From left; Deputy Commissioner for Insurance Finance & Admin, Ekerete Ola Gam-Ikon; Director Supervision, Oluwatoyin  Charles; Commissioner for Insurance, National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin; Chairman NAICOM, Hajiya Halima Kyari. Chairperson and Special Adviser, Technical to CFI , Taiwo Adeoye.

Cross section of NEM Insurance Plc, delegation  to  AIO led by it’s Chairman, Mr. Tope Smart

Cross section of Cornerstone Insurance  Plc delegation to 52nd AIO Conference, led by its  Managing Director/CEO, Mr.Stephen Alangbo,

From left: Segun Balogun, Independent non-Executive Director, SanlamAllianzi General Insurance Ltd; Nomwen Emeghalu; MD, FGI Insurance Brokers Ltd; Deputy Commissioner for Insurance Finance & Admin, Ekerete Ola Gam-Ikon and  Toye Odunsi, Mascot Insurance Brokers Ltd.

From left;Managing Director, NEM Insurance Plc, Andrew M. Ikekhua; Director Supervision, NAICOM, Oluwatoyin  Charles; Deputy Commissioner for Insurance Finance & Admin, NAICOM, Ekerete Ola Gam-Ikon and Managing Director, Veritas Kapital  Assurance Plc, Dr. Adaobi Nwakuche.

Team of Unitrust Insurance Limited to AIO led by its Managing Director/CEO, Mr.Adedayo Arowojolu.

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The Board of Directors of NEM Insurance Plc has recommended a dividend payout of ₦7.52 billion to shareholders for the 2025 financial year, following strong growth recorded across key financial indicators.

The Board disclosed this during its 56th Annual General Meeting held in Lagos yesterday, where the Group Chairman, Tope Smart, presented the Annual Report and Financial Statements for the year ended December 31, 2025.

The dividend payout of N1.50 per ordinary share, amounting to N7.52 billion, subject to shareholders’ approval and applicable withholding tax deductions.

At the meeting, shareholders commended the board and expressed satisfaction with the company’s steady returns and strong performance, despite a tough business environment, noting that the proposed dividend reflects management’s commitment to rewarding investors.

Speaking on the company’s performance, Smart disclosed that insurance revenue grew by 56 per cent from N97.9 billion in 2024 to N152.3 billion in 2025, while Investment income also rose significantly by 70 per cent to N12.9 billion from N7.6 billion recorded in the previous year.

He added that the company’s subsidiaries, NEM Asset Management Company Limited and NEM Health Limited, did quite well and made positive contributions to the Group’s earnings during the year under review.

On claims settlement, Smart stated that claims expenses increased to N49.8 billion in 2025 from N31.3 billion in 2024, reflecting the company’s commitment to meeting obligations to policyholders promptly.

According to him, the Group recorded a profit before tax of N27.9 billion. He, added that the company maintained a strong financial position as financial assets increased by 38 per cent, while total assets and total equity rose by 49.8 per cent and 29 per cent respectively.

As part of its expansion drive, Smart revealed that plans to establish a life assurance company were at an advanced stage and would soon be unveiled.

Also speaking at the AGM, the Managing Director of NEM Insurance Plc, Andrew Ikekhua, said the company’s balance sheet remained robust, reflecting strong capitalisation and preparedness to operate effectively under the new regulatory capital regime introduced by the Nigerian Insurance Industry Reform Act 2025.

He noted that the company also received several awards and recognitions in 2025, including Best General Insurance Company of the Year; Outstanding Performance in Claims Settlement Award by Risk Analyst; and the Pearl Award in the Financial Services ( Insurance Sector) for the year 2025.

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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.

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At the Group level, total assets rose significantly by N61.81 billion to N186.04 billion in 2025, up from N124.23 billion recorded in 2024. This growth reflects the company’s continued expansion and strengthened investment base.

Group liabilities also increased to N101.58 billion from N58.79 billion, in line with higher underwriting activities and obligations, while total equity climbed to N84.46 billion, compared to N65.44 billion in the previous year, underscoring improved shareholder value.

The Group recorded a strong rise in total revenue, which grew to N173.04 billion from N121.6 billion in 2024, representing a substantial increase driven by enhanced premium income and investment performance.

However, profitability moderated during the period, with Profit Before Tax (PBT) declining to N27.98 billion from N33.7 billion, while Profit After Tax (PAT) stood at N23.9 billion, down from N29.24 billion in the prior year.

At the Parent Company level, NEM Insurance Plc also posted notable growth in key balance sheet indicators.

Total assets increased to N178.59 billion in 2025 from N121.93 billion in 2024, while total liabilities rose to N94.59 billion, compared to N56.49 billion recorded in the previous year.

Revenue for the parent company grew to N165.72 billion, up from N119.88 billion, reflecting sustained business expansion and improved operational performance.

Similar to the Group, profitability declined, with PBT falling to N27.56 billion from N33.52 billion, and PAT decreasing to N23.55 billion from N29.08 billion in 2024.

Commenting on the results, the company noted that the performance demonstrates resilience and strong market positioning, driven by revenue growth and asset expansion, despite prevailing economic and industry challenges that impacted margins.

The company reaffirmed its commitment to delivering value to shareholders, strengthening underwriting capacity, and sustaining growth through innovation and customer-focused insurance solutions.

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Among those celebrated was Tope Smart, past Chairman  of the Association and current Chairman of NEM Insurance Plc who received special commendation.

The high-profile gathering recognised former Presidents and Council representatives of the association, applauding their enduring impact on the advancement of the NIA and the broader insurance sector in Nigeria.

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NEM Insurance Plc – a leading general business underwriter and number one motor insurance business provider in Nigeria, today reinforced its commitment to staff wellbeing and healthy living with a fitness walk aimed at promoting awareness on the importance of regular exercise and preventive healthcare.

The initiative, which formed part of the company’s internal wellness programme, featured a series of health-focused activities designed to encourage employees to adopt healthier lifestyles while strengthening workplace camaraderie.

left: Executive Director Technical NEM Insurance Plc, Yemi Mayadenu;  Managing Director Andrew Ikekhua; Executive Director Finance Idowu Semowo at the event

The exercise began with a fitness walk that took participants from the company’s head office at Obanikoro, Ikorodu Road, Lagos to Maryland and back to the office premises. Staff members turned out in large numbers for the walk, demonstrating enthusiasm for the company’s wellness initiative.

The company also used the event to educate the public on importance of insuring their lives and properties, whilst assuring them of ‘NEM Care’ which accords special respect to every customer.

As part of the programme, medical checks were also conducted for employees. The health observation exercise enabled staff to check their vital signs, helping them gain insights into their health status and the importance of early detection and preventive care.

The event also featured engaging recreational activities, including aerobics sessions and a table tennis contest, which added excitement and encouraged participation among employees.

In addition, the company used the occasion to celebrate staff members whose birthdays fell within the period, creating a relaxed atmosphere that fostered team bonding; appreciation among colleagues and a sense of camaraderie and belonging among the “NEM family.”

Speaking during the event, the Managing Director/Chief Executive Officer of NEM Insurance Plc, Andrew Ikekhua, emphasised the importance of maintaining regular physical fitness, noting that healthy employees are more productive and better positioned to contribute to the organisation’s success.

“Regular fitness is no longer an option; it is a necessity for longevity and peak performance. At NEM, we believe that our greatest asset is our people, and their health remains our top priority,” he stated.

Ikekhua commended members of staff for their dedication and commitment to the company’s goals, while also reflecting on the firm’s performance and progress within the industry.

He reiterated the company’s resolve to continue implementing initiatives that promote staff wellbeing, teamwork and a positive work culture.

The fitness walk and related activities underscore NEM Insurance’s broader commitment to promoting a healthy workforce, while fostering a culture that balances professional excellence with personal wellbeing.

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Speaking at the corporate headquarters in Lagos, the Chairman of NEM Insurance Plc, Tope Smart, stated that the company remains resolute in its mission to support women affairs, noting that their contributions are vital to the sustainability of the insurance industry.

Aligning with the global theme “Give To Gain,” Smart highlighted that the insurance provider views gender diversity not just as a corporate social responsibility, but as a core driver of innovation and high-level performance.

“Our commitment to female professionals at NEM Insurance is unwavering,” Smart declared. “We recognize that by ‘giving’ women the right tools, mentorship, and leadership platforms, the industry ‘gains’ unparalleled dedication and diverse perspectives that move the needle of progress.”

The multiple award winning underwriting company and one of the top three leading general insurance business companies in Nigeria, has remained focused in promoting and supporting women affairs.

Adding her voice to the celebration, the General Manager, Corporate Services, Mrs. Mojisola Teluwo, emphasized that the company’s gender-focused initiatives, such as the “She Means Business” contest, represent a practical approach to inspiring inclusion.

Mrs. Teluwo maintained that supporting women-led initiatives is a strategic investment in the fabric of society, rather than just a philanthropic gesture.

“At NEM Insurance, we believe that when a woman thrives, a family thrives, and the nation prospers,” Mrs. Teluwo stated. “The ‘She Means Business’ initiative is our way of moving beyond mere applause for women toward active, tangible support. We are proud to provide the financial catalyst needed for visionary women to turn their business aspirations into reality.”

To mark the occasion, the leadership outlined several key pillars of support:

Leadership Development: Targeted training programs to prepare more women for executive-level decision-making.

Inclusive Work Culture: Sustaining a workplace environment that balances professional growth with personal well-being.

Economic Catalyst: Providing grants and professional frameworks to help female entrepreneurs upscale their operations.

The event featured a series of internal sessions where female staff engaged in mentorship dialogues, focusing on career advancement within the evolving landscape of the Nigerian insurance sector and paint and Sip, which provided an opportunity for women to showcase their creativity.

Smart concluded by urging other industry stakeholders to prioritize the development of female talent, asserting that a more inclusive sector is a more prosperous one for all Nigerians.

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NEM Insurance Plc – the number one motor insurance provider in Nigeria has officially awarded cash grants to the three winners of its “She Means Business” contest.

At the presentation ceremony, held today in Lagos, the leading general business insurance company in Nigeria, highlighted its commitment to fostering economic growth through the empowerment of women, celebration of entrepreneurship and gender inclusion.

The philosophy underpins the NEM She Means Business initiative, which was designed to move beyond mere applause for women and toward active, tangible support.

The highlight of the event was the recognition of three outstanding female entrepreneurs who emerged as winners of the contest. These women were selected for their resilience, innovation, and the potential of their businesses to create a meaningful impact

The winners are:

Dorcas Egbedara Opeoluwa, who is into perfume production.

Chisom Kanu, shoe merchant.

Eniola Robert Mary, fashion designer.

The cash prizes awarded are intended to help these entrepreneurs upscale their operations and strengthen their market presence.

The Managing Director/CEO of NEM Insurance Plc, Andrew Ikekhua, while congratulating the winners, called on female entrepreneurs to prioritize professional structures and robust insurance coverage as catalysts for long-term success.

The NEM Insurance boss urged women to move beyond subsistence business models and embrace the technical discipline required to build enduring empires.

Ikekhua lauded the resilience of the Nigerian woman in an increasingly complex and heterogeneous economic landscape.

“Please keep pushing boundaries, keep breaking barriers, and keep striving,” he charged. “Starting and keeping a business running smoothly is hardly ever easy, especially in today’s environment. But you are capable of greatness. Your strength inspires others, and your voice matters.”

Reflecting on the journey of legendary African entrepreneurs, he encouraged the beneficiaries to utilize their capital wisely, citing the humble beginnings of industrial giants who transformed small seed capital into multi-trillion naira conglomerates.

The NEM Insurance chief emphasized that passion alone is insufficient to scale a business. He identified Structure, Sales, and Marketing as the tripod upon which successful enterprises stand.

“In building a business empire, you need structures. Whether big or small, you must have a framework. You need sales, you need marketing, and you need advertising. This is how you turn ideas into reality and become a widely successful entrepreneur,” he noted.

He further reminded the entrepreneurs that the beauty of small business ownership lies in autonomy, urging them to take full charge of their time and strategic planning to achieve their desired level of success.

He concluded his address with a passionate “triple charge” to the women to de-risk their investments.

“Whatever you are doing, think of insurance,” he said. “I repeat that three times: Think insurance. When you think insurance, think NEM Insurance. Ensure you insure whatever is sustaining you so that as you grow, your success remains protected. With insurance, you will definitely be highly successful.”

He expressed optimism that by the next International Women’s Day, many of the beneficiaries would return with testimonies of scaled operations and expanded market reach.

The event, which featured the presentation of prize money to budding female entrepreneurs, underscores NEM Insurance’s commitment to its corporate social responsibility (CSR) pillars of empowerment and financial security.

The General Manager Corporate Services NEM Insurance Plc Mrs. Mojisola Teluwo, emphasized that the initiative was more than just a corporate social responsibility project—it is a strategic investment in the fabric of society.

She submitted that the Managing Director, Executive Directors, and staff, the GM articulated a clear vision for the program:

“We believe that when a woman thrives, a family thrives. When families thrive, communities grow. And when communities grow, businesses and nations prosper.”

The GM described the awards as a “vote of confidence” in their vision and capacity to lead.

As one of Nigeria’s leading insurance providers, NEM Insurance underscored that while its core business is built on protection and stability, its broader mission includes driving sustainable growth and inclusive development.

“Beyond policies and premiums, we are also in the business of impact,” the GM stated, reaffirming that supporting women-led businesses aligns perfectly with the company’s long-term goals.

The ceremony concluded with a powerful charge to all women to continue breaking barriers and pursuing their ambitions. The event served as a reminder that when corporate entities provide the right environment and resources, women don’t just participate in the economy—they “mean business.”

The winners appreciated NEM Insurance Plc for the gesture, whilst promising to put to good use the grants

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BY NKECHI NAECHE-ESEZOBOR—NEM Insurance Plc has reaffirmed its commitment to women empowerment and grassroots economic development with the launch of the third edition of its flagship initiative, She Means Business.

Through the programme, the leading general business underwriter will award ₦250,000 each to three outstanding female entrepreneurs, providing critical financial support to help them expand and strengthen their businesses.

The initiative underscores the company’s broader mission of promoting entrepreneurship, deepening financial inclusion, and investing meaningfully in the communities it serves.

Speaking on the initiative, General Manager, Corporate Services NEM Insurance Plc Mrs. Mojisola Teluwo, said the entry window opened on February 16, 2026, and is scheduled to close on February 28, 2026, whilst  urging interested participants to adhere strictly to the contest timeline.

According to her the move is part of the underwriter’s commitment to promoting entrepreneurship and deepening financial inclusion among women in the country. 

She submitted that the three outstanding female entrepreneurs will be selected to receive a cash grant of ₦250,000 each to scale their business operations.

She noted that the contest is a strategic response to the need for grassroots economic empowerment.

“At NEM Insurance, our mission extends beyond providing world-class insurance products; we are deeply invested in the growth of the communities we serve. The ‘She Means Business’ contest, now in its third phase, is our practical way of ‘inspiring inclusion.

“We recognize the pivotal role women play in the economy, and we are proud to provide this ₦250,000 financial catalyst to help three visionary women turn their business aspirations into reality,” she stated.

In a bid to foster creativity and digital engagement, the insurer has outlined a seamless entry process for prospective participants:

Participants are to create a 1-minute video articulating specific actions to accelerate your business.

 Upload the video on personal handles and tag @neminsuranceplc.

They are to follow NEM Insurance on all social media platforms (Facebook, Instagram, and Twitter @neminsuranceplc) and like, share, and Tag 5 friends to the post.

They are to use #NEMSheMeanBusiness3.0 for tracking and validation.

Industry observers believe that such initiatives by NEM Insurance continue to enhance the corporate image of the insurance sector, shifting the narrative toward proactive social investment and the development of the Small and Medium-sized Enterprises (SMEs) segment in Nigeria.

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Mr. Johnson has insured his business with NEM Insurance Plc, Nigeria’s leading general insurance company, for over five years. During that time, he has had cause to file multiple claims on his two trucks, and each experience, he says, has reinforced his confidence in the company.

READ ALSO: NEM Insurance Wins Financial Services Insurance Category At 2025 Pearl Awards

“The first claim was handled perfectly,” he recalled. “The second one was more challenging, but NEM still managed it excellently.”

What stood out most to him, however, went beyond the claims process itself. While his claim was being settled, NEM Insurance surprised him with a warm, personal gesture — a birthday cake.

“That really shocked me,” he said with a smile. “An insurance company welcoming me with a beautiful cake while paying my claim? That is not ordinary.”

Describing the company as “a very good insurance company,” Mr. Johnson said the insurer’s professionalism and human touch have earned his loyalty.
He noted that his relationship with the company has grown stronger over the years, leading him to recommend NEM to others without hesitation.

“I have so much interest in NEM, and I will continue to maintain a very good relationship with them,” he said. “Even without being prompted, I tell people about them.”

According to Mr. Johnson, NEM Insurance stands out not just for dependable coverage and prompt claims settlement, but for the genuine relationships it builds with its clients.

“Sincerely, I believe there are many people out there waiting to experience an insurance policy that truly gives them solid ground,” he added.

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