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NEM Insurance Group Reports N19bn Profit, N16bn Claims Payment in 2023

L-R:  Managing Director/CEO, NEM Insurance Plc, Mr. Andrew Ikekhua; Group Chairman, Mr. Tope Smart and Company Secretary, Mrs. Ifunanya Iwuagwu, during the 54th AGM of NEM Insurance Plc held in Lagos.

NEM Insurance Plc recorded Group’s Profit Before Tax (PBT) of N18.9 billion and N5.5 billion in 2023 and 2022 respectively, an increase of 244 percent, while the parent company’s PBT was N19.2 billion for 2023 and N5.5 billion for 2022, an increase of 249 percent.

Mr. Tope Smart, the Group Chairman of NEM Insurance Plc, said at the 54th Annual General Meeting (AGM) of the insurer in Lagos that the position of the Group Financial Assets between 2022 and 2023 increased by 160 percent while Total Assets and Total Equity also improved by 68 percent and 43 percent respectively

The company reported an increase of 106 percent in total investment income in 2022 which was N1.6 billion while that of 2023 was N3.3 billion.

Smart told shareholders that the claims paid during the year under review was N15.7 billion as against N12.3 billion in 2022; an increase of 28 percent over that of the preceding year. The claims ratio for 2023 was 30 percent while that of 2022 was 40 percent, a decrease of 25 percent.

On dividend, the NEM Insurance Group Chairman said: “The Board is recommending a dividend of 60 kobo per N1 ordinary shares amounting to N3,009,886,660.20 payable to shareholders subject to deduction of withholding tax at the appropriate rate.”

On future prospects of the Group, Smart added: “As part of our expansion strategy, our plan to set up a viable life assurance company is in progress.”

In his report, Mr. Mr. Andrew Ikekhua, the Managing Director/CEO of NEM Insurance Plc said”

“During the year, the Global Credit Rating Agency of South Africa upgraded our financial strength from AA minus to AA with stable outlook. This new rating indicates our strong financial capacity to meet our obligations and plan big in the market. It also improves our brand acceptability with better chances of winning more corporate businesses. As part of our corporate strategy, five new retail products were developed and deployed three into the market after NAICOM’s approval.”

He stated that more attention was given to the digital distribution of “our commoditised products through various business partnerships. The company sustained her leadership position in motor insurance with a huge gap ahead of the other underwriters. This giant strike attracted a recognition of best CEO of the year Award which was won by our immediate past GMD/CEO from BusinessDay Newspaper and Almond Production Insurance of the Year Award. Going forward, we shall continue to press home our strategic objectives while leveraging on our strength built on reputation, branch acceptability and strong financial capacity.”

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