Mr. Tope Smart, Group Chairman, NEM Insurance Plc, said at the 56th Annual General Meeting (AGM) of the company in Lagos that NEM Insurance Plc will soon unveil a life assurance firm as part of its expansion strategy.
Smart stated that “our Group recorded N166.8 billion gross premium income while the parent company recorded N157.8 billion during the year under review, as against N110.7 billion and N108.3 billion for group and parent respectively in 2024. Though profit after tax declined from N29 billion in 2024 to N24 billion during the year under review, this was due to foreign exchange losses we experienced during the period.”
Other key performance indices include: insurance revenue grew from N97.9 billion in 2024 to N152.3 billion in 2025, an increase of 56% over the previous year; (investment income) an increase of 70% recorded in 2025 against 130.3% achieved in 2024. The total investment income in 2025 was N12.9 billion while that of 2024 was N7.6 billion; claims paid during the year was N49.8 billion against N31.3 billion in 2024. The claims ratio for 2025 was 29.8% while 2024 was 28%; the Group’s Profit before Tax (PBT) was N27.9 billion and N33.6 billion in 2024, a decrease of 17% because of the fluctuation in foreign exchange gain; the position of the Group’s financial assets between 2025 and 2024 increased by 38% while Total Assets and Total Equity also improved by 49.8% and 29% respectively.
The Board recommended a dividend of N1.50 kobo per N1 ordinary shares amounting to N7,524,716,650.50 payable to shareholders and subject to deduction of withholding tax at the appropriate rate.
He lamented that the operating environment was volatile and challenging because of the insecurity in the country and high cost of living.
“As we continue to experience the impact of ongoing war in the Middle East which accounted for the recent additional increase in oil prices and its effect on goods and services, presently, fuel pump price fluctuates between N1250 and N1,400 as against N890. Exchange rate is becoming stable at an average of N1,378.13 per Dollar. Nigeria is ranked 52nd largest economy globally, against 53rd in the preceding year based on nominal GDP in 2025 and fourth largest in Africa against the sixth largest in Africa in the preceding year. The country’s GDP growth rate reached 3.90% in 2025, a notable increase from the 3.40% recorded in 2024.”
The NEM chairman said the growth and recovery in the economy should be improved upon by government at all levels, as there is need for urgent measures to produce more goods locally and create enough job opportunities for the unemployed populace.
“Despite all the challenges, our company maintained its leadership position in general business. This trend of excellent performance is expected to be sustained with the right form of support from all stakeholders, expectations from the government at all levels and other concerned parties to improve the security architecture in our country, tackle unemployment, diversify the economy, enhance climate resilience, and boost the living standard of citizens.”
