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NEM Insurance Plc has undeniably demonstrated some significant level of robustness, profitability, and stability as established by the performance in premium generation, consolidating its position as the most efficient insurer in Nigeria.
In the last five years, NEM Insurance is among the insurer with the lowest combined ratio as its premium income exceeds claims payment, which validates a favorable loss ratio.
For the year ended December 2024, NEM Insurance’s profit after tax (PAT) increased by 75.92 percent to N23.31 billion from N13.25 billion as at December 2023.
Insurance revenue which was supported by expansion in premium from oil and gas and Marine segments spiked by 86.76 percent to N97.10 billion in the period under review from N51.99 billion as at December 2023.
A breakdown of the revenue figures shows premiums from Fire business rose by 45.68 percent to N16.87 billion in December 2024 from N11.58 billion as at December 2023.
Revenue from Oil and Gas was up 182.61 percent to N30.89 billion in the period under review from N10.93 billion the previous year.
Premium income from Marine business spiked by 175.50 percent to N12.26 billion in December 2024 from N4.45 billion the previous year.
Premium from Motor segment was up 53.28 percent to N24.55 billion in the period under review from N16.30 billion as at December 2023.
NEM Insurance paid N24.24 billion in claims to policyholders, which represents a 54.94 percent higher than 2023’s N15.56 billion.
About the company
NEM Insurance Plc is a Nigeria-based general insurance company, which is engaged in the provision of non-life insurance services for both corporate and individual customers.
The Company’s segments include Motor, Marine, Fire, General Accident, Oil & Gas, Agriculture, Engineering, Bond, Parent, and Group. The Company’s products include Motor Insurance, Oil & Gas, Marine Insurance, Travel Insurance, Aviation Insurance, Agriculture Insurance, and Burglary Insurance, among others.
The subsidiaries are NEM Asset Management Company Limited, and NEM Health Limited. NEM Asset Management Company Limited engages in investment business of all kinds including Vehicle Leasing, Machinery Acquisition, Hire Purchase of diverse assets, and others. while NEM Health Limited is involved in the provision of health care services through health care providers and for that purpose is accredited by the National Health Insurance Authority.
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