• Wednesday, July 24, 2024
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NEM Insurance’s full-year profit more than triples to N19.2bn

NEM Insurance’s full-year profit more than triples to N19.2bn

The pretax profit of NEM Insurance, a general insurance company in Nigeria, surged by 249.1 percent to N19.2 billion last year from N5.5 billion in 2022, according to its latest financial statement.

Andrew Ikekhua, managing director of the company, said the surge shows that the company’s financial health and business strategies are major drivers of the increase, enabling it to thrive despite the economic challenges.

“During the year, the Global Credit Rating Agency of South Africa upgraded our financial strength from AA minus to AA with a stable outlook. This new rating indicates our strong financial capacity to meet our obligations and plan big in the market,” he added.

He said the increase also improved the brand’s acceptability with better chances of winning more corporate businesses.

Read also: NEM Insurance sees fitness walk, awareness creation boost productivity, penetration

“As part of our corporate strategy, five new retail products were developed and deployed into the market after NAICOM approval,” he said.

According to the statement, the company’s after-tax profit increased to N13.3 billion from N5.4 billion while revenue grew by 107.8 percent to N71.7 billion from N34.5 billion in the previous year. Its total insurance and other expenses grew to N52.8 billion from N28.9 billion in 2022.

Its total assets rose to N74 billion from N44 billion while total liability rose to N35.6 billion from N17.2 billion. Its total equity also increased to N39 billion from N27 billion in 2022.

“The company is engaged in the business of General Insurance which includes marine and aviation, motor vehicle, fire and burglary, oil and gas, engineering, bond, general accident, and agriculture with one wholly owned subsidiary: NEM Asset Management Company Limited, and one partially owned subsidiary: NEM Health limited,” the statement added.