Sunday, November 30, 2025
25.1 C
Lagos

NEM Insurance 2020: N22bn Premium, N8.4bn Claims, N5bn Profit

Dr. Fidelis Ayebae, Chairman, NEM Insurance Plc said the company recorded gross premium of N22 billion in the 2020 financial year as against   N19.8 billion generated in the preceding year of 2019, representing an increase of 12 percent. The net premium earned during the period under review also rose by 25 percent to N15.8 billion over the preceding period of 2019 which recorded N12.6 billion.

Ayebae told shareholders at the 51st Annual General Meeting (AGM) of the underwriter that while a gross claim of N8.4 billion was incurred in 2020, that of 2019 was N7.3 billion; a rise of 15 percent. He was emphatic that payment of such claims to its policyholders was a key element of why the company is in insurance business, which means taking care of claims when they occur.

He added that while the Group’s Profit After Tax (PAT) for the preceding period was N2.4 billion, the sum of N5.08 billion was recorded in the reporting period; an increase of 112 percent. In the same vein, the parent company also recorded an increase of 113 percent PAT over the preceding period. That is, N2.4 billion was generated in 2019 against N5.08 billion in 2020.

Mr. Tope Smart, Group Managing Director/CEO of NEM Insurance Plc stated that investment income increased by 14 percent from N878 million in 2019 to N1 billion in 2020 while shareholders’ fund grew by 30 percent from N14 billion in 2019 to N18.4 billion in year 2020.

“I want to use this opportunity to express my gratitude to all brokers and clients for their unalloyed support over the years.  We appreciate your support.

To our Board members, words are not enough to express our appreciation to you for creating the right environment which assisted us in delivering value to all stakeholders.  We are grateful.

I want to equally thank all our staff who in the midst of difficulty, brought about by COVID-19 have remained undaunted and have continued to deliver superior services to our numerous brokers and clients. To all our shareholders, thank you for keeping faith with us in this journey.

As we look forward to the future, we are confident that more than ever before our goal of industry leadership is within reach.”

Smart said the “company remains well positioned and its business strong given the unprecedented circumstances and current market environment. The company has adopted policies which are prudent at this time to grow its market share by leveraging extensively on its robust technology infrastructure and maintain a healthy balance sheet.”

spot_img
spot_img
spot_img

Hot this week

NGX T+2 Settlement Cycle ‘Goes Live’ Event

L – R: Chinwendu Ekeh, Head, Operations & IT,...

Dangote Contracts Honeywell for Major Refinery Capacity Upgrade to 1.4m BPD

Dangote Group is pleased to announce that it has...

AIICO Launches All-in-One Financial Protection for Nigeria’s Underserved Population

L-R: Mr. Mike Eko – (Novus Agro Limited) Mr. Oluwatosin...

NNPC Declares ₦5.4tn Profit After Tax

NNPC Limited has announced its financial performance for the...

Stanbic IBTC Unveils Digital Lending Suite to Enhance Access to Credit

Stanbic IBTC Bank, a member of Standard Bank Group,...

Topics

Emefiele: Connecting Finance to Development

It is clear to see that Mr. Godwin Emefiele...

Olam to Speed Innovation to Address Global Food Security

 Olam International, in partnership with Agropolis Fondation, is on...

Can Nigeria Regain Business Environment Reform Steam?

This week, Afrinvest Research says it is turning its...

Mercedes Sales Rise to New Record in October, Boosted by China Demand

The new C-class wagon is helping to boost Mercedes...

Stanbic IBTC: Customers to Win N1m in Savings Campaign  

As part of its commitment to promoting a savings...

17 States Owe Pensions, Salaries Despite N1.8tr Bailout

BudgIT, worried that some states are yet to fully...

Stanbic IBTC Pension Managers Recognised for Excellence in Financial Inclusion

Stanbic IBTC Pension Managers, a leading pension fund administrator...

The Nigeria Mid-Year Outlook Report

By Cordros Capital We are pleased to share with you,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img