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.