NEM Grows Revenue By 66% To N52.1 billion In 2023
As Shareholders Approves N3.1 Billion As Dividend
L-R: Managing Director/CEO, NEM Insurance Plc, Mr. Andrew Ikekhua; Group Chairman, Mr. Tope Smart; and Company Secretary, Mrs. Ifunanya Iwuagwu, during the 54th annual general meeting of NEM Insurance Plc held today in Lagos.
NEM Insurance PLC said it has grown its revenue by 66 per cent to N52.1 billion at the end of its 2023 financial year from N31.4 billion recorded in the same period in 2022.
The Shareholders of the Company approved a total dividend of N3.1 billion declared by the board of directors of the company for the financial year ended December 2023.
The shareholders unanimously gave their nod during the company’s 54th Annual General Meeting,( AGM), held in Lagos on Tuesday.
Speaking at the meeting, the Chairman of the company, Mr. Tope Smart, said the “board is recommending a dividend of 60 kobo per 1 ordinary shares amounting to N3,009,886,660.20, if approved at this AGM, payable to shareholders subject to deduction of withholding tax at the appropriate rate.”
On its financial performance, he said the group’s Profit before Tax for the year under review was N18.9 billion and N5.5 billion in 2023 and 2022 respectively, an increase of 244%.
While the parent company’s PBT was N19.2 billion for 2023 and N5.5 billion for 2022, an increase of 249%.
Committed to prompt claims settlement, the company paid a total of N15.7billion to Policyholders in the year under review as against N12.3billion paid in 2022; an increase of 28% over that of the preceding year. The insurer’s claims ratio for 2023 was 30% while that of 2022 was 40%, a decrease of 25%.
The insurer’s total investment income in 2022 was N1.6b while that of 2023 was.N3.3billion.
The group financial assets between 2022 and 2023 increased by 160% while total assets and total equity also improved by 68% and 43% respectively while group earnings per share.
