Shareholders of NEM Insurance Plc have approved the firm’s N5.016 billion total dividend, translating to N1.00 per share due to every investor of the company for the 2024 financial year.

At the company’s 55th yearly general meeting, the shareholders expressed strong satisfaction with the company’s outstanding performance in the 2024 financial year, especially the announcement of a revenue growth of 88 per cent to N97.9 billion, up from N52.1 billion in 2023.

The shareholders urged the company to do everything within their powers to consolidate on the performance in the current financial year. Reviewing its financials at the meeting, the Group Chairman, Tope Smart, highlighted that despite significant economic headwinds during the year, NEM Insurance maintained its industry leadership.

He attributed this to the company’s resilience, strategic management, and the continued support of key stakeholders. Smart also emphasised the importance of broader national reforms, urging government and other parties to enhance security, create jobs, diversify the economy, improve climate resilience, and elevate living standards.

He noted that both NEM Asset Management Limited and NEM Health Limited surpassed their performance targets during the year. The company’s insurance revenue rose to N97.9 billion in 2024, representing 88 per cent increase over the N52.1 billion recorded in 2023 while investment income also saw a significant leap of 130.3 per cent, increasing from N3.3 billion in 2023 to N7.6 billion in 2024.

Claims paid during the year also rose to N24.9 billion, representing a 59.6 per cent increase from N15.6 billion in 2023. Despite the increase, the claims ratio improved to 25.5 per cent in 2024, down from 30 per cent the previous year. Management expenses also grew by 63 per cent, from N5.2 billion in 2023 to N8.5 billion, which was largely attributed to inflationary pressures and the scale of business growth.

The Group’s Profit Before Tax (PBT) rose significantly from N18.9 billion in 2023 to N33.7 billion in 2024, an increase of 78.per cent. The Parent company recorded a PBT of N33.5 billion, up from N19.2 billion the previous year, marking a 74 per cent growth.

Financial assets increased by 70.7 per cent, while total assets and equity rose by 67 per cent and 70 per cent, respectively. Group Earnings Per Share (EPS) surged to 582 kobo in 2024, compared to 26 kobo in 2023. The Parent Company’s EPS also improved to 580 kobo from 264 kobo.

Looking ahead, Smart revealed that NEM Insurance is progressing with plans to launch a life assurance subsidiary as part of its long-term expansion strategy. He expressed gratitude to God for the company’s continued success and praised the MD/CEO, management, and staff for their dedication and excellence. He also thanked shareholders for their unwavering support and commitment to the company’s growth.