fair value gain on financial asset at FVOCI	-	-	-	80,320	-	-	80,320	-	80,320
Transfer of revaluation gain on disposal of PPE Actua rial gain on retirement benefit obligation	-	-	- -	-	-	- 1,186	- 1,186	- -	- 1,186
Total Comprehensive Income	-	-	128,493	80,320	-	3,745,937	3,954,750	290,951	4,245,701
Transfer to Contingency Reserve Transactions with owners of equity:	-	-	-	-	712,006	(712,006)	-	-	-
Dividends to equity holders	-	-	-	-	-	(284,010)	(284,010)	(120,281)	(404,291)
At 31 December 2025	6,933,333	663,600	4,102,776	356,200	3,323,290	1,560,415	16,939,614	2,187,533	19,127,147

CONSOLIDATED AND SEPARATE STATEMENT OF CHANGES IN EQUITY FOR QUARTER ENDED 31 MARCH 2026

Company
	Share Capital	Share Premium	Asset revaluation reserve	Fair value reserve	Contingency Reserve	Retained Earnings	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January 2026	6,933,333	663,600	3,863,989	359,889	3,323,290	29,016	15,173,117
Profit for the year	-	-	-	-	-	1,049,630	1,049,630
Other Comprehensive Income: Gain on revaluation of properties, plant and equipment	-	-	-	-	-	-	-
Fair value gain on financial asset at FVOCI	-	-	-	-	-	-	-
Transfer of revaluation gain on disposal of PPE	-	-	-	-	-	-	-
Total Comprehensive Income	-	-	-	-	-	1,049,630	1,049,630
Transfer to Contingency Reserve	-	-	-	-	209,863	(209,863)	-
At 31 March 2026	6,933,333	663,600	3,863,989	359,889	3,533,153	868,784	16,222,747

	Share Capital	Share Premium	Asset revaluation reserve	Fair value reserve	Contingency Reserve	Retained Earnings	Total
	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January 2025	6,933,333	663,600	3,735,496	279,569	2,611,284	(2,305,749)	11,917,532
Profit for the year	-	-	-	-	-	3,046,772	3,046,772
Other Comprehensive Income: Gain on revaluation of properties, plant and equipment	-	-	128,493	-	-	-	128,493
Fair value gain on financial asset at FVOCI	-	-	-	80,320	-	-	80,320
Transfer of revaluation gain on disposal of PPE	-	-	-	-	-	-	-
Total Comprehensive income	-	-	128,493	80,320	-	3,046,772	3,255,585
Transfer to Contingency Reserve	-	-	-	-	712,006	(712,006)	-
At 31 December 2025	6,933,333	663,600	3,863,989	359,889	3,323,290	29,016	15,173,117

The statement of material accounting policies and the accompanying notes to the Consolidated and separate financial statements form an integral part of these financial statements.

Consolidated and Separate Unaudited Financial Statements

For the period ended 30 September 2025

CONSOLIDATED AND SEPARATE STATEMENT OF CASHFLOWS FOR PERIOD ENDED 31 MARCH 2026

Cash flows from operating activities:	Notes	2026 Group N'000	2025 Group N'000	2026 Company N'000	2025 Company N'000
Premium received	17a	3,880,280	6,951,221	3,652,076	6,865,645
Amount received in respect of claims	17b	387,098	27,012	387,098	27,012
Other operating income	33	216,311	159,987	2,196	118
Cash paid to and on behalf of employees	35	(731,716)	(628,405)	(282,114)	(281,482)
Reinsurance premium paid	17b	(4,251,761)	(4,288,430)	(4,251,761)	(4,288,430)
Insurance benefits and claims paid	17a	(713,950)	(448,043)	(535,221)	(407,507)
Acquisition costs paid Other directly attributable expenses paid Other acqusition (Maintenance expense) paid during the year	17a 17a	(907,880) (26,936)	(974,847) -(7,651)	(907,880) (26,936)	(974,847) (7,651)
Exchange loss	32	(399,761)	(22,014)	(399,761)	(22,014)
Cash paid to intermediaries and other suppliers		(2,415,800)	(1,337,930)	(2,082,240)	(314,321)
Company income tax paid	16	(31,031)	-	-	-
Net cashflow from operating activites		(4,995,146)	(569,100)	(4,444,543)	596,523
Cash flow from investing activities:
Purchase of property, Plant and equipment	9	(366,458)	(69,317)	(204,562)	(48,959)
Purchase of intangible assets	11	(56,826)	(828)	-	-
Proceed from sale of property and equipment	49a	25,049	8,010	(25,049)	-
Proceed from disposal of investment property	9	-	-	-	-
Dividend income	31	-	-	-	-
Interest received	31	1,067,297	1,236,027	304,214	270,729
Purchase of amortised cost investment	4v	(159,198)	(68,390)	-	(3,097)
Investment in subsidiary	7	-	-	-	-
Redemption/repayment on amortised cost investments	4v	143,814	607,453	320,229	(202,438)
Net cashflows used in investing activites		653,678	1,712,955	394,832	16,235
Cash flow from financing activities:
Investment in subsidiary	7	-	-	-	-
Deposit for shares	38	-	-	-	-
Dividend paid	21&37	-	-	-	-
Net cashflows used in financing activites		-	-	-	-
Net increase in cash and cash equivalents		(4,341,468)	1,143,855	(4,049,711)	612,758
Cash and cash equivalents at the 1 January		7,984,913	11,258,477	7,183,915	9,890,315
Effects of exchange rate changes on cash and cash equivalents			22,014		22,014
Cash and cash equivalents at the 31 March	3	3,643,445	12,424,346	3,134,204	10,525,087

The statement of material accounting policies and the accompanying notes to the Consolidated and separate financial statements form an integral part of these financial statements.

Consolidated and Separate Unaudited Financial Statements

For the period ended 30 September 2025

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR PERIOD ENDED 31 MARCH 2026

3	Cash and cash equivalents	Group	Group	Company	Company
		2026	2025	2026	2025
		N'000	N'000	N'000	N'000
	This comprises of :
	Cash on hand	1,519	5,037	1,234	862
	Cash at Banks	896,397	1,562,547	657,075	1,445,514
	Short term deposit (Staff gratuity fund assets)	3,823	3,823	3,823	3,823
	Short term deposit (note 3.2)	8,888,791	6,413,506	6,991,686	5,733,716
		9,790,530	7,984,913	7,653,818	7,183,915
	Adjustment for ECL on fixed deposit and bank balances (note 3.1)	(8,856)	(9,783)	(4,439)	(4,440)
	Total	9,781,674	7,975,130	7,649,379	7,179,475

*Staff gratuity fund assets relates to fund set aside for staff of the parent who were still in service when the gratuity scheme was discontinued in July 2016. The intention of management is to keep the funds and make it available to the beneficiaries on exit.

Movement in Adjustment ECL Group Group Company Company 2026 2025 2026 2025
N'000 N'000 N'000 N'000
At 1 January 8,856 61,734 4,440 59,454
Charge/(Write back) - (51,951) - (55,014)
At 31 March 2026 8,856 9,783 4,440 4,440

Financed by:

In compliance with section 19(3) of Insurance Act 2003, the short term deposit is financed as follows:

	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Financed by Insurance fund	6,991,686	5,733,716	6,991,686	5,733,716
Financed by other funds	1,897,105	679,790	-	-
	8,888,791	6,413,506	6,991,686	5,733,716

Short term deposits consist of placements with commercial banks with contractual maturity date of less than 3 months.

A reconciliation of gross carrying amount and corresponding allowance for ECL

STAGE 1

Group	Gross carrying amount	ECL
	N'000	N'000
At 1 January 2026	7,979,876	9,783
New assets originated or purchased	8,892,614	8,856
Assets derecognized	(7,979,876)	(9,783)
At 31 March 2026	8,892,614	8,856
At 1 January 2025	11,257,687	61,734
New assets originated or purchased	7,979,876	9,783
Assets derecognized	(11,257,687)	(61,734)
At 31 December 2025	7,979,876	9,783

Consolidated and Separate Unaudited Financial Statements

For the period ended 30 September 2025

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

3.3 A reconciliation of gross carrying amount and corresponding allowance for ECL - Continued

STAGE 1

	Company			Gross carrying amount N'000	ECL N'000
	At 1 January 2026			7,183,053	4,440
	New assets originated or purchased			6,995,509	4,439
	Assets derecognized			(7,183,053)	(4,440)
	At 31 March 2026			6,995,509	4,439
	At 1 January 2025			9,889,764	59,454
	New assets originated or purchased			7,183,053	4,440
	Assets derecognized			(9,889,764)	(59,454)
	At 31 December 2025			7,183,053	4,440
		Group	Group	Company	Company
4	Investment securities	2026 N'000	2025 N'000	2026 N'000	2025 N'000
	Equity instruments at fair value through profit or loss (note 4a)	210,506	173,376	210,506	173,376
	Debt instuments at armotised cost (Note 4b)	10,708,668	12,451,756	5,944,775	6,148,171
	Fair value through OCI (Note 4c)	607,208	607,208	607,208	607,208
		11,526,382	13,232,340	6,762,489	6,928,755
	Current	375,692	142,513	148,282	141,255
	Non-current	11,150,690	13,089,827	6,614,207	6,787,500
		11,526,382	13,232,340	6,762,489	6,928,755

a These are quoted equities on the Nigerian Stock Exchange. The fair value is determined by reference to the quoted closing bid price at the end of the reporting period and are derived as follows:

	Group	Group	Company	Company
Movement in FVTPL during the period	2026 N'000	2025 N'000	2026 N'000	2025 N'000
Fair value at 1 January	173,376	138,264	173,376	138,264
Addition	5,765	5,350	-	5,350
Reclassification		(409)	-	(409)
Fair value gain	31,365	30,171	37,130	30,171
Fair value at 31 March	210,506	173,376	210,506	173,376
a(i) Historical movement in FVTPL Cost at initial recognition	152,278	152,278	152,278	152,278
Accumulated fair value gains/(losses) to date	58,228	21,098	58,228	21,098
Fair value at 31 March	210,506	173,376	210,506	173,376

Consolidated and Separate Unaudited Financial Statements

For the period ended 30 September 2025

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

	Group	Group	Company	Company
b Amortised Cost	2026 N'000	2025 N'000	2026 N'000	2025 N'000
FGN treasury bills see note (i) below	375,692	142,513	148,282	141,255
State/FGN government bonds see note (ii) below	10,128,054	12,078,605	5,796,493	6,006,916
Corporate bond see note (iii) below	204,922	230,638	-	-
	10,708,668	12,451,756	5,944,775	6,148,171
Balance at 1 January	12,492,630	10,226,801	6,192,481	5,113,348
Additions Disposal Redemption/repayment during the year	- -(143,814)	3,152,662 -(1,262,267)	- -(320,229)	1,574,392 -(688,127)
Accrued interest	159,198	375,434	116,833	192,869
Balance at 31 March	12,508,012	12,492,630	5,989,086	6,192,482
Expected credit loss	(54,266)	(53,661)	(44,916)	(44,311)
	12,453,746	12,451,756	5,944,170	6,148,171
i FGN Treasury Bills Balance at 1 January	142,636	681,948	141,377	142,606
Additions		-	-	-
Redemption/repayment during the year	214,898	(567,110)	0	(29,027)
Accrued interest	24,323	27,798	7,027	27,798
Balance at 31 March	381,856	142,636	148,404	141,377
ECL	(727)	(122)	(727)	(122)
	381,129	142,514	147,677	141,255
ii FGN Bonds and State Bonds Balance at 1 January	12,118,205	9,289,793	6,051,105	4,970,742
Additions Disposal Redemption/repayment during the year	- -(327,364)	3,152,662 -(659,100)	- -(320,229)	1,574,392 -(659,100)
Accrued interest	128,025	334,850	109,806	165,071
Balance at 31 March	11,918,866	12,118,205	5,840,682	6,051,105
ECL	(52,386)	(52,386)	(44,189)	(44,189)
	11,866,480	12,065,819	5,796,493	6,006,916
iii Corporate Bonds Balance at 1 January	231,791	255,060	-	-
Additions	-	-	-	-
Redemption/repayment during the year	(31,348)	(36,055)	-	-
Accrued interest Exchange difference	6,848	12,786 -	- -	- -
Balance at 31 March	207,291	231,791	-	-
ECL	(1,153)	(1,153)	-	-
	206,138	230,638	-	-
iv Movement in expected credit losses (ECL) during the year Balance at 1 January	53,661	29,583	44,311	29,280
Charge during the year	-	24,078	-	15,031
Balance at 31 March	53,661	53,661	44,311	44,311

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

v A reconciliation of gross carrying amount and corresponding allowance for ECL

Group STAGE 1

				Gross carrying amount N'000	ECL N'000
	At 1 January 2026			12,492,630	53,661
	New assets originated or purchased			159,198	-
	Assets derecognized			(143,814)	-
	At 31 March 2026			12,508,014	53,661
	At 1 January 2025			10,226,801	29,583
	New assets originated or purchased			3,528,096	21,783
	Assets derecognized			(1,262,267)	2,295
	At 31 December 2025			12,492,630	53,661
	Company At 1 January 2026			6,192,482	44,311
	New assets originated or purchased			116,833	-
	Assets derecognized			(320,229)
	At 31 March 2026			5,989,086	44,311
	At 1 January 2025			5,113,348	29,280
	New assets originated or purchased			1,767,261	15,031
	Assets derecognized			(688,127)	-
	At 31 December 2025			6,192,482	44,311
c	Fair value through other comprehensive income	Group	Group	Company	Company
	Fair value at 1 January	2026 N'000 607,207	2025 N'000 492,056	2026 N'000 607,207	2025 N'000 492,056
	Additions	-	409	-	409
	Fair value gain	-	114,743	-	114,743
	Balance at 31 March	607,207	607,208	607,207	607,208

Fair value through other comprehensive income consists of equity investment in Waica RE and Systemspec.

	Group	Group	Company	Company
5 Trade Receivables	2026	2025	2026	2025
a This comprises of:	N'000	N'000	N'000	N'000
Due from insurance brokers	860,570	2,801,158	860,570	2,801,158
Due from insurance agents	55,270	55,270	55,270	55,270
Due from policy holders	33,158	33,158	33,158	33,158
Due From Insurance Companies	174,670	169,941	174,670	169,941
	1,123,668	3,059,527	1,123,668	3,059,527
Impairment of trade receivables	(737,985)	(737,985)	(737,985)	(737,985)
	385,683	2,321,542	385,683	2,321,542
b. Movement in impairment is as follow:
At 1 January	737,985	737,985	737,985	737,985
Charge for the period	-	-	-	-
At 31 March 2026	737,985	737,985	737,985	737,985
b Age analysis of gross premium receivables are as follows:
0-30 days	385,683	2,321,542	385,683	2,321,542
Above 180 days	-	737,985	-	737,985
	385,683	3,059,527	385,683	3,059,527
c Analysis of movement in impairment			Provision no
2026	Balance at 1 January	Adjustment	longer required	Balance at 31 March
Group	N'000	N'000	N'000	N'000
Premium receivable from insurance brokers	490,626	-	-	490,626
Premium receivable from insurance agents	55,270	-	-	55,270
Premium receivable from policy holders	33,158	-	-	33,158
Premium receivable from insurance companies	158,911	-	-	158,911
	737,965	-	-	737,965
Company
Premium receivable from insurance brokers	490,626	-	-	490,626
Premium receivable from insurance agents	55,270	-	-	55,270
Premium receivable from policy holders	33,158	-	-	33,158
Premium receivable from insurance companies	158,931		-	158,931
	737,985	-	-	737,985
2025
Group
Premium receivable from insurance brokers	490,626	-	-	490,626
Premium receivable from insurance agents	55,270	-	-	55,270
Premium receivable from policy holders	33,158	-	-	33,158
Premium receivable from insurance companies	158,931	-	-	158,911
	737,985	-	-	737,985
Company
Premium receivable from insurance brokers	490,626	-	-	490,626
Premium receivable from insurance agents	55,270	-	-	55,270
Premium receivable from policy holders	33,158	-	-	33,158
Premium receivable from insurance companies	158,931		-	158,931
	737,985	-	-	737,985
d Movement in premium receivables	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Opening balance	3,059,527	2,283,601	3,059,527	2,283,601
Gross written premium during the year	5,587,935	23,710,146	5,587,935	23,733,535
Premium received during the year	(7,523,794)	(22,934,220)	(7,523,794)	(22,957,609)
	1,123,668	3,059,527	1,123,668	3,059,527
Impairment during the year	(737,985)	(737,985)	(737,985)	(737,985)
Balance at 31 March	385,683	2,321,542	385,683	2,321,542

		Group	Group	Company	Company
		2026	2025	2026	2025
6	Other receivables and prepayments	N'000	N'000	N'000	N'000
	Receivables from staff (Note 6a)	206	206	206	206
	Deposit for investment (Note 6b)	28,347	28,347	28,347	28,347
	Commercial papers (Note 6c)	217,459	217,459	217,459	217,459
	Prepayment	494,249	213,056	5,788	49,693
	Inventory	319	296	319	296
	Receivables from Related parties (Note 6i)	62,033	62,034	62,033	62,034
	Fees receivables and other receivables (Note 6d)	1,104,196	943,891	150,348	127,175
	Prepaid recapitalisation expenses (Note 6e)	83,050	83,050	83,050	83,051
	Witholding tax receivable(Note 6f)	131,987	71,866	77,968	71,866
		2,121,846	1,620,205	625,518	640,127
	Impairment of other receivables and prepayment (Note 6g)	(402,852)	(402,852)	(402,852)	(402,852)
		1,718,994	1,217,353	222,666	237,275
	Current	1,718,992	1,217,353	237,275	174,054
	Non-current	-	-	-	63,221
		1,718,992	1,217,353	237,275	237,275

a Receivables from staff consist of amount due from staff in respect of unutilized upfront allowances.

	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Balance at 1 January	206	8,330	206	8,332
Addition	-	206	-	206
Utilised during the year	-	(8,330)	-	(8,332)
	206	206	206	206

b Included in deposit for investment is the amount with Chapel Hill and Planet Capital Ltd. for purchase of quoted equities on the Nigeria Exchange (NGX) and investment in other financial instruments.

c Commercial papers represents receivables from the following entities
	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
a) TKM Mestro Nigeria Ltd	131,649	131,649	131,649	131,649
b) Off-shore Intergrated Concession Ltd	39,711	39,711	39,711	39,711
c) Kruger Brent Global Services Ltd	46,099	46,099	46,099	46,099
	217,459	217,459	217,459	217,459

ci These commercial papers have been impaired by the company as they are in doubt of recovery.

d Fee receivables includes fees receivable on RSA assets and administrative fees as at year end.

e This represents amount paid to consultants with respect to proposed preference shares to be issued by the company. This was classified as prepaid expense pending the conclusion of the process. On completion, this will be applied against the share premium.

Group			Group	Company	Company
2026			2025	2026	2025
f Witholding tax receivables N'000			N'000	N'000	N'000
At 1 January		79,241	55,389	71,866	30,529
Additions		6,205	16,477	6,102	41,337
Utilised during the period( see note 17)		-	-	-	-
Balance at 31 March		85,446	71,866	77,968	71,866
		Group	Group	Company	Company
		2026	2025	2026	2025
g The movement in impairment charge is as	follows:	N'000	N'000	N'000	N'000
Balance at 1 January		402,852	402,852	402,852	402,852
Impairment charge/(write-back) during the	year	-	-	-	-
Balance at 31 March		402,852	402,852	402,852	402,852
	Balance at 1		Provision no longer		Balance at 31
Group	Jan 2026	Addition	required	Adjustment	March 2026
Commercial papers	217,459	-	-	-	217,459
Receivables from staff	1,369	-	-	-	1,369
Receivables from Related Party (Goldlink)	62,033	-	-	-	62,033
Fees receivable and other receivables	131,416	-	-	-	131,416
	402,852	-	-	-	402,852
Company
Commercial papers	217,459	-	-	-	217,459
Receivables from staff	1,369	-	-	-	1,369
Receivables from Goldlink	62,033	-	-	-	62,033
Fees receivable and other receivables	131,416	-	-	-	131,416
	412,277	-	-	-	412,277
	Balance at 1		Provision no longer		Balance at 31 December
Group	Jan 2025	Addition	required	Adjustment	2025
Commercial papers	217,459	-	-	-	217,459
Receivables from staff	1,369	-	-	-	1,369
Receivables from Related Party (Goldlink)	62,033	-	-	-	62,033
Fees receivable and other receivables	121,991	-	-	9,425	131,416
	402,852	-	-	9,425	412,277
Company
Commercial papers	217,459	-	-	-	217,459
Receivables from staff	1,369	-	-	-	1,369
Receivables from Goldlink	62,033	-	-	-	62,033
Fees receivable and other receivables	121,991	-	-	9,425	131,416
	402,852	-	-	9,425	412,277

i This relates to amount recoverable from :1.Associates- Goldlink Insurance Plc. As at 30 September 2025, the amount relates to various expenses incurred on their behalf amounting to N62.033 million ( 2024, N62.033 milion).

7 Investment in Subsidiaries

Veritas Kapital has 2 subsidiaries as at 30 November 2025. The details of the subsidiaries and principal activities are detailed below:

Company Company

2026 2025

N'000 N'000

Veritas Glanvills Pension Limited at cost(a) 3,610,000 3,610,000

Veritas Health Care Limited at cost (b) 416,300 416,300

4,026,300 4,026,300

Veritas Glanvills Pension Limited has issued ordinary share capital of 5 billion units of N1 each.
Veritas Kapital holds 3.5 billion (70%): The company was incorporated on 20 April 2005, and licenced by National Pension Commission to carry on business of a Pension Fund Administrator on 19 June 2007. Its principal place of business is Lagos.
Veritas HealthCare Limited has issued ordinary share capital of 429,075,000 units of N1 each Veritas Kapital holds 401,000,000 units (93.5%): The company carries on the business of a health maintenance organisation, and its principal place of business is Abuja.
Management tested investment in subsidiaries for impairment and concluded that there was no indication of impairment. Summarized financial information in respect of each of the Group's subsidiaries is set out below. The summarized financial information below represents amounts before intragroup eliminations.
Veritas Glanvill Pension Veritas Healthcare Limited
2026 2025 2026 2025
N'000 N'000 N'000 N'000
Total revenue 983,868 3,318,913 258,583 425,517
Profit before tax 266,098 953,711 15,488 16,187
Total assets 8,569,276 8,322,650 991,136 707,678
Total liabilities 1,481,926 1,198,696 (281,063) 57,871
Shareholders fund 7,087,350 7,123,954 (710,073) 649,806
Movement in Investment in Subsidiaries

Group

Company

2026 2025 2026 2025

Veritas Glanvills Pensions Ltd N'000 N'000 N'000 N'000

Balance at January 1 - - 3,610,000 3,610,000

Balance at 31 March - - 3,610,000 3,610,000

Investment in Veritas Healthcare Ltd N'000 N'000 N'000 N'000

Balance at January 1 - - 416,300 416,300

Balance at 31 March - - 416,300 416,300

	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
8 Investment in Associates	1,010,650	1,010,650	1,010,650	1,010,650
Share of associate loss	(1,010,650)	(1,010,650)	(1,010,650)	(1,010,650)
	-	-	-	-

GOLDLINK Insurance Plc

Veritas Kapital holds 1,268,064,351 (2023:1,268,314,351) ordinary shares representing 51.53% (2023:51.53%) holdings in Goldlink Insurance Plc as at 30 November 2025.

Goldlink Insurance Plc became associate company of Veritas Kapital in 2011 but was taken over by the regulatory authority -National Insurance Commission (NAICOM) for infraction of insurance regulations and its Board of Directors was dissolved in 2012.

Though Veritas Kapital holds majority shares in Goldlink Insurance Plc. (51.53%) the investment has been treated as an associate and accounted for using equity method at both the Company and Group level.

In arriving at the decision to treat the investment as an associate, the Board of Directors considered if Veritas Kapital has control over Goldlink Insurance Plc based on the requirements of IFRS 10. IFRS 10.5 states that an investor regardless of the nature of its involvement with an entity is required to determine whether it is a parent by assessing whether it controls the investee.

Specifically, IFRS 10 states that an investor controls an investee if and only if the investor has the following:

Power over the investee;
Exposure, or rights, to variable returns from its involvement with the investee; and
The ability to use its power over the investee to affect the amount of the investor's returns.

Based on assessment carried out, Directors concluded that Veritas Kapital does not have the power over the investee because the relevant activities of Goldlink Insurance Plc are subject to direction of the NAICOM instituted Board of Directors. The Board of Directors report directly to NAICOM on all its activities and resolutions are subject to the NAICOM ( IFRS 10:B37).

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

9 Property, plant and equipment Group

Leasehold

Computer Office computer

Motor

Office furniture

Work in

	land	Building	Hardware	equipment	vehicles	and fittings	progress	Total
Cost/valuation	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January	2,070,500	3,704,877	-	1,015,213	998,017	266,357	157,589	8,212,552
Additions	-	4,216	-	130,049	36,013	3,233	192,947	366,458
Revaluation adjustments	-	-	-	-	-	-	-	-
Transfer/ reclassification	-	-	-	-	-	-	-	-
Disposals	-	-	-	-	-	-	(25,049)	(25,049)
At 31 March 2026 2,070,500 3,709,093			-	1,145,262	1,034,030	269,590	325,487	8,553,961
Accumulated depreciation At 1 January - 279,291			-	664,493	766,186	214,510	-	1,924,479
Depreciation - 14,005			-	34,331	28,257	6,137	-	82,730
Disposals - -			-	-	-	-	-	-
At 31 March 2026 - 293,296			-	698,824	794,443	220,647	-	2,007,209
Carrying amount at 31 March 2026 2,070,500 3,415,797			-	446,438	239,587	48,943	325,487	6,546,752

	Leasehold land	Building	Computer Hardware	Office computer equipment	Motor vehicles	Office furniture and fittings	Work in progress	Total
Cost/valuation	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January	2,028,100	3,640,946		771,924	1,004,894	249,768	4,950	7,700,581
Additions	-	21,556		142,755	50,350	20,040	157,589	392,290
Revaluation adjustments	42,400	141,162		-	-	-	-	183,562
Transfer/ reclassification	-	(98,787)		103,737	-	-	(4,950)	-
Disposals	-	-		(3,203)	(57,227)	(3,451)	-	(63,881)
At 31 December 2025 2,070,500 3,704,877			-	1,015,213	998,017	266,357	157,589	8,212,552
Accumulated depreciation At 1 January - 202,942				590,144	690,765	196,397	-	1,680,247
Depreciation expenses - 79,086				73,957	118,010	21,564	-	292,617
Transfer/ reclassification	-	(2,737)	2,737		-	-	- -
Disposals	- -			(2,345)	(42,589)	(3,451)	-	(48,385)
At 31 December 2025	- 279,291		-	664,493	766,186	214,510	-	1,924,479
Carrying amount as at 31 December 2025	2,070,500	3,425,586	-	350,720	231,831	51,847	157,589	6,288,073

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

9 Property, plant and equipment - Continued Company

Leasehold

Computer Office computer

Motor

Office furniture

Work in

land Building

Hardware

equipment

vehicles

and fittings

progress Total

Cost/valuation	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January	2,070,500	2,925,369	-	543,491	389,627	156,057	-	6,085,045
Additions	-	-	9,119	2,496	-	-	192,947	204,562
Revaluation adjustments	-	-	-	-	-	-	-	-
Transfer/ Reclassification	-	-	-	-	-	-	-	-
Disposals	-	-	-	-	-	-	(25,049)	(25,049)
At 31 March 2026 2,070,500 2,925,369			9,119	545,987	389,627	156,057	167,899	6,264,558
Accumulated depreciation At 1 January - 197,270			-	324,592	280,789	132,563	-	935,214
Depreciation expenses - 10,165			6,055	13,468	11,301	2,968	-	43,957
Disposals	- -		-	-	-	-	- -
At 31 March 2026	- 207,435		6,055	338,060	292,090	135,531	- 979,171
Carrying amount at 31 March 2026 2,070,500 2,717,935			3,064	207,927	97,537	20,526	167,899	5,285,387

Leasehold

Computer Office computer

Motor

Office furniture

Work in

	land	Building	Hardware	equipment	vehicles	and fittings	progress	Total
Cost/valuation	N'000	N'000	N'000	N'000	N'000	N'000	N'000	N'000
At 1 January	2,028,100	2,861,816		371,504	395,645	157,394	4,950	5,819,409
Additions	-	21,178		70,508	-	2,114	-	93,800
Revaluation adjustments	42,400	141,162		-	-	-	-	183,562
Transfer/ Reclassification	-	(98,787)		103,737	-	-	(4,950)	-
Disposals	-	-		(2,258)	(6,018)	(3,451)	-	(11,727)
At 31 December 2,070,500 2,925,369			543,491		389,627	156,057	-	6,085,045
Accumulated depreciation At 1 January - 136,417			287,011		237,009	125,073	-	785,510
Depreciation expenses - 63,590			37,102		47,291	10,941	-	158,924
Transfer/ Reclassification	- (2,737)		2,737		-	-	-
Disposals	- -		(2,258)		(3,511)	(3,451)	- (9,220)
At 31 December - 197,270			324,592		280,789	132,563	-	935,214
Carrying amount as at 31 December 2025 2,070,500 2,728,099			218,899		108,838	23,494	-	5,149,831

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

9 Property, plant and equipment - Continued

Land and Building was independently valued by Jide Taiwo & Co, Real Estate survayors (FRC/2012/00000000254) and signed by Apeh Jeremiah (FRC/2019/NIESV/00000019829), in December 2024 to ascertain the open market value of land and building .The carrying amount of the land and building as 30th November 2025 was N4.743million (2024: N4,754million) while the open market value of land and building as at 31 December 2024 was N4,754million

Valuation technique and significant unobservation inputs

The following table shows the valuation technique used in measuring the value of the land & building, as well as the significant unobservable inputs used.

Valuation technique

Significant Observable Input

Sensitivity

The fair values are determined by applying market value approach. This valuation model reflects the current price on actual transaction for similar properties in the neighbourhood in recent time. References were made to prices of land and comparable properties in the neighbourhood.The data obtained were analysed and adjustments was made to reflect differences in site area and the actual location, quality of construction and off-site facilities.

-Price PER square meter.

-Rate of development in the area.

-Location of the building.

-Commercial neighbourhood.

-Specialised nature of the building

-Accessibilty to transport links.

- Physical condition

The estimated fair value would increase/ (decrease) if the rate of development in the area increases/ (decreases), quality of the building increases / (decreases), influx of people and/or business to the area increases/ (decreases)

Leasehold land and building Comprises:

2026

2025

Group

Leasehold Land Building Total Leasehold Land Building Total

N'000 N'000 N'000 N'000 N'000 N'000

Plot 1698 C and D Oyin Jolayemi St. V.I. Lagos - 702,394 702,394 - 697,486 697,486

Plot 497 Abogo Largema Street. Off Const. Ave. CBD 1,816,900 2,362,298 4,179,198 1,854,700 2,494,600 4,349,300

Plot 173 Oshodi-Gbagada express way, opp. UPS, Gbagada, Lagos. 211,200 233,000 444,200 215,800 233,500 449,300

2,028,100 - 3,297,692 5,325,792 2,070,500 3,425,586 5,496,086

Company

Plot 497 Abogo Largema Street. Off Const. Ave. CBD 1,816,900 2,383,447 4,200,347 1,854,700 2,494,600 4,349,300

Plot 173 Oshodi-Gbagada express way, opp. UPS, Gbagada, Lagos. 211,200 233,000 444,200 215,800 233,500 449,300

2,028,100 - 2,616,447 4,644,547 2,070,500 2,728,100 4,798,600

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

9 d	Property, plant and equipment - Continued Movement in leasehold land and building is as follows:
								Revaluation
	Group	1-Jan-26	Addition		Disposals	Transfer	Depreciation	adjustment	31-Mar-26
	Property Location/Description	N'000	N'000		N'000	N'000	N'000	N'000	N'000
	Plot 1698 C and D Oyin Jolayemi St. V.I. Lagos Plot 497 Abogo Largema Street. Off Const. Ave. CBD	711,693 4,246,939	- -		- -	- -	- (13,629)	- -	711,693 4,233,310
	Plot 173 Oshodi-Gbagada express way, opp. UPS, Gbagada, Lagos.	507,474	-		-	-	-	-	507,474
		5,466,105	-	-	-	-	(13,629)	-	5,452,476
								Revaluation
		1-Jan-25	Addition		Disposals	Transfer	Depreciation	adjustment	31-Dec-25
	Property Location/Description	N'000	N'000		N'000	N'000	N'000	N'000	N'000
	Plot 1698 C and D Oyin Jolayemi St. V.I. Lagos Plot 497 Abogo Largema Street. Off Const. Ave. CBD	712,606 4,309,301	378 15,637		- -	- (85,958)	(15,453) (37,226)	(44) 147,546	711,693 4,246,939
	Plot 173 Oshodi-Gbagada express way, opp. UPS, Gbagada, Lagos.	444,199	5,541		-	(12,842)	(5,556)	17,958	507,474
		5,466,105	21,556	-	-	(98,800)	(58,235)	165,460	5,466,105

	NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued
9	Property, plant and equipment - Continued
d	Movement in leasehold land and building is as follows:
	Company 1-Jan-26 Addition		Disposals	Transfer/Adj ustment	Depreciation	Revaluation adjustment	31-Mar-26
	Property Location/Description N'000 N'000		N'000	N'000	N'000	N'000	N'000
	Plot 497 Abogo Largema Street. Off Const. Ave. CBD 4,349,302 -		-	-	(27,576)	-	4,321,725
	Plot 173 Oshodi-Gbagada Express way, opp. UPS, Gbagada, Lagos. 449,299 -		-	-	(2,604)	-	446,694
	4,798,600 -		-	-	(30,181)	-	4,768,420
	1-Jan-25 Addition		Disposals	Transfer	Depreciation	Revaluation adjustment	31-Dec-25
	Property Location/Description N'000 N'000		N'000	N'000	N'000	N'000	N'000
	Plot 497 Abogo Largema Street. Off Const. Ave. CBD 4,309,302 15,637		-	(85,958)	(37,226)	147,546	4,349,302
	Plot 173 Oshodi-Gbagada Express way, opp. UPS, Gbagada, Lagos. 444,198 5,541		-	(12,842)	(5,556)	17,958	449,299
	4,753,500 21,178	-	-	(98,800)	(42,782)	165,504	4,798,600

	NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued	Company	Company
10	Goodwill	2026 N'000	2025 N'000
	Balance at 1 January Adjustment	316,884 -	316,884 -
	Balance at 31 March	316,884	316,884
	The goodwill is arising on acquisitions in the following subsidiaries: VG Pension	316,884	316,884
	Veritas Health Care Limited	-	-
		316,884	316,884
a	Analysis of movement Balance at 1 January	316,884	316,884
	Balance at 31 March	316,884	316,884

The goodwill recognised on acquisition of Veritas Healthcare Limited ( N69.56 million) has been fully impaired. The calculation of value-in-use was based on the following key assumptions

- The cashflows were projected based on the company's approved budget. The cashflows were based on past experiences and were adjusted to reflect expected future performances of the company .

The key assumptions described above may change as economic and market conditions change. The company estimates that reasonably possible changes in these assumptions would not cause the recoverable Amount of either CGU to decline below The carrying amount.

Assessment of impairment on goodwill was developed by the management of the company.

11 Intangible assets

This comprises of acquired computer software which does not form part of a related hardware.

	Group	Group	Company	Company
Computer software	2026 N'000	2025 N'000	2026 N'000	2025 N'000
Cost Balance, at 1 January	1,155,667	1,148,707	999,590	999,590
Additions	56,826	6,960	-
Balance at 31 March	1,212,493	1,155,667	999,590	999,590
Accumulated amortisation Balance, at 1 January	744,471	596,918	599,584	460,424
Amortisation	38,364	147,553	34,750	139,160
Balance at 31 March	782,835	744,471	634,334	599,584
Carrying amount at 31 March 2026	429,658	411,196	365,256	400,006

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
12 Statutory deposit	355,000	355,000	355,000	355,000

This represent amount deposited with the Central Bank of Nigeria (CBN) as at 30 November, 2025 in pursuant to section 9(1) and section 10(3) of insurance Act 2003. Interest income earned on this deposit is included in investment income. (See note 34)

13 Other technical liabilities

Trade payables represent amounts payable to reinsurance, co-insurers, agents and brokers at period end. The carrying amounts disclosed below approximate the fair values at the reporting date.

	Group	Group	Company	Company
	2026	2025	2026	2025
This is analysed as follows:	N'000	N'000	N'000	N'000
Commission payable	257,073	223,843	257,073	223,843
Co-insurance premium payable	1,820,891	2,505,583	1,820,891	2,505,585
	2,077,964	2,729,426	2,077,964	2,729,428
a Movement on commission (Acquisition cost) payable Balance at 1 january	223,843	417,489	223,843	417,489
Acquisition cost during the year		3,005,913	257,073	3,005,913
Acqusition cost paid during the year		(3,199,559)	(223,843)	(3,199,559)
Balance at 31 March	223,843	223,843	257,073	223,843
b Movement in co-insurance premium payable Balance at 1 january	2,505,584	2,367,916	2,505,585	2,367,916
Addition during the year		2,505,585	1,820,891	2,505,585
Co-insurance premium owing paid		(2,367,918)	(2,505,585)	(2,367,916)
Balance at 31 March	2,505,584	2,505,584	1,820,891	2,505,585
	Group	Group	Company	Company
	2026	2025	2026	2025
14 Retirement benefit obligation Gratuity scheme	N'000 24,690	N'000 28,401	N'000 -	N'000 -
Balance at 1 january	28,401	27,710	-	-
Contributions in the period	-	11,000	-	-
Payments during the year	(3,711)	(10,309)	-	-
Balance at 31 March	24,690	28,401	-	-

a Defined Benefit Scheme

Veritas Healthcare Limited has a non-contributory defined gratuity scheme whereby on separation, staff who have spent a minimum of five (5) years are paid a sum based on their qualifying emoluments and the number of years spent in service of the Company. The actuarial valuation of the scheme for 31 December 2024 was performed by PENMED Actuarial Consultants FRC/2014/NAS/0000000953 and signed by Bode Olajumoke (FRC/2014/NAS/0000000953).

Summary of membership data	2026	2025
Active Members	8	13
Total annual emoluments	N108.8mn	N108.8mn
Average Liability duration over future service	18	18

Underlying assumptions

The rate used to discount Pre-retirement employment benefit obligations is determined in line with IAS19, with reference to market yields at the balance sheet date on high quality corporate bonds. The following are the significant assumptions adopted in the computations.

Valuation interest rate	22.0%
Salary increase rate	25.0%
Benefit Liability (Deficit) / Surplus of Funded Plans		Group 2026 N'000 24,690	Group 2025 N'000 28,401
Liability Recognized		24,690	28,401

	NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued
14	Retirement benefit obligation - Continued
(i)	Reconciliation of Defined Benefit Obligation
	Changes in the present value of the defined benefit obligation are as follows;
		Group	Group
		2026 N'000	2025 N'000
	At 1 January	28,401	27,710
	Current service cost*	-	4,319
	Interest Cost	-	4,987
	Benefit paid	(3,709)	(10,309)
	Actuarial (gains) due to change in financial assumptions	-	1,694
	Balance at 30 September	24,692	28,401
	*Current service cost was included as part of staff cost in note 36.
	Pension scheme

The employees of the Company are members of a state arranged Pension scheme (Pension Reform Act, 2004) which is managed by several Pension Funds Administrators. The only obligation of the Company with respect to this pension plan is to make the specified contributions.

		Group	Group	Company	Company
		2026	2025	2026	2025
15	Provisions and other payables	N'000	N'000	N'000	N'000
	Life insurance fund (Note 15a)	131,417	131,417	131,417	131,417
	PAYE tax, VAT, NHF and other remitable deductions	616,893	638,589	560,711	427,303
	Staff accounts (Note 15b)	332,813	541,242	332,813	314,661
	Accrued professional fees (Note 15c)	175,942	144,530	89,206	143,530
	Accrued NAICOM levy	115,740	242,336	115,740	242,336
	Supplies & Services Bills Payables (Note 15e)	92,288	210,391	92,288	210,268
	Other accruals and payables (Note 15f)	365,453	546,414	233,531	377,827
	Unclaimed dividends	6,468	6,468	6,468	6,468
	Due to employees	131,455	4,051	19,626	4,052
	Pension protection fund(Note 15d)	632,088	588,618	-	-
		2,600,557	3,054,056	1,581,800	1,857,862

a Life insurance fund arose from the business of the defunct Kapital Insurance Company Limited that ceased life business in 2007 because the emerged Unity Kapital and then Veritas Kapital is not licensed to carry on life business. The fund was kept in abeyance pending transfer to a Life Assurance Company.

b Staff account balance is in respect, unremitted amount on behalf of staff to various PFAs for the month of December 2025 and deductions from staff salary to be remitted to their co-operative scheme administrator. As at January 2026, staff related benefits have been fully settled.

c Accrued professional fees include accrual for audit fees, tax review and actuarial fees.

d Pension protection fund represents pension protection fund maintained by the pension fund administrators as a cushion to Pensioner whose pension balance is not enough to guarantee at least 2/3 of the Federal Government minimum wage bill on retirement based on section 82 of the Pension Reform Act, 2014

e Suppliers and service bills payables relates to outstanding payments due to vendors and suppliers for services rendered.

f Other accruals and payables are made up of the following
	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Unmatched inflows	169,439	338,924	169,439	338,924
Retention fee to contractors	1,984	1,984	1,984	1,984
Unpresented cheques	29,608	-	29,608	-
Accruals	158,193	220,844	26,271	36,919
	359,224	561,752	227,302	377,827

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

		Group		Group	Company		Company
		2026		2025	2026		2025
15 Provisions and other payables - Continued		N'000		N'000	N'000		N'000
Current		1,830,584		2,327,553	1,443,915		1,719,977
Non-Current		769,973		726,503	137,885		137,885
		2,600,557		3,054,056	1,581,800		1,857,862
		Group		Group	Company		Company
		2026		2025	2026		2025
16 Income tax liabilities		N'000		N'000	N'000		N'000
Company income tax		349,877		27,905	349,877		-
Development levy				110,042			110,042
Education tax		-		-	-		-
Information technology levy		-		-	-		-
Police Trust Fund		-		-	-		-
Under provision in prior years		-		-	-		-
Deferred tax expense or write back		-		6,992	-		-
Per income statement		349,877		144,939	349,877		110,042
Balance at beginning of the year		275,050		404,691	130,294		173,210
Witholding tax utilsed (Note 6f)		-		-	-		-
Payments		(31,031)		(274,580)	-		(152,958)
Per statement of financial position		593,896		275,050	480,171		130,294
16.1 Deferred tax asset
At 1 January		21,745		21,745	21,745		21,745
Write back to income statement		-		-	-		-
Balance at 31 March		21,745		21,745	21,745		21,745
16.2 Deferred tax liability
At 1 January		491,474		394,482	301,907		212,416
Charges for the year		-		6,992	-		-
Other comprehensive income		-		90,000	-		89,491
Balance at 31 March			491,474	491,474	301,907 301,907
Movements in deferred tax liabilities during the year:
Recognised in other comprehensive income during the year:
Net acturial gains on retirement benefit obligation			-	508	- -
Gain on revaluation of property, plant and equipment			-	55,069	- 55,069
Fair value gain on financial asset at FVOCI			-	34,423	- 34,423
Recognised in profit or loss during the year:			-		-
Propety and equipment			-	6,992	- -
Intangible assets		- -			- -
		- 96,992			- 89,491
Movement in deferred tax asset
Recognized in profit or loss during the year
Property and equipment		- (39,109)			- -
		- (39,109)			- -
Deferred tax assets are attributable to the following item:
Property and equipment		21,745			21,745
Cash and cash equivalents		-			-
		- 21,745			- 21,745
Deferred tax liabilities are attributable to the following items		:
	Net acturial gains on retirement benefit obligation		-	(1,020)		-	-
	Fair value gains on PPE		-	408,617		-	218,032
	Fair value gains on equity instruments at FVOCI		-	83,877		-	83,876
		-		491,474	-		301,908
16.3	Net deferred tax liability Deferred tax asset	491,474		491,474	301,907		301,907
	Deferred tax liability	(21,745)		(21,745)	(21,745)		(21,745)
	Net deferred tax liability	469,729		469,729	280,162		280,162

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

17 Insurance and reinsurance contracts

The breakdown of groups of insurance contracts issued and reinsurance contracts held, that are in an asset position and those in a liability position is set out in the table below:

Insurance contract liabilities Insurance contract liabilities (excluding insurance acquisition cash flows assets and					Group 2026 N'000	Group 2025 N'000			Company 2026 N'000	Company 2025 N'000
other pre-recognition cash flows)					11,340,534	10,405,779			11,340,534	10,405,779
Insurance acquisition cash flows					(770,925)	(699,246)			(770,925)	(699,246)
Insurance contract liabilities					10,569,609	9,706,533			10,569,609	9,706,533
Reinsurance contract assets
Insurance contract assets (excluding reinsurance deferred acquisition income cash flows, other pre recognition cash flows and reinsurance payables)					6,541,803	3,660,724			6,541,803	3,660,724
Reinsurance deferred acquisition income cash flows					(381,509)	(381,511)			(381,509)	(381,511)
					6,160,294	3,279,213			6,160,294	3,279,213
Assets for remainging coverage (ARC)
Excluding loss component					5,187,883	2,001,062			5,187,883	2,001,062
Loss component					-	-			-	-
					5,187,883	2,001,061			5,187,883	2,001,061
Assets for Incurred Claims (AIC) Estimate of present value of future cashflows					880,372	1,186,112			880,372	1,186,112
Risk Adjustment					92,039	92,039			92,039	92,039
					972,411	1,278,151			972,411	1,278,151
					6,160,294	3,279,212			6,160,294	3,279,212
Insurance contract liabilities					Group	Group			Company	Company
					2026	2025			2026	2025
Liabilities for remaining coverage (LRC)					N'000	N'000			N'000	N'000
Excluding loss component					4,241,800	3,881,780			4,241,800	3,881,780
Loss component					-	-			-	-
					4,241,800	3,881,780			4,241,800	3,881,780
Liability for Incurred Claims
Estimate of present value of future cash flows					5,932,392	5,429,336			5,932,392	5,429,336
Risk adjustment for non-financial risk					395,417	395,417			395,417	395,417
					6,327,809	5,824,753			6,327,809	5,824,753
Insurance contract liabilities					10,569,609	9,706,533			10,569,609	9,706,533
Group
				2026					2025
	Asset			Liabilities	Net	Asset			Liabilities	Net
	₦'000			₦'000	₦'000	₦'000			₦'000	₦'000
Insurance contact issued
General Accident			-	710,895	710,895			-	462,454	462,454
Agriculture			-	316,980	316,980			-	327,607	327,607
Aviation			-	2,562,476	2,562,476			-	2,185,450	2,185,450
Bond			-	(154,643)	(154,643)			-	18,563	18,563
Engineering			-	349,539	349,539			-	544,880	544,880
Fire			-	1,093,970	1,093,970			-	1,025,614	1,025,614
Marine			-	484,195	484,195			-	528,631	528,631
Motor			-	714,437	714,437			-	603,767	603,767
Oil & Gas			-	4,491,760	4,491,760			-	4,009,572	4,009,572
		-		10,569,609	10,569,609		-		9,706,538	9,706,538
Reinsurance contracts held
General Accident	(63,375)			-	(63,375)	(83,654)			-	(83,654)
Agriculture	(210,582)			-	(210,582)	(196,288)			-	(196,288)
Aviation	(2,484,911)			-	(2,484,911)	(1,496,677)			-	(1,496,677)
Bond	(4,878)			-	(4,878)	(3,254)			-	(3,254)
Engineering	(270,924)			-	(270,924)	(157,397)			-	(157,397)
Fire	(444,411)			-	(444,411)	(354,574)			-	(354,574)
Marine	(249,654)			-	(249,654)	(186,182)			-	(186,182)
Motor	(322,972)			-	(322,972)	(97,912)			-	(97,912)
Oil & Gas	(2,108,587)			-	(2,108,587)	(703,274)			-	(703,274)
	(6,160,294)			-	(6,160,294)	(3,279,212)			-	(3,279,212)

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

17 The breakdown of groups of insurance contracts issued and reinsurance contracts held, that are in an asset position and those in a liability position is set out in the table below:

Company			2026				2025
	Asset		Liabilities	Net	Asset		Liabilities	Net
	₦'000		₦'000	₦'000	₦'000		₦'000	₦'000
Insurance contact issued
Accident		-	710,895	710,895		-	462,454	462,454
Agriculture		-	316,980	316,980		-	327,607	327,607
Aviation		-	2,562,476	2,562,476		-	2,185,450	2,185,450
Bond		-	(154,643)	(154,643)		-	18,563	18,563
Engineering		-	349,539	349,539		-	544,880	544,880
Fire		-	1,093,970	1,093,970		-	1,025,611	1,025,611
Marine		-	484,195	484,195		-	528,631	528,631
Motor		-	714,437	714,437		-	603,765	603,765
Oil & Gas		-	4,491,760	4,491,760		-	4,009,572	4,009,572
		-	10,569,609	10,569,609		-	9,706,533	9,706,533
Reinsurance contracts held
Accident	(63,375)		-	(63,375)	(83,654)		-		(83,654)
Agriculture	(210,582)		-	(210,582)	(196,288)		-		(196,288)
Aviation	(2,484,911)		-	(2,484,911)	(1,496,678)		-		(1,496,678)
Bond	(4,878)		-	(4,878)	(3,254)		-		(3,254)
Engineering	(270,924)		-	(270,924)	(157,397)		-		(157,397)
Fire	(444,411)		-	(444,411)	(354,574)		-		(354,574)
Marine	(249,654)		-	(249,654)	(186,182)		-		(186,182)
Motor	(322,972)		-	(322,972)	(97,912)		-		(97,912)
Oil & Gas	(2,108,587)		-	(2,108,587)	(703,274)		-		(703,274)
	(6,160,294)		-	(6,160,294)	(3,279,213)			-	(3,279,213)

The subsequent individual portfolio roll forward for insurance contract liabilities and reinsurance contract assets represents both group and company.

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

17a

Reconciliation of insurance contract liabilities (Extended roll forward)

Roll-forward of net asset or liability for insurance contracts issued showing the liability for remaining coverage and the liability for incurred claims

The Company disaggregates information to provide disclosure in respect of major product lines separately This disaggregation has been determined based on how the company is managed.

The roll forward presented below shows a summarized position of all the portfolios.

Company

Reconciliation of 2026

Liabilities for remaining

coverage Liability for Incurred Claims

Excluding loss component

Loss component

Estimate of present value of future cashflows

Risk

Adjustment Total

₦'000 ₦'000 ₦'000 ₦'000 ₦'000

Opening insurance contract liabilities	3,881,781	- 5,429,341	395,416 9,706,538
Opening insurance contract assets	-	- -	-	-
Net Insurance contract liabilities	3,881,781	- 5,429,341	395,416	9,706,538

Insurance revenue	(5,156,237)	- -	-	(5,156,237)
Insurance service expense:	-	- -	-	-
Incurred claims	-	- 1,043,077	(395,416)	647,661
Amortisation of insurance acquisition cash flows	874,650	- -	-	874,650
Other acquisition (Maintenamce expense) expensed during the year	26,936	- -	-	26,936
Changes related to past service ie changes in fulfilment cash flows relating to incurred claims	-	- 395,416	-	395,416
Total Insurance service expenses	901,586	- 1,438,493	(395,416)	1,944,663
Investment components	-	- -	-	-
Insurance service result	(4,254,651)	- 1,438,493	(395,416)	(3,211,574)
Insurance finance expenses	-	- -	-	-
Total change in comprehensive income	(4,254,651)	- 1,438,493	(395,416)	(3,211,574)
Cashflows
Premiums received	3,652,076	- -	-	3,652,076
Claims and expenses paid	-	- (535,221)	-	(535,221)
Other directly attributable expenses paid	-	- -	-	-
Acquisition costs paid on policies initially recognized during the year	(907,880)	- -	-	(907,880)
Other acqusition (Maintenance expense) paid during the year	(26,936)	- -	-	(26,936)
Total cashflows	2,717,260	- (535,221)	-	2,182,039
Items reported in SOFP (Non-cashflows items)
Impact of commission payable on policies initially recognized	33,230	- -	-	33,230
Impact of changes in LRC	(71,679)	- -	-	(71,679)
Impact of trade receivables on policies initially recognized	1,935,859	- -	-	1,935,859
Total cashflows	1,897,410	- -	-	1,897,410
Closing insurance contract liabilities	4,241,800	- 6,332,613	-	10,574,413
Closing insurance contract assets	-	- -	-	-
Net closing balance	4,241,800	- 6,332,613	-	10,574,413

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

17b Reconciliation of reinsurance contract assets (Extended roll forward)

The roll-forward of the net asset or liability for reinsurance contracts held showing assets for remaining coverage and amounts recoverable on incurred claims arising from business ceded to reinsurers is disclosed in the table below:

2026

Asset for remaining coverage Amount recoverable on Incurred

Claims

	Excluding loss comonent	Loss component	Estimate of present value of future cashflows	Risk Adjustment	Total
	₦'000	₦'000	₦'000	₦'000	₦'000
Opening re-insurance contract assets	2,001,066	0	1,186,110	92,039	3,279,215
Opening re-insurance contract liabilities	-
Net re-insurance contract assets	2,001,066	0	1,186,110	92,039	3,279,215
Allocation of reinsurance premium	(1,064,939)		-	-	(1,064,939)
Amounts recoverable from reinsurers for incurred claims	-	-	173,398	(92,039)	81,359
Other incurred directly attributable expenses	-	-	-	-	-
Changes to amounts recoverable for incurred claims Reinsurance Investment components	- -	- -	-	- -	- -
Net income or expense from reinsurance contracts held	(1,064,939)	-	173,398	(92,039)	(983,580)
Reinsurance finance income	-	-	-	-	-
Total change in comprehensive income	(1,064,939)	-	173,398	(92,039)	(983,580)
Cashflows Premiums and similar expense paid	4,251,761	-	-	-	4,251,761
Amounts received	-	-	(387,098)	-	(387,098)
	4,251,761	-	(387,098)	-	3,864,663
Items reported in SOFP (Non-cashflows items)
Impact of changes in ARC					-
	-	-	-	-	-
Closing re-insurance contract assets	5,187,888	0	972,411	-	6,160,299
Closing re-insurance contract liabilities	-	-	-	-	-
Net closing balance	5,187,888	0	972,411	-	6,160,299

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

17a Reconciliation of insurance contract liabilities (Extended roll forward)

Roll-forward of net asset or liability for insurance contracts issued showing the liability for remaining coverage and the liability for incurred claims

The Company disaggregates information to provide disclosure in respect of major product lines separately This disaggregation has been determined based on how the company is managed.

The roll forward presented below shows a summarized position of all the portfolios.

Company

Reconciliation of 2025

Liabilities for remaining coverage

Liability for Incurred Claims

	Excluding loss component	Loss component	Estimate of present value of future cashflows	Risk Adjustment	Total
	₦'000	₦'000	₦'000	₦'000	₦'000
Opening insurance contract liabilities Opening insurance contract assets	2,751,065 -		- 12,992,734 - -	559,828 -	16,303,626 -
Net Insurance contract liabilities	2,751,065		- 12,992,734	559,828	16,303,626

Insurance revenue	(22,602,820)		- -	-	(22,602,820)
Insurance service expense Incurred claims and other expenses	- -		- - - 6,373,972	- 24,757	- 6,398,730
Other directly attributable expenses			293,838		293,838
Amortisation of insurance acquisition cash flows	2,921,081		- -	-	2,921,081
Other acquisition (Maintenamce expense) expensed during the year Changes related to future service Changes related to past service	84,832 - -		- - - - (6,067,364)	- (189,169)	84,832 -(6,256,533)
Total Insurance service expenses	3,005,913		- 600,446	(164,412)	3,441,948
Investment components	-		- -	-	-
Insurance service result	(19,596,907)		- 600,446	(164,412)	(19,160,872)
Insurance finance expenses			2,853,243	-	2,853,243
Total change in comprehensive income	(19,596,907)		- 3,453,689	(164,412)	(16,307,629)
Cashflows
Premiums received	22,957,609		- -	-	22,957,609
Claims and expenses paid	-		- (10,723,245)	-	(10,723,245)
Other directly attributable expenses paid	-		(293,838)		(293,838)
Acquisition costs paid on policies initially recognized during the year	(3,114,727)		- -	-	(3,114,727)
Other acqusition (Maintenance expense) paid during the year	(84,832)		-		(84,832)
Total cashflows	19,758,050		- (11,017,083)	-	8,740,967
Items reported in SOFP (Non-cashflows items)
Impact of commission payable on policies initially recognized	193,646		- -	-	193,646
Impact of trade receivables on policies initially recognized	775,926		- -	-	775,925
Total cashflows	969,572		- -	-	969,572
Closing insurance contract liabilities	3,881,778		- 5,429,340	395,416	9,706,533
Closing insurance contract assets	-		- -	-	-
Net closing balance	3,881,778		- 5,429,340	395,416	9,706,533

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

17b Reconciliation of reinsurance contract assets (Extended roll forward)

2025

Asset for remaining coverage Amount recoverable on

Incurred Claims

	Excluding loss comonent	Loss component	Estimate of present value of future cashflows	Risk Adjustment	Total
	₦'000	₦'000	₦'000	₦'000	₦'000
Opening re-insurance contract assets	605,685	236,490	4,875,529	123,969	5,841,673
Opening re-insurance contract liabilities	-
Net re-insurance contract assets	605,685	236,490	4,875,529	123,969	5,841,673

An allocation of reinsurance premiums	(15,269,511)		-	-	(15,269,511)
Amounts recoverable from reinsurers for incurred claims	-	-	6,283,269	31,732	6,315,001
Amounts recoverable for other directly attributable expenses	236,490	(236,490)			0
Changes to amounts recoverable for incurred claims	-	-	(2,156,660)	(63,662)	(2,220,322)
Reinsurance Investment components	-	-	-	-	-
Net income or expense from reinsurance contracts held	(15,033,021)	(236,490)	4,126,609	(31,930)	(11,174,832)
Reinsurance finance income	-	-	914,565		914,565
Total change in comprehensive income	(15,033,021)	(236,490)	5,041,174	(31,930)	(10,260,267)
Cashflows Premiums and similar expense paid	16,428,402	-	-	-	16,428,402
Amounts received	-	-	(8,730,592)	-	(8,730,592)
	16,428,402	-	(8,730,592)	-	7,697,809
Closing re-insurance contract assets	2,001,066	0	1,186,110	92,039	3,279,215
Closing re-insurance contract liabilities	-	-	-	-	-
Net closing balance	2,001,066	0	1,186,110	92,039	3,279,215

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

	Group	Group	Company	Company
	2026	2025	2026	2025
18 Share capital	N'000	N'000	N'000	N'000
Issued and fully paid At 31 March 2026	6,933,333	6,933,333	6,933,333	6,933,333

13,866,666 units (2023 - 13,866,666 units) of shares at 50k each were issued and fully paid as at November 30, 2025. All shares rank equally with regard to the Company's residual assets.

The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at the meetings of the Company.

19 Share premium	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Balance at 31 March	663,600	663,600	663,600	663,600
Share premium comprises additional paid-in capital in excess of their per value.

20 Statutory contingency reserve

In compliance with Section 21 (1) of Insurance Act 2003, the contingency reserve for non-life insurance business is credited with the greater of 3% of total premiums, or 20% of the net profits and the amount shall accumulate until it reaches the amount of greater of minimum paid-up capital or 50 percent of net premium. The movement in the account is as follows:-

	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Balance at 1 January	3,323,290	2,611,284	3,323,290	2,611,284
Transfer from retained earnings	209,863	712,006	209,863	712,006
Balance at 31 March	3,533,153	3,323,290	3,533,153	3,323,290
21 Retained earnings

	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Balance at 1 January	1,560,415	(1,189,506)	29,012	(2,305,749)
Profit for the year	1,535,232	3,744,751	1,049,630	3,046,771
On disposal of property	-	-	-	-
Transfer to contingency reserve	(209,863)	(712,006)	(209,863)	(712,006)
Net actuarial gain /(loss) on retirement benefit obligations	-	1,186	-	-
Transfer of revaluation gain on disposal of PPE	-		-
Dividend paid to equity holders	-	(284,010)	-	-
Balance at 31 March	2,885,784	1,560,415	868,780	29,017

The retained earning are carried forward recognised income net of expenses plus current period profit attributable to shareholders. See statement of changes in equity for movement in retained earnings.

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

Assets revaluation reserve
Assets revaluation reserve represents the net accumulated change in the fair value of land and buildings until the asset is derecognized or impaired.
Group Group Company Company 2026 2025 2026 2025
Land N'000 N'000 N'000 N'000
Balance at 1 January 2,012,896 2,012,895 2,012,896 2,012,896
Revaluation surplus - 42,400 - 42,400
Balance at 31 March 2,012,896 2,055,295 2,012,896 2,055,296
Building
Balance at 1 January 1,950,191 2,188,977 1,950,191 1,950,191
Revaluation (deficit)/surplus - 141,162 - 141,162
Balance at 31 March 1,950,191 2,330,139 1,950,191 2,091,353
Opening balance deferred tax impact 11,195 (227,591) (227,591) (227,591) Disposal - - - -
Deferred tax impact - (55,069) - (55,069)
Transfer to NCI - - - -
Carrying amount 3,974,282 4,102,775 3,735,496 3,863,990
FVOCI reserve
Group Group Company Company 2026 2025 2026 2025
N'000 N'000 N'000 N'000
Balance at 1 January 356,199 275,880 359,888 279,569 Net actuarial gains on retirement benefit obligation - - - -
Fair value gain on FVOCI financial - 80,320 - 80,320
Balance at 31 March 356,200 356,200 359,889 359,889
Earnings per share

Basic (loss)/earnings per share (kobo)

The calculation of basic earnings per share was based on the profit after tax attributable to ordinary shareholders, and a weighted average number of ordinary shares outstanding on that date calculated as follow:

	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Profit/(Loss) after tax attributable to equity holders N'000	1,535,227	1,617,842	1,049,631	1,406,401
Weighed average no. of ordinary shares at end of year '000	6,933,333	6,933,333	6,933,333	6,933,333
Basic (loss)/ earnings per share (kobo)	0.22	0.23	0.15	0.20

The Company does not have any instrument with a dilutive effect on its capital,Hence, the basic earnings per share is same as diluted earnings per share

VERITAS KAPITAL ASSURANCE PLC

Consolidated and Separate Unaudited Financial Statements

For the period ended 30 September 2025

NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS - Continued

	Group	Group	Company	Company
	2026	2025	2026	2025
25 Other contract liabilities	N'000	N'000	N'000	N'000
Provisions for claims	-	-	-	-
Unearned/deferred premium	124,193	6,389	-	-
	124,193	6,389	-	-

Other contract liabilities includes the outstanding claims provision and the provision for unearned premium. The outstanding claims provision is based on the estimated ultimate cost of all claims incurred but not settled at the reporting date, whether reported or not, together with related claims handling. The provision for unearned premiums represents that portion of premiums received or receivable that relates to risks that have not yet expired at the reporting date.

26 Insurance revenue	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Accident	236,784	246,365	238,124	247,361
Agriculture	16,427	7,980	16,427	7,980
Aviation	2,743,167	2,032,848	2,743,167	2,032,848
Bond	8,672	8,359	8,672	8,359
Engineering	312,599	175,338	312,930	175,491
Fire	449,023	635,504	450,682	636,680
Marine	223,477	152,360	223,477	152,360
Motor	412,413	414,289	423,084	423,446
Oil & Gas	739,674	874,287	739,674	874,287
PHI Premium	228,204	85,576	-	-
	5,370,440	4,632,907	5,156,237	4,558,812
The revenue was measured and released based on effluxion of time .
27 Insurance service expense
	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Incurred claims	1,217,006	(338,101)	1,043,077	(378,637)
Amortization of insurance aquistion cashflows	901,586	982,498	901,584	982,498
	2,118,592	644,397	1,944,661	603,861
28 Net expense from reinsurance contract held
	Group	Group	Company	Company
	2026	2025	2026	2025
	N'000	N'000	N'000	N'000
Allocation of reinsurance premium	1,064,939	2,172,331	1,064,939	2,172,331
Amount recovered for claims and other expenses	(81,358)	(29,494)	(81,359)	(29,494)
Net expense from reinsurance contract held	983,581	2,142,837	983,580	2,142,837

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