L-R: Director, NEM Insurance Plc, Mrs. Joy Teluwo; Group Managing Director/CEO, Mr. Tope Smart; Chairman Board, Dr. Fidelis Ayebae, and Executive Director, Marketing, Mr. Andrew Ikekhua, during the company’s 51st annual general meeting held in Lagos yesterday
BY NKECHI NAECHE-ESEZOBOR– Nem Insurance Plc has announced a growth in it’s group’s profit after tax of N5.08billion for the full year ended 31, December 2020.
L-R: Group Managing Director/CEO, NEM Insurance Plc, Mr. Tope Smart; his wife, Mrs. Tonia Smart; Chairman Board, Dr. Fidelis Ayebae; Director, NEM Insurance Plc, Mrs. Joy Teluwo, and former Chairman, NEM Insurance, Chief Adewale Teluwo, during the company’s 51st annual general meeting held in Lagos yesterday.
The company disclosed this when it held it’s 51st virtual Annual General Meeting in Lagos that it’s group profit grew by 112 % from N2.4 billion recorded in the previous year.
L-R: Tope Smart, Group Managing Director/CEO, NEM Insurance Plc; Sunny Nwosu, shareholder; Bisi Bakare, shareholder; Fidelis Ayebae, Chairman Board; Nona Awoh, shareholder, and Andrew Ikekhua, Executive Director, Marketing, during the company’s 51st annual general meeting held in Lagos on Thursday.
Speaking at the event, the Chairman of the Board, Dr. Fidelis Ayebae said that the parent company also recorded an increase of 113% PAT over the preceding period. That is, N2.4 billion was generated in 2019 against N5.08billion in 2020.
Cross Section of shareholders at the meeting.
The Insurers financial Assets, Total Assets & Total Equity were also increases of N5.9billion, N5.5billion and N4.2billion in the Groups Financial Assets, Total Assets and Total Equity respectively.
Also, the Parent Company had increases of N5.9billion; N5.5billion and N4.3billion in Financial Assets, Total Assets and Total Equity respectively.
The company generated a gross premium of N22billion when compared to N19.8 billion generated in the preceding year 2019; indicating an increase of 12%.
The Net Premium earned during the period under review was N15.8 billion and 25% increase over the preceding period of 2019 which recorded N12.6 billion.
On investment income, he said though the interest rate in commercial paper crashed, the company’s management was proactive enough take the advantage of other investment opportunities to generate an income on investment of N1.004billion as against the previous income on investment in 2019 which was N878.2 million. This resulted in increase of about 14.3%.
On claims paid, he said N8.4 billion was incurred in 2020, that of 2019 was N7.3 billion; an increase of 15%.
In the same vein, the net claims expenses of N6.05 billion incurred in 2020 was 53% higher than that of the preceding period which recorded N3.9billion. The Net Claims ratio for the period under review was 27% as against that of 2019 that was 21%.
Earnings per Slshare (EPS), he said 0.96 kobo while that of the previous year was 45 kobo.
Following it’s outstanding performance, the board recommended a dividend of N0.09kobo per ordinary share.
