BY NKECHI NAECHE- ESEZOBOR— At NEM Insurance PLC, it’s philosophy is centered on its stakeholders’ vision of making the company a model of sound insurance practice for the nation’s insurance industry and to participate actively in the economic development of the country.
Service Delivery
While it has excellent service delivery driven by technology. It listed that Customer service is driven by state-of-the art technology such as Customer Relationship management Applications).
Its Customer support staff, are dedicated, responsible, polite and attend to customers with courtesy! even as it has an interactive website which provides more information about our company, brand visibility with an e-commerce platform for online business transactions.
Its underwriting and claims processing operations are largely driven by a highly efficient software. These applications contribute to excellent turn-around times in terms of delivering our obligations. Our technology facilities enable us to provide seamless services from policy application, premium collection, policy underwriting and delivery of certificates to customers from end-to-end for all our retail products,” he stressed.
Board/ Management Team
Chairman of NEM Insurance is no other than the doyen of insurance industry, Mr. Tope Smart while the management team is led by the managing director/ CEO, Mr. Andrew Ikekhua, who assumed office in November, 2023.
Expansion
The company has expanded its operations into the West African Sub region, with the successful registration and commencement of business of its subsidiary, NEM Asset Management which was added to the brand in March, 2016.
With a history spanning several decades, its incredible journey has been a story inspired by commitment and dedication to values as an organisation.
Over the years, it has established itself as one of the leading insurance providers in Nigeria through constant innovation and dynamic leadership.
NEM Insurance was number 2 among Non-Life underwriters in Nigeria as at 2022 with Gross Premium of N33.36billion and was an insurer with largest motor portfolio.
The company has 16 branch and retail outlets network cutting across Nigeria.
Claims History
2014 to 2021–N50.55 billion paid as claims
2022- N12.3 billion paid
2023– N15.7 billion paid
Financials
Key Highlights in FY 2023
Revenue grew by 65.79% to N52.11bn
Profit before tax stood at N18.88bn
Profit after tax stood at N12.96bn
Total investment income stood at N3.3billion
Key Highlights in Q1 2024
Revenue grew by 147.78% to N29.03bn
Profit before tax stood at N11.85bn
Profit after tax stood at N10.54bn
NEM Insurance PLC’s future outlook is stable, with a strong financial standing and a commitment to strategic growth.
GCR Ratings
In July 2024, GCR Ratings affirmed NEM Insurance’s national scale financial strength rating of AA(NG) with a stable outlook.
Agusto & Co.
Agusto & Co. assigned NEM Insurance an “A+” rating, reflecting its profitability, liquidity profile, and solvency ratio. However, the rating was moderated by rising operating costs, investment portfolio yield, and macroeconomic headwinds.
Strategic growth plans: NEM Insurance is committed to strategic growth plans to continue to achieve new heights.
Leveraging on strengths: NEM Insurance is leveraging on its reputation, brand acceptability, products availability, and strong financial capacity.
Technology: NEM Insurance is using technology to advance its insurance services.
NEM Insurance Plc has delivered exceptional returns to investors in 2024, reinforcing its status as a top underwriting firm in Nigeria.
Investors seeking profitability will find valuable opportunities in the company.
