NEM Insurance pays N5bn dividend to shareholders, boosts claims settlement in 2024
L-r: Idowu Semowo, Executive Director, Finance and Investment, NEM Insurance Plc; Andrew Ikekhua, Managing Director/CEO, NEM Insurance Plc; Tope Smart, Group Chairman, and Ifunanya Iwuagwu, Company Secretary/Legal Adviser, during the 55th annual general meeting of NEM Insurance Plc held in Lagos on Tuesday
Nike Popoola
As part of its commitment to creating wealth for its shareholders, NEM Insurance Plc paid N5.02bn dividend 2024 financial period.
The Group Chairman, Mr. Tope Smart, disclosed this during its 55th Annual General Meeting in Lagos on Tuesday.
“The Board is recommending a dividend of 100 kobo per N1 ordinary shares amounting to N5,016,477,767, if approved at this Annual General Meeting, payable to shareholders and subject to deduction of withholding tax at the appropriate rate,” he said.
While presenting the 2024 financial performance, he said its insurance revenue grew from N52.1billion in 2023 to N97.9billion in 2024, an increase of 88% over the previous year.
In investment Income, an increase of 130.3% was achieved relative to 2023. The total investment income in 2023 was N3.3b while that of 2024 was N7.6bn.
The claims paid during the year was N24.9bn (2023: N15.6b) which represents an increase of 59.6% over that of the preceding year. The Claims ratio for 2024 was 25.5% while that of 2023 stood at 30%, a decrease of 4.5%.
The Groups Profit before Tax (PBT) was N33.7billion and N18.9billion in 2024 and 2023 respectively, an increase of 78%.
The Parent Companys PBT was N33.5billion for 2024 and N19.2billion for 2023, an increase of 74%.
The position of the Groups Financial assets between 2023 and 2024 increased by 70.7% while Total Assets and Total Equity also improved by 67% and 70% respectively.
The Groups Earnings Per Share (EPS) for the year under review was 582Kobo while that of the previous year was 260Kobo; Parent Companys EPS for 2024 was 580K against the preceding year of 264K.
In line with the companys policy on human capital development, more than 97% of our workforce attended various training courses both local and foreign to improve their skills and enhance their performance on the job.
He said NEM insurance has continued to maintain its leadership position in the industry.
Smart noted that, “This trend of excellent performance is expected to be sustained with the right form of support from all stakeholders, with expectations from the government at all levels and other concerned parties to improve on the security architecture in our country, tackle unemployment, diversify the economy, enhance climate resilience, and boost the living standard of citizens.
“Our subsidiaries (NEM Asset Management Limited and NEM Health Limited) met and exceeded their expectations also during the year.”
As part of its expansion strategy, he disclosed that its plan to set up a viable life assurance company is in progress and will be unveiled soon.
