NEM Insurance achieves N108bn revenue in 2024
Nem Insurance
Nike Popoola
NEM Insurance Plc, a leading general insurance services provider in Nigeria achieved an impressive turnover during the 2024 financial year.
Specifically, the company’s insurance revenue for 2024 peaked at N108billion. This the company said reflects commitment to strategic growth and solidifies its doggedness in the insurance market.
Additionally, the company paid a whooping sum of N23billion as claims to policyholders in the 2024 financial year. Again, NEM said, is part of its promise to support and ensure its customers bounce back to their various businesses.
” In the area of profitability, we showed strength, achieving over N20billion 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.
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.
