NEM Insurance plc posts 33% profit for nine months

NEM

NEM Insurance plc is reporting 33% rise in profit to NGN1.6 billion for the nine months end of the year compared to NGN1.2 billion reported same period in the financial year 2016.

The insurance company recorded NGN11.0 billion gross premium written in contrast to NGN9.0 billion recorded in the previous year. Gross premium earned increased to NGN9.2 billion from NGN7.9 billion posted in the year before.

Reinsurance expenses rose to NGN2.9 billion from NGN1.8 billion reported in the year 2016 while net premium income stood at NGN6.3 billion against NGN6.1 billion in the year before.

The company’s investment income also increased to NGN470.0 million in contrast to NGN285.6 million in the fiscal year 2016.

NEM Insurance Plc said its total assets for the nine months was NGN16.5 billion compared to NGN14.5 billion in the year before while total liabilities was NGN7.8 billion versus NGN7.1 billion in the year before.

Company Information

NEM INSURANCE PLC started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co.  It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria.  The company, which has contributed immensely towards the growth of Insurance Industry in Nigeria, was into Life and Non- Life business.  Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance. 
The company has expanded its operations into the West African Sub region, with the successful registration and commencement of business of its former subsidiary, NEM INSURANCE (GHANA) LIMITED in May, 2009. The subsidiary is now merged with Regency Alliance to form Regency Nem Insurance Ghana Ltd in September 2016 due to recapitalization requirement. A new member, NEM ASSET MANAGEMENT LIMITED was also added to the Brand earlier in March, 2016.