• Friday, June 21, 2024
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NEM Insurance gross written premium up 20% to N33.3bn

NEM Insurance gross written premium up 20% to N33.3bn

NEM Insurance Plc has grown its gross written premium (GWP) by 20 percent to N33.3 billion at the end of 2022 financial year, as against N27.8 billion recorded in 2021.

Income from investment also appreciated 37 percent, from N1.1 billion in 2021 to N1.5 billion at the end of 2022 financial year, and N19.3 billion in 2021.

Fidelis Ayebae, chairman, NEM Insurance Plc speaking at its 53rd Annual General Meeting (AGM) held in Lagos said amidst all the challenges in the environment the company performed excellently well in 2022.

Ayebae said the Group’s Profit before Tax (PBT) for the year under review was N5.5 billion as against N4.5 billion in 2021, an increase of 21 percent.

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From the profitability, shareholders approved a dividend of 30 kobo per share amounting to N1504,943,330.

The insurer also kept its own side of the contract, with net claims paid amounting to N7.6 billion, while that of the preceding year was N5.5 billion, an increase of 38 percent.

Ayebae expressed confidence, saying that “with great expectations from the elected political office holders to fight corruption, improve security, tackle unemployment, diversify the economy, enhance climate resilience, and boost the living standards of Nigerians, the operating environment is expected to improve soon.

Tope Smart, group managing director/ CEO commenting on the result said, notwithstanding the challenges in the operational environment, the company was able to post good results due to our resilience as well as the strategies formulated and implemented by the Board and Management of our Company.

“A review of our operation shows that our Company recorded an impressive performance in the year 2022 as all performance indices improved compared with the year 2021 results.”

He said the results achieved were due to its determination and the robust strategies put in place while appreciating the massive support and loyalty of clients and brokers who have been there for the company over the years.