At the Annual General Meeting, shareholders of NEM Insurance Plc approved a N3 billion dividend for the fiscal year ending December 31, 2023, translating to 60 kobo per N1.00 ordinary share.
Despite challenges, NEM Insurance excelled, with Group Chairman Tope Smart highlighting the company’s leading position in the general business insurance market and its exceptional revenue performance.
Managing Director Andrew Ikekhua reported an 89% growth in gross premium written, reaching N62.7 billion in 2023 from N33.4 billion in 2022.
The company’s total assets and shareholders’ funds also surged by 68% and 44%, respectively. Profit before tax soared by 249% to N19.2 billion, while claims settled increased by 27% to N15.6 billion.
NEM Insurance’s financial strength rating was upgraded from AA- to AA by the Global Credit Rating Agency of South Africa.
This rating is expected to boost brand acceptability and attract more corporate business.
(Vanguard)