General insurance services provider NEM Insurance Plc has recorded N108bn in turnover during the 2024 financial year.

In a statement on Thursday, the company said the 2024 revenue reflected its commitment to strategic growth and solidified its doggedness in the insurance market.

Within the review period, NEM Insurance paid the sum of N23bn as claims to policyholders, indicating its promise to support and ensure customers bounce back to their various businesses.

NEM Insurance Plc started the insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965 and was incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968.

The statement read, “In the area of profitability, we showed strength, achieving over N20bn in profits, despite the challenging operational environment in 2024.”

This shows, how we were able to successfully navigate the environment in the outgone year.

“Overall, NEM delivered an exceptional performance in 2024, increased revenue, a strong profit margin, and a formidable balance sheet size of over N100bn.”

On its 2025 outlook, the firm said, “We are upscaling our collaborations and partnerships, and our strategic investments in capacity building, among others, position us to meet the emerging needs of all our customers. Our philosophy is centred on our stakeholder’s vision of making the company a model of sound insurance practice for the nation’s insurance industry and participating actively in the economic development of Nigeria.”

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