By Peter Egwuatu

Shareholders of NEM Insurance Plc, have applauded the performance of the Company for the financial year ended December 31,2024 as it posted revenue of N97.9 billion, indicating 88% growth from N52.1 billion in the same period 2023.

The shareholders at the 55th Annual General Meeting, AGM gave the commendation and endorsed all resolutions proposed at the meeting, including the payment of N1.00 per share amounting to N5.016 billion.

Addressing shareholders at the meeting Mr. Tope Smart, Group Chairman, NEM Insurance Plc stated that despite all the economic challenges in 2024 the Company has continued to maintain its leadership position in the industry, adding that “ the 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”.

Analysing the financial performance, he said: “ Our subsidiaries (NEM Asset Management Limited and NEM Health Limited) met and exceeded their expectations also during the year.

Our insurance revenue grew from N52.1 billion in 2023 to N97.9 billion in 2024, an increase of 88% over the previous year.

Our investment income increased by 130.3% and was achieved relative to 2023. The total investment income in 2023 was N3.3 billion while that of 2024 was N7.6 billion”.

On claims expenses, he noted that the claims paid during the year under review was N24.9 billion as against  N15.6 billion in 2023, 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%. On Management expenses, it increased from N5.2 billion in 2023 to N8.5billion in 2024, representing a 63% increase and is attributed to heightened inflation and increased business growth during the financial year.

The Group’s Profit before Tax (PBT) was N33.7 billion and N18.9 billion in 2024 and 2023 respectively, an increase of 78%.

The Parent Company’s PBT was N33.5billion for 2024 and N19.2billion for 2023, an increase of 74%.

“ The position of the Group’s financial assets between 2023 and 2024 increased by 70.7% while total assets and total equity also improved by 67% and 70% respectively.

The Group’s Earning Per Share,  EPS for the year under review was 582 kobo while that of the previous year was 26 kobo.

Parent Company’s EPS for 2024 was 580bkobo against the preceding year of 264 kobo” he stated.

Looking forward, Smart said : “As part of our expansion strategy, our plan to set up a viable life assurance company is in progress and will be unveiled soon.

“We give glory to Almighty God who has consistently been our strength and helper. Our excellent and progressive performance is indeed commendable. Hence, I want to use this opportunity to appreciate the MD/CEO, Management, and entire members of staff for their dedication and hard work in achieving the set organizational goals.  Also, the support from the Board members is highly appreciated.

To my beloved shareholders who have been consistent in their zest to add value to the growth of the company, you are greatly appreciated”.