Shareholders of NEM Insurance Plc were rewarded for their loyalty as the insurer paid a dividend of 60 kobo per N1 ordinary shares, amounting to N3 billion total dividend in its 2023 financial year.
Addressing shareholders at the firm’s 54th Annual General Meeting (AGM) in Lagos, earlier in the week, group chairman Tope Smart, disclosed that the total investment income of the insurer in 2022 was N1.6 billion while that of 2023 was N3.3 billion, adding that, the claims paid during the year was N15.7 billion as against N12.3 billion in 2022; an increase of 28 per cent over that of the preceding year.
The claims ratio for 2023, he said, was 30 per cent while that of 2022 was 40 per cent, a decrease of 25 per cent.
He noted that management expenses increased by 43 per cent from N3.7 billion in 2022 to N5.3 billion in 2023, noting that the increase was due to the impact of inflation and business growth during the year under review.
Similarly, he said, the firm’s revenue grew from N31.4 billion in 2022 to N52.1 billion in 2023, an increase of 66 per cent.
Stressing that the group’s Profit Before Tax(PBT) for the year under review was N18.9 billion in 2023 from N5.5 billion in 2022, translating to an increase of 244 per cent, he added that, the position of the group’s financial assets between 2022 and 2023 increased by 160 per cent while total assets and total equity also improved by 68 per cent and 43 per cent respectively.
Saying the Group’s Equity Per Share(EPS) for the year under review was 260 kobo while that of the previous year was 108 kobo, he added that, the parent company’s EPS for 2023 was 264 kobo against the preceding year of 108 kobo.
“NEM Insurance Plc is a leading insurance provider in Nigeria, offering all forms of general insurance products with a history of successful financial reporting under previous accounting standards. The company realised the importance of embracing IFRS 17 as well as the directives from regulatory authorities and adopted IFRS 17 in presenting its 2023 financials,” he pointed out.
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