In its First quarter 2024 financial results, NEM Insurance has revealed it achieved total comprehensive profit of N10.54 billion, which represents a 485.55 percent uptick from 2023’s N1.80 billion.
Insurance revenue surged by 147.91 percent to N29.03 billion as at March 2024 from N11.71 billion as at March 2023.
Having maintained a favorable combined ratio below the 100 percent threshold in the past five years, NEM Insurance has positioned itself to maximise growth opportunities.
All the business segments contributed to the Groups’ earnings, which underscores a well-diversified revenue base and an excellent marketing strategy.
On a segment basis, sales from Motor Business spiked by 176.43 percent to N9.15 billion; revenue from Fire Business rose by 332.24 percent to N9.25 billion, while sales from oil and gas were up 230.35 percent to N5.55 billion as at March 2024.
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