Smart: NEM Insurance to Setup Viable Life Assurance Company

Kayode Tokede 

Group Chairman, NEM Insurance Plc, Mr. Tope Smart has revealed plans of the insurance company to set up a viable life assurance company amid its expansion strategy in future prospects. 

He revealed this at the company’s 55th Annual General Meeting (AGM) held in Lagos.

The NEM Insurance’s 2024 performance saw its Profit before Tax (PBT) at N33.7 billion and N18.9 billion in 2024 and 2023 respectively, an increase of 78per cent, while the  Parent company’s PBT was N33.5billion for 2024 and N19.2billion for 2023, an increase of 74per cent..

The Board recommended a dividend of 100 kobo per N1 ordinary shares amounting to N5,016,477,767, which was approved at the AGM by shareholders.  

Despite challenges in 2024, Smart said NEM insurance  has continued to maintain its leadership position in the industry.

He noted that the 55th AGM is important in the history of the great company as a result of its landmark achievement during the year under review as enumerated with  N100 billion gross premium income during the year under review thereby making history as the first non-life insurance company in Nigeria to attain this spectacular milestone. This is quite commendable.

“In the same vein, our proposed dividend equates to the nominal value of our shares,” he said.

He said,  “Our subsidiaries (NEM Asset Management Limited and NEM Health Limited) met and exceeded their expectations also during the year.”