“Our company recorded over a hundred billion gross premium income during the year under review thereby making history as the first non-life insurance company in our company to attain this spectacular milestone. This is quite commendable.”
This first accomplishment by NEM Insurance Plc was unveiled by the Board Chairman, Tope Smart at the 55th AGM of the company today in Lagos. He acknowledged that the performance was earned despite all the challenges of the economy, not deterred by these challenges he cleared, “our great company NEM Insurance Plc has continued to maintain its leadership position in the industry.”
Giving details, Smart said the insurance revenue grew from N52.1bn in 2023 to N97.(bn in 2024, an increase of 88% over the previous year. Also in the herald is 130.3% increase in investment income. Total investment income increased from N3.3bn to N7.6bn. The group profit before tax was N33.7bn and N18.9bn in 2024 and 2023 respectively, an increase of 78%. The parent company’ PBT was N33.5bn, an increase of 74% over the previous year figure of N19.2bn. The meeting approved a divided of100kobo per N1 ordinary shares amounting N5.01bn.
Its obligation to policyholders nudged further, representing 59.6% increase in claims paid put at N24.9bn, the previous year record was N15.6bn. The claims ratio was 25.5% for the year reviewed while the previous year was 30%, a decrease of 4.5%.
The groups financial assets between 2023 and 2024 increased by 70.7%, while total assets and total equity also improved by 67% and 70% respectively. Earnings per share for the group was 582 kobo, the previous year 260 kobo. For the parent company the score was 580 kobo against the preceding year of 264 kobo.
Noting that the trend of excellent performance would be sustained with the right form of support from all stakeholders, Smart said the company is not stepping aside from its expansion strategy, “our plan to set up a viable life assurance company is in progress and will be unveiled soon”
Featured picture L-R: Andrew Ikekhua, Managing Director/CEO, NEM Insurance Plc; Tope Smart, Group Chairman, and Ifunanya Iwuagwu, Company Secretary/Legal Adviser, during the 55th annual general meeting of NEM Insurance Plc held in Lagos on Tuesday 20-5-2025
