NEM Insurance Plc, Nigeria-based general insurance company, has reported a 19.15 percent year-on-year reduction in revenue to N37.23 billion for the first quarter of 2026, as compared to N46.055 billion in Q1’25.
The unimpressive performance is despite the ongoing regulatory measures aimed at market deepening and the effectiveness of insurers’ pricing strategies.
Some analysts say the high cost of doing business will force players to hike premiums that customers will be paying, while others are of the view that the cost of living crisis is taking its toll on insurers.
Many Nigerians who are unemployed cannot take an insurance cover as they have to insure their stomach first while business closure due to a challenging macroeconomic environment has resulted in the loss of premiums.
As a result of receding revenue as well as rising operating expenses brought on by inflationary pressures combined with slow growth, NEM Insurance profit after tax (PAT) fell by 68.17 percent to N4.08 billion as at March 2026 from N12.82 billion as at March 2025.
Profit before tax (PBT) was down 68.28 percent to N4.71 billion in the period under review from N14.85 billion the previous year.
Net insurance and investment results dipped by 56.25 percent to N7.79 billion in March 2026 from N17.60 billion as at March 2025.
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