NEM Insurance Revenue Hits N108bn In 2024, Pays N23bn Claims

The revenue base of NEM Insurance Plc rose by over 100 per cent to N108 billion in 2024 as against N52.11 billion it posted in 2023 financial year end.

Similarly, the company paid its policyholders, who suffered insured risks, N23 billion as claims to policyholders in 2024, rising by over N8 billion from N15.7 billion it declared in 2023.

On its claims payment, NEM said, it is part of its promise to support and ensure its customers bounce back to their various businesses. “ In the area of profitability, we showed strength, achieving over N20 billion in profits, despite the challenging operational environment in 2024. This shows how we were able to successfully navigate the environment in the outgone year,” it pointed out.

Overall, NEM delivered exceptional performance in 2024,increased revenue, strong profit margin and a formidable balance sheet size of over N100 billion.

Looking forward, NEM promised to deliver value to all stakeholders, saying, “we are upscaling our collaborations and partnerships, our strategic investments in capacity building, among others, positions us to meet the emerging needs of all our customers. Our philosophy is centred on our stakeholders vision of making the company a model of sound insurance practice for the Nation’s insurance industry and participate actively in the economic development of Nigeria”.

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