Nem Insurance Plc has announced a dividend pay of 13 kobo for every 50 kobo share to its shareholders. The company announced this at its 49th Annual General Meeting held in Lagos recently.
Addressing the shareholders at the meeting, Nem Insurance Chairman, Fidelis Ayebae, said during the year under review,the company’s Gross Premium recorded was N15.04 billion, an increase of 12.2 percent over the previous year’s turnover of N13.4 billion as well as increase of 9.1 percent
“That is, while N10.7 billion was earned in 2018, N9.8 billion was earned in 2017”, he explained
According to him, the company’s investment income increased by 34.2 per cent, adding that while the income for 2018 was N952.8 million, that of 2017 was N709.9 million.
In terms and of claims payment, the Nem Insurance Chairman said the company incurred gross claims of N6.01 billion, showing 20 per cent increase over that of the preceding period that was N5.01 billion.
“The Gross Claims ratio for 2018 stood at 40 per cent whereas that of 2017 was 37.4 percent an increase of 2.6 per cent
“Net Claims paid for the year was N2.6 billion, while that of the previous year was N1.8 billion; resulting into an increase of 43.2 percent ,The Net Claims ratio was 23.9 percent for the year under review and 18.2 percent for 2017; an increase of 5.7 percent”, he explained .
According to Ayebae, the positions of the Group’s Financial Assets decreased by 39.1 percent while total assets and totait’s quity improved by 27.7 per cent and 27.6 per cent respectively.
“The parent company also had the same percentage decrease in Financial Assets as that of the Group i.e. 39.1 percent ,the Total Assets and Total Equity increased by the same percentage i.e. 27.4per cent.”
In his report at the meeting titled “reaching for the new heights”, Nem Insurance Group Managing Director, Tope Smart, noted that despite the difficult operating environment businesses waded through during the period under review, Nem Insurance had maintained its focus as it continued to increase its market share.
“From about five per cent market share, we now control close to seven per cent market share of non life business. We are determined to improve on this figure.
“Our associate in Ghana, Regency Nem Insurance is expanding its operations into the major areas in Ghana. This will lead to more income for the company and ultimately impact its bottom line in the nearest future”, Smart stated.