Insurance World

Nem Insurance Profit Jumps To N5.1 billion In FY20

BY NKECHI NAECHE-ESEZOBOR--Nem Insurance Plc has released its financial statements for 31 December 2020 with Profit for the year appreciating to N5.085 billion from N2.395 billion in 2019.; this indicating 112.27% growth.

The general insurer said its gross premium written for the year also rose to N22.036 billion in 2020 from N19.760 billion reported in the same period of 2019.

BusinessToday had reported that its earnings forecast for the second quarter (Q2) ending 30 Jun 2021, the company projected profit after tax to stand at N2.350 billion when compared to N1.706 billion projected for Q1 2021; indicating 37.75% growth.

Gross premiums written was projected at N16.320 billion as against N10.710 billion projection for Q1 2021.

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