Saturday, July 20, 2024
25.2 C

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.”


Hot this week

Stanbic IBTC Bank Partners Lagos State on Water, Sanitation Infrastructure Funding Summit

Stanbic IBTC Bank, one of Nigeria’s leading financial institutions,...

Stanbic IBTC Launches Ambitious Tree-Planting Campaign in Cross Rivers State

Stanbic IBTC Holdings, in collaboration with One Tree Planted...

PalmPay Named Among Top 250 Fintech Companies in the World by CNBC, Statista

PalmPay, a leading Africa-focused fintech platform, has been included...

AIICO’s Annuity Customers Attest to Financial Stability, Payout Hits N1.3bn Monthly 

AIICO Insurance Plc, a leading insurer in Nigeria, today...

WORLD PR DAY: APRA Advocates Ethical, Responsible Use of AI

The African Public Relations Association (APRA) has called on...


NUBIFIE Picketing: Polaris Bank Restates Commitment to Staff Welfare

Polaris Bank Limited has clarified that she did not...

Standard Bank Returns to 3rd China Int. Import Expo

  Standard Bank is participating in the China International Import...

MTN Nigeria Cancels Plan to Go Public

MTN Nigeria has cancelled its earlier plan to go...

Roche, Kenya Partnership to Improve Breast Cancer Care

First Lady Margaret Kenyatta, Kenya Ministry of Health and...

IMT 2022: Insurance, Tech Experts Advocate Partnerships to Deepen Insurance Penetration through Insurtech

L-R: Client Technology Lead, Microsoft Nigeria, Wole Odeleye; Managing...

Jumeirah Zabeel Resort Delights Customers with Special Offers

As part of its 5th anniversary celebration since its...

Emirates Opens New Lounge for Children

Young travellers flying Emirates as unaccompanied minors can now...

SUNU Assurances Nigeria Rewards Shareholders with 3kobo Dividend, Pays N1.47bn Claims

From Left: Executive Director, SUNU Assurances Plc, Mr. Adeleke...

Related Articles

Popular Categories