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Chuks Udo Okonta
NEM Insurance Plc said it recorded a 88 per cent increase in revenue, moving from N52.1 billion in 2023 to N97.9 billion in 2024, even as claims payment rose to N24.9 billion in 2024 from N15.6 billion in 2023 and shareholders were delighted with N51.02 dividend payout.
The Chairman of NEM Insurance Group Tope Smart, while speaking at the company’s 55th Annual General Meeting (AGM) in Lagos, said the group’s total investment income rose from N3.3billion in 2023 to N7.6 billion in 2024, an increase of 130.3 per cent within the period under the review.
He stated that the management expenses increased from N5.2 billion in 2023 to N8.5 billion,representing a 63 per cent increase within the period under review, he attributed this development to a heightened inflation and increased business growth during the financial year.
“The Group’s Profit before Tax (PBT) was N33.7billion and N18.9 billion in 2024 and 2023 respectively, an increase of 78%. The Parent Company’s PBT was N33.5 billion for 2024 and N19.2billion for 2023, an increase of 74 per cent,” he stressed.
The position of the Group’s Financial assets between 2023 and 2024, he stated, increased by 70.7 per centwhile Total Assets and Total Equity also improved by 67 per cent and 70 per cent respectively.
The shareholders, therefore, approved a dividend of 100 kobo per N1 ordinary shares amounting to N5,016,477,767.
On Human Capital Development, he said, more than 97 per cent of its workforce attended various training courses both local and foreign to improve their skills and enhance their performance on the job, adding that, the company plan to set up a viable life assurance company soon.
“Our excellent and progressive performance is indeed commendable. Hence, I want to use this opportunity to appreciate the Managing Director/CEO, management, and entire members of staff for their dedication and hard work in achieving the set organisational goals. Also, the support from the Board members is highly appreciated,” he said.
