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Chuks Udo Okonta
Many insurance policyholders, who suffered losses last year, were comforted as NEM Insurance Plc, wiped their tears with N12.3 billion claims payment.
Chairman Board, NEM Insurance Plc, Dr. Fidelis Ayebae, disclosed this at the 53rd Annual General Meeting (AGM) of the firm in Lagos. According to him, the gross claims incurred by the company during the year was N12.3 billion; an increase of 7.9 per cent, which is over that of the preceding period 2021, that was N11.6 billion.
He noted that the gross claims ratio for 2021 stood at 42.0 per cent, whereas that of 2022 was 37.4 per cent, decrease of five per cent.
Ayebae said the net claims paid for the year was N7.6 billion, while that of the preceding year was N5.5 billion; resulting into an increase of 38 per cent, adding that the net claims . ratio was 22 per cent for the year under review and 19.9 per cent for 2021; an increase of 2.1 per cent.
He submitted that the gross premium recorded was N33.3 billion, an increase of 20 per cent over the previous years turnover of N27.8 billion, stressing that N22.1billion was earned in 2022, N19.3 billion was earned in 2021.
“An increase of 37 per cent was achieved. While the income for 2022 was N1.5 billion that of 2021 was N1.1 billion.
“The Groups Profit before Tax (PBT) for the year under review was N5.5 billion and N4.5 billion in 2021, an increase of 21 per cent.
“The Parent Company’s PBT was N5.5 billion for 2022 and N4.5 billion for 2021 an increase of same 21 per cent.
“The position of the Group Financial Assets increased by 32.6 per cent, while total assets and total equity improved by 19.9 per cent and 18.7 per cent respectively,” he posited.
The Chairman submitted that the parent company also had the same percentage increase in financial assets and total equity, adding that the total assets increased by 20 per cent.
He said the Board during the year under review supervised the managements efficiency that brought about a reduction in the management expenses from N4.2 billion in 2021 to N3.7 billion in 2022.
The Group Managing Director of the company, Tope Smart, said the feat, notwithstanding the challenging operating environment, were achieved due to the firm’s determination and the robust strategies put in place.
‘It is also worth noting that these results would not have been achieved but for the massive support and loyalty of our clients and brokers who have been there for us over the years.
“We owe them a debt of gratitude. Our appreciation also goes to our Board for providing us with a very conducive environment and allowing us to benefit from their wealth of wisdom and experience which have been helpful at crucial times on this journey,” he said.
He said he particularly proud of the staff who have remained very focused, dogged, and unwavering despite the difficult operating environment. “I say a big thank you to you all. To our ever-supportive Shareholders, we appreciate you for your love and uncommon support over the years.
“We are truly grateful. My special thanks also go to all our friends, associates, and other stakeholders, we deeply appreciate you.
“Above all, everything we have achieved could not have been possible without our Maker, our Pillar, and our Helper, the Almighty God. To Him alone be all the glory,” he said.
Smart noted that as the company looks forward to the future, he assures that with the robust structure, put in place, the company is well-positioned for greatness, adding that all projections set would be attained by the special grace of God.
