GCR Ratings (GCR) has upgraded NEM Insurance Plc’s national scale financial strength rating to AA+(NG) from AA(NG), with the outlook maintained as Stable.
The renowned agency said the rating upgrade reflects the sustained strengthening in NEM Insurance Plc’s (NEM or the insurer) competitive position within the non-life insurance segment, supported by a sound financial profile that is characterised by robust risk-adjusted capitalisation, adequate liquidity and good earnings capacity.
The rating result confirms the leadership of NEM Insurance Plc as number one Non-life Insurance Company in the Nigeria which contribute an estimated market share of 10 per cent in 2024.
NEM’s insurance revenue grew by 88.0 per cent to N98.0 billion (USD63.1 million) in 2024, underpinned by its strong brand franchise, established track record and well-entrenched relationship with brokers.
