The shareholders of NEM Insurance Plc have unanimously approved the Board of Directors’ proposal to distribute a N3.0 billion dividend for the financial year ending December 31, 2023. This dividend amounts to 60 kobo per N1.00 ordinary share.
At the Annual General Meeting (AGM), Mr. Tope Smart, Group Chairman of NEM Insurance, remarked: “Despite numerous challenges in the operating environment, the company achieved unprecedented success. Thanks to the remarkable insurance revenue generated, our company led the general business sector during the year under review. This trend of outstanding performance is expected to continue with support from all stakeholders and the government’s efforts to combat corruption, improve security, tackle unemployment, diversify the economy, enhance climate resilience, and boost the living standards of citizens.”
Commenting on the company’s performance, Andrew Ikekhua, Managing Director/CEO of NEM Insurance, stated: “The company not only met its targets for the year but also ascended to the top position in the general business insurance market in Nigeria. All our performance indicators for the year showed positive results.
“The company achieved an 89% growth in gross premium written, amounting to N62.7 billion, compared to N33.4 billion in 2022. Our total assets and shareholders’ funds also saw significant increases of 68% and 44%, respectively. Total assets grew from N44 billion to N74 billion, while shareholders’ funds increased from N27 billion to N39 billion.”
Continuing on the performance, he added: “We recorded an exceptional growth in profit before tax, which surged by 249% to N19.2 billion in 2023 from N5.5 billion in 2022. Additionally, total claims settled amounted to N15.6 billion, representing a 27% growth from the N12.3 billion paid out in 2022. During the year, the Global Credit Rating Agency of South Africa upgraded our financial strength from AA minus to AA with a stable outlook. This new rating reflects our strong financial capacity to meet our obligations and expand in the market. It also enhances our brand’s acceptability, increasing our chances of securing more corporate business.”
