NEM insurance has stated that the current milestone and improved performance recorded by the company is due to its sacrifice, doggedness and quality leadership, assuring shareholders that the firm will do everything within its powers  to sustains its enviable position in the industry.

Addressing shareholders at the 54th yearly general meeting of the firm held in Lagos, the chairman of the company, the Managing Director, Andrew Ikekhua said the firm recorded a growth rate of 89 per cent in gross premium written which amounted to N62.7 billion against N33.4 billion recorded in 2022.

Besides, shareholders at the meeting, approved a dividend of 60 kobo per one Naira ordinary share, amounting to N3.01 billion for the review period.

According to him, the company’s  total assets and shareholders’ fund recorded rose by 64 per cent and 63 per cent respectively.

“Total assets grew from N44 billion to N74 billion while shareholders’ fund grew from N27 billion to N39 billion.A sterling performance was also recorded on our profit before tax with a growth rate of 249 per cent from N5.5 billion in 2022 to N19.2 billion in 2023. 

He continued: “Meanwhile the total claim of N15.6 billion was settled with a growth rate of 27 per cent from N12.3 billion paid out in 2022. During the year, the global credit rating agency of South Africa upgraded our financial strength from AA minus to AA with stable outlook. “This new rating indicates our strong financial capacity to meet our obligations and plan big in the market. It also improves our brand acceptability with better chances of winning more corporate businesses. As part of our corporate strategy, five new retail products were developed and deployed into the market after NAICOM approval.”

He pointed out that more attention was given to the digital distribution of its commoditised products through various business partnerships. Ikekhua said the company sustained its leadership position in motor insurance with a huge gap ahead of the other underwriters. 

“Going forward, we shall continue to press home our strategic objectives while leveraging on our strength built on reputation, branch acceptability and strong financial capacity,” he added.

Earlier, the company’s chairman, Tope Smart said the group’s EPS for the year under review was 260 kobo while that of the previous year was 108 kobo while parent company’s EPS for 2023 was 264 kobo against the preceding year of 108 kobo.

“In line with the company’s policy on human capital development, more than 96% of our workforce attended various training courses both local and foreign to enhance better performance on the job. Also, deserving members of staff were promoted during the year,” he added.