NKECHI NAECHE-ESEZOBOR— Shareholders of NEM Insurance PLC on Tuesday approved a total dividend of N3.1 billion declared by the board of directors of the company for the financial year ended December, 2023.
The shareholders unanimously gave their nod during the company’s 54th Annual General Meeting,( AGM), held today in Lagos.
Speaking at the meeting, the Chairman of the company, Mr. Tope Smart, said the “board is recommending a dividend of 60 kobo per 1 ordinary shares amounting to N3,009,886,660.20, if approved at this AGM, payable to shareholders subject to deduction of withholding tax at the appropriate rate.”
On its financial performance, he said the group’s Profit before Tax for the year under review was N18.9billion and N5.5billion in 2023 and 2022 respectively, an increase of 244%.
Wlhile the parent company’s PBT was N19.2Billion for 2023 and N5.5Billion for 2022, an increase of 249%.
Committed to prompt claims settlement, the company paid a total of N15.7billion to Policyholders in the year under review as against N12.3billion paid in 2022; an increase of 28% over that of the preceding year. The insurer’s claims ratio for 2023 was 30% while that of 2022 was 40%, a decrease of 25%.
He added that insurance revenue grew from N31.4billion in 2022 to N52.1billion in 2023, an increase of 66% over the previous year while investment Income increase of 106% was achieved relative to 2022.
The insurer’s total investment income in 2022 was N1.6b while that of 2023 was.N3.3billion.
The group financial assets between 2022 and 2023 increased by 160% while total assets and total equity also improved by 68% and 43% respectively while group earnings per share.
