NEM Insurance has reported a 249 per cent increase in its profit before tax in 2023, soaring from N5.5bn in 2022 to N19.2bn.
In a statement made available to NewsNow, the Managing Director, Andrew Ikekhua, said the profit surge is a testament to NEM Insurance’s financial health and business strategies, which enabled it to thrive despite a turbulent economic environment.
In addition to the profit leap, the company recorded a 89 per cent growth in gross premium, amounting to N62.7bn, compared to N33.4bn in 2022.
The company’s total assets and shareholders’ funds also increased, growing by 68 per cent and 44 per cent respectively.
According to the statement, the total assets rose from N44bn in 2022 to N74bn in 2023, while shareholders’ funds increased from N27bn to N39bn.
Ikekhua added that the company’s success in 2023 was further recognised by the Global Credit Rating Agency of South Africa, which upgraded NEM Insurance’s financial strength rating from AA minus to AA with a stable outlook.
“During the year, the Global Credit Rating Agency of South Africa upgraded our financial strength from AA minus to AA with a 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,” Ikehua added.
The chairman of NEM Insurance, Tope Smart, noted that in line with the company’s commitment to human capital development, over 96 per cent of the workforce participated in various training programs, both locally and internationally, to enhance their job performance.