NEM Insurance Grows Profit by 11% to N1.3b in Six Months

By Modupe Gbadeyanka

Various strategic decisions taken by the management of NEM Insurance Plc paid off for the company, leading to a growth in the firm’s revenue and profit in the first six months of 2017.

NEM Insurance Plc is a leading insurance company in Nigeria with strong International and local partners.

During the period under review, the firm, which has its headquarters in Lagos, grew its net premium income to N4.36 billion from N3.74 billion a year ago.

In addition, investment income closed at N261 million as at June 30, 2017, in contrast to N179 million as at June 30, 2016.

Furthermore, the gross premium earned in the period under review was N6.5 billion versus N4.9 billion 12 months ago.

During the first six months of this year too, the company declared a profit before tax of N1.5 billion against N1.3 billion in the corresponding period of last year, while its profit after tax stood at N1.3 billion compared with N1.1 billion in the first six months of last year.

NEM Insurance Plc started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965.

The company offers insurance services spread across different sectors.