NEM Insurance records 249% profit

• Published On: 03 July 2024 at 20:13

NEM Insurance reported a 249% growth in earnings before tax in 2023, rising from N5.5 billion in 2022 to N19.2 billion.

In a statement made available to The Nigerianwatch, NEM Insurance's Managing Director, Andrew Ikekhua, said the profit increase is a credit to the company's financial health and commercial practices, which have allowed it to survive despite a tumultuous economic environment.

In addition to the profit increase, the company had an 89% increase in gross premium, totaling N62.7 billion, compared to N33.4 billion in 2022.

The company's total assets and shareholder funds climbed by 68% and 44%, respectively.

According to the statement, overall assets expanded from N44 billion in 2022 to N74 billion in 2023, while shareholder funds grew from N27 billion to N39 billion.

Ikekhua further stated that the company's achievement in 2023 was recognized by the Global Credit Rating Agency of South Africa, which raised NEM Insurance's financial strength rating from AA minus to AA with a stable outlook.

"During the year, the Global Credit Rating Agency of South Africa raised our financial strength rating from AA minus to AA with a stable outlook. This new rating reflects our excellent financial ability to meet our responsibilities and plan ahead in the market. It also boosts our brand acceptability, increasing our chances of getting more corporate business. Following NAICOM approval, we created and launched five new retail goods as part of our company strategy," Ikehua stated.

Tope Smart, chairman of NEM Insurance, stated that, in keeping with the company's commitment to human capital development, more than 96% of the personnel took part in various training programs, both locally and globally, to improve their job performance.