NEM Insurance Plc has made history by becoming the first non-life insurance company in Nigeria to record over N100bn in gross premium income, as disclosed during its 55th Annual General Meeting held recently in Lagos.
The Group Chairman, Tope Smart, who addressed shareholders at the meeting, described the achievement as a landmark in the company’s history.
He said, “Our company recorded over a hundred billion gross premium income during the year under review, thereby making history as the first non-life insurance company in our country to attain this spectacular milestone.”
In its financial results for the year ended December 31, 2024, the firm reported a total insurance revenue of N97.9bn, representing an 88 per cent growth compared to N52.1bn in 2023.
Profit before tax stood at N33.7bn, indicating a 78 per cent increase from N18.9bn recorded in 2023. The parent company’s profit before tax also rose by 74 per cent from N19.2bn in 2023 to N33.5bn in 2024.
Total investment income rose by 130 per cent year-on-year to N7.6bn in 2024, up from N3.3bn in the previous year. Claims expenses also increased by 59.6 per cent to N24.9bn from N15.6bn, though the claims ratio declined to 25.5 per cent in 2024 from 30 per cent in 2023.
Management expenses rose to N8.5bn from N5.2bn, driven by inflation and business expansion, while the group’s financial assets grew by 70.7 per cent. Total assets and total equity increased by 67 per cent and 70 per cent, respectively.
Based on the performance, the board recommended a dividend of 100 kobo per N1 ordinary share amounting to N5.02bn, subject to shareholders’ approval and withholding tax deductions.
Earnings per share for the group rose to 582 kobo in 2024 from 260 kobo in the prior year. The parent company also recorded an EPS of 580 kobo compared to 264 kobo in 2023.
The chairman further disclosed that NEM’s subsidiaries, NEM Asset Management Limited and NEM Health Limited, exceeded their expectations during the year.
He added that plans were underway to launch a life assurance subsidiary as part of the group’s expansion strategy.
The PUNCH reported that general insurance services provider NEM Insurance Plc has recorded N108bn in turnover during the 2024 financial year.
