…pays 100k dividend to shareholders
NEM Insurance, a financial services group with subsidiaries in asset management and health is gearing for a life assurance company licence in its current expansion plan.
“As part of our expansion strategy, our plan to set up a viable life assurance company is in progress and will be unveiled soon, Tope Smart, chairman of the board made the disclosure at the Company’s 55th Annual General Meeting held in Lagos.
Smart disclosing performance of the Company in the 2024 financial year, said the insurance revenue grew from N52.1 billion in 2023 to N97.9 billion in 2024, an increase of 88 percent, while the Group’s Profit Before Tax (PBT) was N33.7 billion in 2024 as against N18.9 billion in 2023, an increase of 78 percent.
This is the Parent Company’s PBT was N33.5 billion for 2024 as against N19.2billion in 2023, an increase of 74 percent.
From the result, the board approved a dividend pay- out of 100 kobo per every one-naira share held in the company, amounting to N5.02 billion.
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Reviewing the outgone year, he said the issue of insecurity, exchange rate fluctuations and the high rate of inflation were major concerns of the economy in 2024, but noted however that despite all these challenges, NEM insurance Plc has continued to maintain its leadership position in the industry.
“This trend of excellent performance is expected to be sustained with the right form of support from all stakeholders, with expectations from the government at all levels and other concerned parties to improve on the security architecture in our country, tackle unemployment, diversify the economy, enhance climate resilience, and boost the living standard of citizens, Tope Smart said.
Further look into the financial show that Group’s assets between 2023 and 2024 increased by 70.7 percent, while Total Assets and Total Equity also improved by 67 percent and 70 percent respectively.
The Group earnings per share (EPS) for the year under review was 582Kobo while that of the previous year was 260 Kobo, just as the parent company’s EPS for 2024 was 580 kobo against the preceding year of 264 kobo.
In terms of meeting its claims obligations, NEM during the review year paid out bN24.9 billion, as against N15.6 billion in 2023, representing an increase of 59.6 percent.
