From left: Idowu Semowo, Executive Director, Finance and Investment, NEM Insurance Plc; Andrew Ikekhua, Managing Director/CEO, NEM Insurance Plc, and Tope Smart, Group Chairman, during the 56th annual general meeting of NEM Insurance Plc held in Lagos on Thursday 14-5-2026
BY NKECHI NAECHE-ESEZOBOR—NEM Insurance Plc has reported a strong increase in gross premium income, rising to N166.8 billion in 2025, compared to N110.7 billion recorded in the previous year. The parent company also posted growth, with premium income climbing to N157.8 billion from N108.3 billion in 2024.
The performance reflects improved underwriting activity across the group, as insurance revenue also surged by 56% year-on-year to N152.3 billion in 2025, up from N97.9 billion in 2024, according to figures presented at the company’s 56th Annual General Meeting in Lagos.
However, profitability came under pressure. Profit after tax fell to N24 billion from N29 billion in 2024, largely attributed to foreign exchange losses recorded during the period. Similarly, profit before tax declined by 17% to N27.9 billion from N33.6 billion in 2024.
Despite the earnings pressure, operational indicators remained robust. Investment income increased to N12.9 billion in 2025, up from N7.6 billion the previous year, while claims paid rose to N49.8 billion from N31.3 billion. The claims ratio remained relatively stable at 29.8%, compared to 28% in 2024.
The group also recorded strong balance sheet expansion, with financial assets rising by 38%. Total assets grew by 49.8%, while total equity increased by 29% over the review period. Earnings per share declined to 475 kobo from 582 kobo in the prior year.
Despite the drop in earnings, the board recommended a dividend of N1.50 per ordinary share, amounting to approximately N7.52 billion, subject to shareholder approval and withholding tax deductions.
Speaking at the AGM, Group Managing Director Tope Smart attributed the performance to operational resilience and growth in core insurance revenue, while noting that plans are underway to establish a life assurance subsidiary as part of the company’s expansion strategy.
He also expressed appreciation to shareholders, staff, brokers, agents, reinsurers, and customers for their continued support, describing their contributions as central to the company’s progress.
