NEM Insurance pays N6bn Claims, Records N15bn Premium in 2018

NEM Insurance Plc, One of the leading general insurance companies in Nigeria, announced it recorded gross premium income of N15.04 billion in the 2018 financial year, an increase of 12.2 percent over the previous year’s turnover of N13.4 billion while net premium rose from N9.8 billion in 2017 to N10.7 billion in the period under review, representing an increase of 9.1 percent.

The statement also reported that, the company paid N6bn Claims to its policyholders in the 2018 financial period.

According to the Chairman of NEM Insurance Plc , Dr. Fidelis Ayebae, during the company’s Annual General Meeting {AGM]in Lagos recently, said the underwriter also achieved 34.2 percent increase in investment income of N952.8 million compared to N709.9 million in 2017.

And to underscore the company’s commitment to its policyholders, NEM Insurance paid claims of N6.01 billion in 2018 representing an increase of 20 percent over the figure of N5.01 billion in 2017.

He said the Group also generated Profit before Tax (PBT) of N2.69 billion and N2.67 billion for the parent company.

Also commenting on the performance of the company , Mr. Tope Smart, the Group managing Director/CEO of NEM Insurance Plc said:

“Despite the difficult operating environment our company has maintained its focus as we continue to increase our market share. From about five percent market share, we now control close to seven percent market share of non-life business. We are determined to improve on this figure.

Our associate in Ghana Regency Nem Insurance is expanding its operations into the major areas in Ghana. This will lead to more income for the company and ultimately impact its bottom line in the nearest future.

He explained further that, our company is set for new heights. With a strong reputation built over the years, coupled with a very strong brand in the insurance industry and robust financials, the future of the company looks very exciting and we are determined to take advantage of the opportunities we have in order to take our company to the next level.”

NEM Insurance has a plan to acquire a life company while proactively raising funds for increase of its issued share capital. The company paid total dividend of N686.4 million to shareholders.