Mr. Tope Smart, Group Chairman, NEM Insurance Plc, said at the 56^th Annual General Meeting (AGM) of the company in Lagos that NEM Insurance Plc will soon unveil a life assurance firm as part of its expansion strategy.

Smart stated that “our Group recorded N166.8 billion gross premium income while the parent company recorded N157.8 billion during the year under review, as against N110.7 billion and N108.3 billion for group and parent respectively in 2024. Though profit after tax declined from N29 billion in 2024 to N24 billion during the year under review, this was due to foreign exchange losses we experienced during the period.”

Other key performance indices include: insurance revenue grew from N97.9 billion in 2024 to N152.3 billion in 2025, an increase of 56% over the previous year; (investment income) an increase of 70% recorded in 2025 against 130.3% achieved in 2024. The total investment income in 2025 was N12.9 billion while that of 2024 was N7.6 billion; claims paid during the year was N49.8 billion against N31.3 billion in 2024. The claims ratio for 2025 was 29.8% while 2024 was 28%; the Group’s Profit before Tax (PBT) was N27.9 billion and N33.6 billion in 2024, a decrease of 17% because of the fluctuation in foreign exchange gain; the position of the Group’s financial assets between 2025 and 2024 increased by 38% while Total Assets and Total Equity also improved by 49.8% and 29% respectively.

The Board recommended a dividend of N1.50 kobo per N1 ordinary shares amounting to N7,524,716,650.50 payable to shareholders and subject to deduction of withholding tax at the appropriate rate.

He lamented that the operating environment was volatile and challenging because of the insecurity in the country and high cost of living.

“As we continue to experience the impact of ongoing war in the Middle East which accounted for the recent additional increase in oil prices and its effect on goods and services, presently, fuel pump price fluctuates between N1250 and N1,400 as against N890. Exchange rate is becoming stable at an average of N1,378.13 per Dollar. Nigeria is ranked 52^nd largest economy globally, against 53^rd in the preceding year based on nominal GDP in 2025 and fourth largest in Africa against the sixth largest in Africa in the preceding year. The country’s GDP growth rate reached 3.90% in 2025, a notable increase from the 3.40% recorded in 2024.”

The NEM chairman said the growth and recovery in the economy should be improved upon by government at all levels, as there is need for urgent measures to produce more goods locally and create enough job opportunities for the unemployed populace.

“Despite all the challenges, our company maintained its leadership position in general business. This trend of excellent performance is expected to be sustained with the right form of support from all stakeholders, expectations from the government at all levels and other concerned parties to improve the security architecture in our country, tackle unemployment, diversify the economy, enhance climate resilience, and boost the living standard of citizens.”

L-R: Idowu Semowo, Executive Director, Finance and Investment, NEM Insurance Plc; Ifunanya Iwuagwu, Company Secretary/Legal Adviser; Andrew Ikekhua, Managing Director/CEO, NEM Insurance Plc; Tope Smart, Group Chairman; Daphne Dafinone, Director, and Kelechi Okoro, Non-Executive Director, during the 56th Annual General Meeting (AGM) of NEM Insurance Plc held in Lagos on Thursday, May 14, 2026.

Shareholders of NEM Insurance Plc have commended the company’s board and management following the recommendation of a N7.52 billion dividend payout for the 2025 financial year amid strong growth across key financial indicators.

The commendation came at the company’s 56th Annual General Meeting in Lagos where the Group Chairman, Tope Smart, presented the Annual Report and Financial Statements for the year ended December 31, 2025.

The board recommended a dividend of N1.50 per ordinary share amounting to N7.52 billion, subject to shareholders’ approval and deduction of withholding tax at the applicable rate.

Shareholders at the meeting expressed satisfaction with the company’s consistent returns and resilient performance despite the challenging business environment, noting that the proposed dividend demonstrated management’s commitment to rewarding investors.

Speaking on the company’s performance, Smart disclosed that insurance revenue grew by 56 percent from N97.9 billion in 2024 to N152.3 billion in 2025, while Investment income also rose significantly by 70 percent to N12.9 billion from N7.6 billion recorded in the previous year.

He added that the company’s subsidiaries, NEM Asset Management Company Limited and NEM Health Limited, did quite well and made positive contributions to the Group’s earnings during the year under review.

On claims settlement, Smart stated that claims expenses increased to N49.8 billion in 2025 from N31.3 billion in 2024, reflecting the company’s commitment to meeting obligations to policyholders promptly.

According to him, the Group recorded a profit before tax of N27.9 billion. He, added that the company maintained a strong financial position as financial assets increased by 38 per cent, while total assets and total equity rose by 49.8 per cent and 29 per cent respectively.

As part of its expansion drive, Smart revealed that plans to establish a life assurance company were at an advanced stage and would soon be unveiled.

Also speaking at the AGM, the Managing Director of NEM Insurance Plc, Andrew Ikekhua, said the company’s balance sheet remained robust, reflecting strong capitalisation and preparedness to operate effectively under the new regulatory capital regime introduced by the Nigerian Insurance Industry Reform Act 2025.

He noted that the company also received several awards and recognitions in 2025, including Best General Insurance Company of the Year; Outstanding Performance in Claims Settlement Award by Risk Analyst; and the Pearl Award in the Financial Services (Insurance Sector) for the year 2025.

L–R: Team Lead, Reinsurance, Specialty Risk & Global Client Services, Leadway Assurance, Lawal Bello; Acting Chairman, Kosofe Branch B/PRO, Biode Motor Park, Ojota, Comrade Adewale Olawale; Lagos Sector Commander, Federal Road Safety Corps (FRSC), Corps Commander, Kehinde Ganiyu Hamzat; and Head, Technical Risk Management, Leadway Assurance, Otuyemi Olatunde at the Arrive Alive road safety sensitisation initiative organised by Leadway Assurance in partnership with FRSC at Biode Motor Park, Ojota, Lagos.

Leadway Assurance, Nigeria’s leading insurance services provider and a subsidiary of Leadway Group, a foremost non-banking financial services and wellbeing conglomerate, has partnered with the Federal Road Safety Corps (FRSC) to promote road safety advocacy and reward safety-compliant motorists through the Arrive Alive campaign.

Leadway Assurance and the FRSC have worked together on road safety advocacy for years. The partnership has been further strengthened with the launch of the Arrive Alive campaign, which aims to deepen public awareness of responsible driving, promote safer road behaviour, and encourage better compliance with road safety regulations among motorists. The initiative also aims to reduce preventable road accidents and reinforce a stronger culture of safety among road users across Nigeria.

As part of the campaign, a webinar titled “Arrive Alive Because Life is Priceless” was held on May 6, 2026. The session featured the FRSC Lagos State Sector Commander Corps Commander, Kehinde Hamzat, and Leadway’s Head of Technical Risk Management, Otuyemi Olatunde, who shared practical insights on essential vehicle safety items every motorist should have, including first aid kits, fire extinguishers, and discussed major causes of road accidents such as driver distraction, negligence, and unsafe road behaviour.

The speakers also addressed common misconceptions among motorists and emphasised the importance of proactive safety measures to prevent avoidable road traffic incidents.

The webinar was followed by live sensitisation engagements at the FRSC office in Ojota and the Ojota Motor Park in Lagos on 7 May 2026. During the engagements, private and commercial motorists were educated on safe driving practices, compliance with traffic regulations, and responsible road use.

Motorists who demonstrated compliance with safety requirements, including seat belt use, possession of complete vehicle documentation, and availability of required safety equipment in their vehicles, were recognised and rewarded as part of the campaign’s behavioral reinforcement strategy.

Executive Director, Technical & Operations, Leadway Assurance, Olufunmilayo Amanwa, commenting on the campaign, said, “The ‘Arrive Alive’ initiative reflects our long-standing commitment to protecting lives beyond insurance coverage.”

According to data released by the Federal Road Safety Corps (FRSC), Nigeria recorded a total of 10,446 crashes across the country in 2025, an increase of 9.2 percent from 9,570 in 2024, with deaths resulting from last year’s crashes put at 5,289 persons.

She added that “These data points reinforce the urgent need for sustained road safety awareness and behavioural change among motorists and commuters alike. By promoting safer driving habits, we are contributing to the reduction of preventable road traffic accidents and supporting the development of a more responsible road culture in Nigeria.”

Also, The FRSC Lagos State Sector Commander, Corps Commander, Kehinde Hamzat, commenting on the partnership, said, “Our collaboration with Leadway Assurance on the ‘Arrive Alive’ initiative strengthens ongoing efforts to improve compliance with road safety regulations across Nigeria. We continue to emphasise that most road traffic crashes are preventable when motorists make responsible decisions on the road. This initiative reinforces our shared commitment to saving lives and promoting safer road use nationwide.”

The partnership reflects strengthened collaboration between the private sector and regulatory authorities to address road safety challenges in Nigeria. It underscores a shared responsibility to promote road discipline, deepens public awareness of safe driving practices, and encourages sustained compliance with traffic regulations. It is expected to contribute to a reduction in preventable road traffic incidents, improved road user behaviour, and a stronger culture of accountability among motorists in Nigeria.

About Leadway Assurance

Leadway Assurance is one of Nigeria’s foremost non-banking financial services groups, offering a diversified range of solutions across insurance, pensions, health, and asset management. Founded in 1970, the company has built a legacy of trust and innovation, serving millions of individuals and businesses across Nigeria and West Africa.

In a year filled with economic twists and turns—like rising prices and global uncertainties—AIICO Insurance Plc has emerged as a beacon of stability and growth.

Imagine a company not just surviving tough times, but thriving like a well-rooted tree pushing through rocky soil.

For the full year ended December 31, 2025, AIICO’s audited financial results paint a picture of remarkable success: insurance revenues jumped 26.5% to ₦137.0 billion from ₦108.4 billion in 2024, while gross premiums written—essentially the total value of policies customers signed up for—rose 20.2% to ₦191.7 billion.

Even better, the company’s “normalised” profit after tax, which strips out one-time surprises like currency fluctuations, soared an incredible 195.4% to ₦23.7 billion. This means AIICO didn’t just meet expectations; it smashed through them, exceeding forecasts by 23.1% despite slower customer demand due to inflation.

For everyday Nigerians, this translates to a trusted partner that’s growing stronger, ready to protect families, homes, and businesses when it matters most.

Everyday Wins Across All Fronts

Think of AIICO’s business like a bustling family with different siblings each excelling in their own way. The life insurance arm, which covers things like savings plans, pensions, and family protection, stole the show. Revenues here grew 34.1% to ₦69.6 billion, with normalised profits exploding 221% to ₦16.6 billion—driven by popular products like ordinary life policies and annuities that help people build secure retirements. It’s like watching your savings grow steadily, even as life’s storms brew.

General insurance, protecting cars, homes, and businesses from accidents or disasters, turned a corner too. From a loss in 2024, it posted a healthy ₦3.7 billion insurance service result, up 171.2% year-on-year, thanks to smarter risk-picking and underwriting—basically, choosing the right customers and pricing policies fairly to avoid big payouts.

Meanwhile, AIICO Multishield, the health maintenance side, saw profits leap 414.2% to ₦144.3 million, fuelled by more people signing up for prepaid health plans amid rising medical costs. And AIICO Capital, the investment experts, boosted results 108.6% to ₦15.4 billion in investment income, proving their knack for growing money wisely even in shaky markets.

These aren’t just numbers on a page; they’re real stories of resilience. Despite Nigeria’s headline inflation hovering around 15% and global jitters from Middle East tensions pushing fuel prices over ₦1,100 per litre, AIICO’s insurance service margin flipped to a healthy 9.1% from a negative 2.8% last year. Net investment income hit ₦61.2 billion, up 45.9%, showing smart money management that cushions against economic bumps.

Leadership That Lights the Way

At the helm is Managing Director and CEO Babatunde Fajemirokun, whose visionary guidance has been the secret sauce.

“In a year shaped by macroeconomic transition and evolving policy reforms, AIICO delivered solid performance across our businesses, reflecting steady execution of our strategy and our continued commitment to serve our clients with excellence,” Fajemirokun said.

He highlighted how insurance margins recovered dramatically and noted the team’s focus on “disciplined execution, prudent risk management, and targeted investments” for 2026.

Under his watch, AIICO achieved a stellar 31.2% normalized return on equity—a measure of how efficiently the company turns shareholder investments into profits—and proposed a 12 kobo dividend per share, payable June 5, 2026, rewarding loyal investors.

Fajemirokun’s approach feels like a captain steering a ship through choppy waters with a clear map: prioritising client needs, adapting to changes like Central Bank efforts to tame inflation toward single digits, and building buffers against forex volatility. This isn’t flashy hype—it’s proven strategy that positions AIICO ahead of the pack.

Why AIICO is Your Smart Choice Today and Tomorrow

For existing customers, these results mean peace of mind: a company with deep pockets (total comprehensive income up 89% to ₦33.5 billion) that’s less likely to falter when claims roll in.

Prospective policyholders see an insurer that’s diversified, innovative, and customer-focused—offering everything from whole life policies to auto coverage and wealth-building mutual funds. Investors, take note: in a market where others wobble, AIICO’s normalised profits outshone one-off FX gains from 2024, signalling sustainable strength.

Looking ahead, as global growth moderates and Nigeria navigates reforms with $49.53 billion in reserves bolstering stability, AIICO is geared up. Their “disciplined asset-liability management” framework acts like a safety net, mitigating market swings for clients and shareholders alike.

Founded over 50 years ago, AIICO isn’t chasing short-term wins; it’s crafting a legacy as Nigeria’s insurance powerhouse.

In simple terms, while others tighten belts, AIICO is expanding horizons—delivering protection you can count on and growth you can believe in. Whether safeguarding your family’s future or growing your wealth, AIICO stands tall as the brand of choice, today and for the years ahead.

Mutual Benefits Assurance Plc has announced the payment of over ₦5.5 billion in claims to policyholders in April 2026, reaffirming its long-standing reputation as one of Nigeria’s most dependable and customer-focused insurance brands.

The claims payout, which cuts across both General and Life businesses, underscores the company’s unwavering commitment to fulfilling its promises to customers promptly and consistently, even as Nigeria’s insurance industry continues to evolve amid recapitalisation and increased market scrutiny.

A breakdown of the claims settlement shows that the sum of ₦3,668,742,117.69 was paid under the General Business portfolio, while ₦1,914,029,614.93 was disbursed under the Life Business portfolio, covering Group Life and Retail Life policies. The payouts covered a broad spectrum of claims including motor, engineering, marine, life protection, death benefits and other insured risks.

Equally important, Mutual Benefits has consistently earned commendation from policyholders for its responsiveness during difficult moments.

A retail customer whose motor insurance claim was recently settled by the company described the experience as reassuring: “You never truly know the value of insurance until something goes wrong. What stood out for me was how quickly Mutual Benefits responded and resolved my claim without unnecessary stress.”

Another Group Life beneficiary noted: “At a very difficult time for our family, Mutual Benefits came through professionally and compassionately. The support made a real difference.”

Speaking on the development, Managing Director, Mutual Benefits Assurance Plc., Olufemi Asenuga described the payout as more than a financial transaction.

“Insurance is ultimately about trust. At Mutual Benefits, we understand that our relevance is not measured merely by policies sold, but by our ability to stand by customers when they need us most.”

He noted further that the consistent settlement of genuine claims reflects the company’s strong operational structure, disciplined underwriting approach and enduring commitment to policyholders across Nigeria.

Industry analysts have continued to emphasise the importance of prompt claims settlement in deepening insurance penetration and restoring public confidence in the sector.

A Lagos-based insurance and financial services analyst, Chinedu Okafor, stated that: “In a market where customers are increasingly demanding accountability and proof of value, insurers that consistently pay claims promptly will continue to earn long-term trust and market relevance. Claims payment is the strongest form of marketing any insurance company can undertake.”

The latest payout comes at a critical period for Nigeria’s insurance industry, as operators continue to position for stronger financial capacity, operational efficiency and increased consumer confidence in line with ongoing recapitalisation conversations across the sector.

Mutual Benefits noted that while financial strength remains important, long-term sustainability in insurance is ultimately built on trust, service delivery and the ability to honour obligations consistently.

The company reaffirmed its commitment to improving customer experience, accelerating digital transformation, deepening insurance awareness and delivering innovative products tailored to the realities of individuals and businesses.

With over three decades of operations and a growing footprint across Nigeria, Mutual Benefits continues to position itself as a reliable partner for protection, wealth creation and peace of mind.

The Chartered Insurance Institute of Nigeria (CIIN) has rolled out activities for the 2026 Insurance Week to build on the success story of Insurance Week 2025.

Mrs. Yetunde llori, the President/Chairman of Council of the CIIN said at a media engagement that the purpose of the annual insurance week remains to increase the awareness and penetration of insurance across the nation and demographics.

“We want everyone to be educated about insurance for financial stability and economic growth to counter the misconceptions out there about insurance. We cannot counter such misconceptions in our offices. The purpose also is to introduce insurance to the younger generation as well as develop talent for the nation and the West African region.”

llori listed some of the programmes for the week-long Insurance Week 2026 to include wellness and awareness walk; unveiling of two books on insurance for elementary schools; panel discussion by non-insurance persons on their perception of the industry; individual and corporate recognitions; appointment of industry ambassadors; engagement with schools and MSMEs and demo day for hackathon.

“We cannot do it alone. We appreciate the support of the media for the success of the first insurance week last year. We also need your support and engagement as partners in progress for the success of the 2026 edition. Last year was a great success. For instance, film makers requested for a special insurance product tailored to their business. The hackathon was also a great idea that brought inclusivity. And companies and micro-insurance agents recorded tremendous sales.”

The CIIN boss added that Insurance Week 2025 was unique because it brought the entire insurance together in terms of participation and funding.

“All the CIIN chapters will anchor the programme this year as a mark of improvement from the programme of 2025.”