NEM Insurance PLC, one of the major insurance providers in Nigeria said its gross premium for the third quarter of the year rose to NGN9 billion.
Last year, the company recorded NGN8,7 billion in gross premium. This is an improvement giving the harsh economic condition that has led to a huge default in premium payment amongst policy holders especially in life products.
Reinsurance expenses has increased given the period we are in. Reinsurers must have marked up their rates to take on risks underwritten by NEM. Reinsurance expenses increased to NGN1,8 billion compared to NGN1,1 billion last year.
The increase in cost of doing business led to a reduction in its net profit to NGN1,2billion versus NGN2,1 billion for last year.
N.E.M. Insurance Plc provides general and non-life insurance.
