NEM Insurance paid N15.7bn claims in 2023
L-R: Managing Director/CEO, NEM Insurance Plc, Mr. Andrew Ikekhua; Group Chairman, Mr. Tope Smart; and Company Secretary, Mrs. Ifunanya Iwuagwu, during the 54th annual general meeting of NEM Insurance Plc in Lagos recently.
NEM Insurance paid N15.7bn claims in 2023
Nike Popoola
NEM Insurance Plc paid N15.7bn claims to its customers in 2023 financial period.
The Chairman, NEM Insurance Plc, Mr. Tope Smart, disclosed this during the company’s 54th annual general meeting in Lagos.
He said, “The claims paid during the year was N15.7bn as against N12.3bn in 2022; an increase of 28% over that of the preceding year. The claims ratio for 2023 was 30% while that of 2022 was 40%, a decrease of 25%.”
according to hi,. the board recommended a dividend of 60 kobo per N1 ordinary shares amounting to N3.009bn to its shareholders.
Smart said the Group’s Profit before Tax (PBT) for the year under review was N18.9bn and N5.5bn in 2023 and 2022 respectively, an increase of 244 per cent.
He added that the Parent Company’s PBT was N19.2bn for 2023 and N5.5bn for 2022, an increase of 249%.
The position of the Group Financial Assets between 2022 and 2023 increased by 160% while Total Assets and Total Equity also improved by 68% and 43% respectively, he added.
The Managing Director/CEO, NEM Insurance Plc, Andrew Ikekhua, said, year 2023 remains a historical milestone in NEM Insurance Plc.
He said, “Your company did not only meet her target for the year but rose to the number one position in general business insurance market in Nigeria. All our performance indices for the year came positive.
“The company recorded a growth rate of 89% in gross premium written which amounted to N62.7bn against N33.4bn recorded in 2022. Our total assets and shareholders’ fund recorded a leap of 64% and 63% respectively. Our total assets and shareholders’ funds recorded a leap of 68% and 44% respectively. Total Assets grew from N44bn to N74bn while Shareholders’ fund grew from N27bn to N39bn.”
During the year, he noted, the Global Credit Rating Agency of South Africa upgraded its financial strength from AA minus to AA with stable outlook.
He said, “This new rating indicates our strong financial capacity to meet our obligations and plan big in the market. It also improves our brand acceptability with better chances of winning more corporate businesses.”
