By Cynthia Alo
NEM Insurance Plc said that its gross written premium grew by 24.7 percent to N13.4 billion for the financial year ended December 2017.
Chairman of the company, Dr. Fidelis Ayebae, who disclosed this at the company’s 48th annual general meeting in Lagos, said, “During the year under review, gross premium of N13.4 billion was generated resulting into an increase of 24.7 percent over N10.8 billion of the previous period. Net premium earned increased by 15.2 percent from N8.5 billion in 2016 to N9.8 billion in 2017.”
He added that claims expenses incurred during the year was N1.78 billion from N2.7 billion, to represent an increase of 33.2 percent.
Ayebae said the company is intensifying efforts in achieving an increase in its capital adding, “There is still room for improvement in the industry since the effects of the recession were still reflecting on the citizens”.