NEM Insurance Shareholders Approve 30 Kobo per N1 Ordinary Shares

The shareholders of NEM Insurance Plc have approved 30 kobo per N1 ordinary shares, representing N1.5 billion.

The approval was given at the company’s 54th Annual General Meeting (AGM), which held recently in Lagos.

Speaking to shareholders, the Chairman, NEM Insurance, Dr. Fidelis Ayebae, disclosed that the insurance company gross claims incurred in 2022 was N12.3 billion, an increase of 7.9 per cent over that of the preceding period that was N11.6 billion.

He said net claims paid for the year was N7.6 billion, while that of the preceding year was N5.5 billion; resulting in an increase of 38 per cent.

According to him, “The Board during the year under review supervised the management’s efficiency that brought about a reduction in the management expenses from N4.2 billion in 2021 to N3.7billion in 2022.

“The Group’s Profit before Tax (PBT) for the year under review was N5.5 billion and N4.5 billion in 2021, an increase of 21per cent. The Parent Company’s PBT was N5.5 billion for 2022 and N4.5 billion for 2021, which is an increase of same 21 per cent.”

He said the group financial assets increased by 32.6per cent while Total Assets and Total Equity improved by 19.9per cent and 18.7 per cent respectively.

He appreciated the shareholders who have been consistent in their zest to add to the growth of the company.

“I want to use this opportunity to appreciate the GMD/CEO, management and members of staff, who have been so dedicated, hardworking and focused in achieving the set goals. Also, the commitment and cooperation of the Board members are highly appreciated,” he added.

The GMD/CEO, NEM Insurance, Mr. Tope Smart, said: “Notwithstanding the challenges stated above, our Company was able to post good results due to our resilience as well as the strategies formulated and implemented by the Board and Management of our Company.

“A review of our operation shows that our Company recorded an impressive performance in the year 2022 as all performance indices improved compared with the year 2021 results. As mentioned above, notwithstanding the challenging operating environment, we achieved the above results due to our determination and the robust strategies put in place.”

Smart added, “The results would not have been achieved but for the massive support and loyalty of our clients and brokers who have been there for us over the years. We owe them a debt of gratitude.