NEM pays N2.8b dividend in 10 years
NEM Insurance Plc one of the preferred insurance companies in Nigeria has paid N2.8 billion as dividend to its shareholders in the past ten years.
This was disclosed by the Group Managing Director of the company, Mr. Tope Smart, while addressing Chief Executive Officers and members of the Broking fraternity at the last edition of the bi-monthly Members’ Evening of the Nigerian Council of Registered Insurance Brokers (NCRIB) held recently in Lagos.
The last edition of the Members’ Evening of NCRIB was hosted by NEM Insurance. NCRIB Members’ Evening is a convergence of all the Chief Executive Officers of insurance broking firms usually sponsored by an insurance firm. It is a platform where the insurance firms seek the support and patronage of the broking firms to increase their bottom-line. It is also provides them with opportunity to discuss issues of common interest that will enhance their working relationship aimed at expanding the market and deepening insurance penetration in Nigeria.
Smart who said over years NEM insurance has continued to weather the storms of harsh business operational environment in Nigeria to remain strong in terms of capital base, technology and products and services.
He said in the last ten years despite the recession in the country which affected insurance industry negatively, NEM has continue to pay dividend to her shareholders. “In the past ten years, we have been paying dividend to our shareholders, the harsh economic situation in the country, notwithstanding.”
Smart who put the total asset of NEM at N14.5 billion said the company is solid enough to do business in Nigeria as a general insurer just as he called on brokers to take advantage of the company’s solid capital base to invest in NEM by becoming the company’s shareholder.
NEM insurance Plc, which has contributed immense 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 Limited 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. The subsidiary is now merged with Regency Alliance to form Regency NEM Insurance Ghana Ltd., due to recapitalization requirement. A new member, NEM Asset Management Limited was also added to the brand.
