BY NKECHI NAECHE- ESEZOBOR—Nigeria’s lead Underwriter, MEM Insurance PLC said it grew its insurance revenue by 88% over the previous year of 2023.
The general insurance giant said its revenue rose to N97.9billion at the end of financial year of 2024 as against N52.1billion reported in 2023.
Known for prompt claims payment, the insurer paid a total of N24.9b when compared to 2023 when it paid N15.6b which represents an increase of 59.6% over that of the preceding year.
The Chairman of the Company, Mr Tope Smart disclosed this during the company’s 55th Annual General Meeting, held today in Lagos , that Claims ratio for 2024 stood at 25.5% while that of 2023 was at 30%, a decrease of 4.5%.
The Group’s Profit before Tax (PBT) was N33.7billion and N18.9billion in 2024 and 2023 respectively, an increase of 78% while Parent Company’s PBT was N33.5billion for 2024 and N19.2billion for 2023, an increase of 74%.
The Group’s Financial assets between 2023 and 2024 increased by 70.7% while Total Assets and Total Equity also improved by 67% and 70% respectively.
The Group’s EPS for the year under review was 582Kobo while that of the previous year was 260Kobo.
Parent Company’s EPS for 2024 was 580K against the preceding year of 264K.
Following its outstanding performance , the Board recommended a dividend of 100 kobo per N1ordinary shares amounting to N5,016,477,767, payable to shareholders and subject to deduction of withholding tax at the appropriate rate.
On human capital development, he said: “In line with the company’s policy on human capital development, more than 97% of our workforce attended various training courses both local and foreign to improve their skills andenhance their performance on the job.”
On future outlook, he said “As part of our expansion strategy, our plan to set up a viable life assurance company is in progress and will be unveiled soon.
He appreciated the Management, entire members of staff for their dedication and hard work in achieving the set organizational goals.
