NEM Insurance Plc has pushed up its performance in gross premium in 2022 by 20% to close at N33.3bn from its mark of N27.1bn the previous year, the earned premium was respectively N22.1bn and N19.3bn. The investment performance also rose by 37%, registering N1.5bn compared to previous figures of N1.1bn.
Claims obligation the prime of insurance business, was N7.6bn, the previous year claims settled was N5.5bn, an increase of 38%. The net claims ratio was 22% for the year under review and 19.9%, an increase of 2.1%.
The group and parent company’ profit before tax was same at N5.5bn and N4.5bn, an increase of 21%. In the corridor of total assets, total asset and total equity, the group financial assets increased by 32.6%, while total assets and total equity improved by 19.9% and 1.8.7% respectively. The parent company also had the same percentage increase in financial assets and total equity. The total assets increased by 20%.
These performance was announced today to shareholders and other stakeholders at the 53rd yearly general meeting in Lagos by board chairman, Dr. Fidelis Ayebae who reminded shareholders that the performance was excellent.
The shareholders approved a dividend of 30k amounting to N1.50bn; the earnings per share for both the the group and the parent company were same at 1.08 and 0.88, an increase of 0.28%
Underlining the chairman’s address, the Group Managing Director, Tope Smart, noted that the company was able to post good results due to its resilience as well as the strategies formulated and implemented by the board and management.
Smart noted that the good results also reflected in the shrank management expenses, which he noted was a priority for the management, the efficiency exhibited in the area led to a decrease of 19% moving downwards from N4.2bn to N3.4bn.
“IT is worth noting that these results would not have been achieved but for the massive support and loyalty of our clients and brokers who have been there for us over the years,” he stated.
