NEM Insurance Revenue Rises To N97.9bn, Pays N24.9bn Claims

NEM Insurance Plc has recorded a 88 per cent increase in its revenue from N52.1 billion in 2023 to N97.9 billion in 2024, even as its claims payment rose to N24.9billion in 2024 from N15.6billion in 2023.

At the company’s 55th annual general meeting (AGM) in Lagos recently, the NEM Insurance Group chairman, Mr. Tope Smart, noted that the group’s total investment income rose from N3.3 billion in 2023 to N7.6 billion in 2024, an increase of 130.3 per cent within the period under the review.

Stating that the management expenses increased from N5.2billion in 2023 to N8.5billion,representing a 63 per cent increase within the period under review, he attributed this development to a heightened inflation and increased business growth during the financial year.

“The Group’s Profit before Tax (PBT) was N33.7 billion and N18.9 billion in 2024 and 2023 respectively, an increase of 78 per cent. The Parent Company’s PBT was N33.5 billion for 2024 and N19.2 billion for 2023, an increase of 74 per cent,” he stressed.

The position of the Group’s Financial assets between 2023 and 2024, he stated,  increased by 70.7 per cent while Total Assets and Total Equity also improved by 67 per cent and 70 per cent respectively.

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The shareholders, therefore, approved a dividend of 100 kobo per N1 ordinary shares amounting to N5,016,477,767.

On Human Capital Development, he said, more than 97 per cent of its workforce attended various training courses both local and foreign to improve their skills and enhance their performance on the job, adding that the company plans to set up a viable life assurance company soon.

“Our excellent and progressive performance is indeed commendable. Hence, I want to use this opportunity to appreciate the MD/CEO, management, and entire members of staff for their dedication and hard work in achieving the set organisational goals.   Also, the support from the Board members is highly appreciated,” he pointed out.