NEM Insurance Plc, has released a its financial forecast for the third quarter period ending 30th September 2021 with a projected profit after tax of N3.55bn which is 51.19 percent improvement over N2.350bn projected for Q2 2021.
The forecast despatched to the Nigerian Exchange projected a gross premiums written of N21.675bn compared with N16.320bn projection for Q2 2021.
NEM Insurance Plc had in 2020, projected a rise in its profit after tax (PAT) to N1.71bnn for the first quarter of 2021 (Q1, 2021), indicating a 482 percent increase from the figure recorded in Q3, 2020.
NEM Insurance Plc, started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965.
Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria. The has recorded immense contributions by providing insurance services to its stakeholders
Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Limited to transact all classes of general insurance.