NEM Insurance Projects 51.19% profit growth in Q3 2021
NEM Insurance Plc, a major player in Nigeria’s insurance sector which started business in the country in 1948 through the agency of Edward Turner & Co has released its financial forecast for the third quarter period ending 30th September 2021 with a projected profit after tax of N3.553 billion which is 51.19% improvement over N2.350 billion projected for Q2 2021.
The forecast published at the Nigerian Exchange projected gross premiums written of N21.675 billion compared with N16.320 billion projection for Q2 2021.
NEM Insurance Plc started the 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 the Insurance Industry in Nigeria, was into the 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.
The Philosophy of the Company is centred on its Shareholders vision of making it a model of sound Insurance Practice for the Nation’s Insurance Industry and participating actively in the economic development of the Country.
