Tuesday, December 10, 2024
24.7 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

Stanbic IBTC Bank Nigeria PMI: Inflationary Pressures Remain Elevated in November

Rates of inflation in the Nigerian private sector remained...

Stanbic IBTC Pension Managers’ FUZE 3.0 Festival: Set to Light up Lagos on Dec 21

In a spectacular celebration of Nigerian creativity and innovation,...

Media is Key Partner in Growth of Capital Market in Nigeria

Welcome Address by the Chairman of 2024 CAMCAN Workshop,...

PNC 2024 Ends as NCDMB Commits to Deeper Community, Industry Engagements

The Executive Secretary, Nigerian Content Development and Monitoring Board...

NAICOM, CIIN Partner on Key Market Initiatives

The Commissioner for Insurance (CFI) hosted the Council of...

Topics

Emirates Flight Catering Opens World’s Largest Vertical Farm in Dubai

Emirates Flight Catering is opening the world’s largest farm...

Shareholders Throw Weight Behind Fidelity Bank’s Recapitalisation Plan

Shareholders have expressed readiness to massively support and mobilise...

NAICOM Sacks Board of African Alliance Insurance, Erhabor is Interim CEO

In the exercise of its regulatory powers, the National...

Mobile Advertising Drives $53bn Revenue Boom

A new study released by IHS and Facebook's Audience...

Linkage Assurance: N53bn Total Assets, N5bn Profit in 2023

L-R: Mr. Pius Otia, Non-Executive Director; Mr. Moses Omorogbe,...

Without Justice, No Future for Nigeria, says Rescue Nigeria Forum

            A "People's Discussion" organised by the Initiative for Good...

Africa Targets $783bn from Climate-change Agreement by 2030

A report by the International Finance Corporation (IFC) shows...

Verve Launches ‘Live the Good Life Campaign’

  Verve, the largest domestic card scheme in Africa, recently...
spot_img

Related Articles

Popular Categories

spot_imgspot_img