Underwriting firm, NEM Insurance Plc has paid out N23 billion on claims in the full year period of 2024.
This according to the Company is part of its promise to support and ensure that customers bounce back to their former position after the loss.
The Company also achieved insurance revenue N108 billion in insurance revenue, reflecting its commitment to strategic growth and doggedness in the insurance market.
Andrew Ikekhua, managing director/CEO of Company commenting on the result said:
“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”.
Overall, NEM delivered an exceptional performance in 2024, increased revenue, strong profit margin and a formidable balance sheet size of over N100billion.
Read also: NEM Insurance partner YabaTech to provide future-proof education
Looking forward, NEM promise to deliver value to all stakeholders, “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. It 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.
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