NEM Insurance has announced a notable 249 percent increase in its pre-tax earnings for the year 2023, jumping from N5.5 billion in 2022 to N19.2 billion. Andrew Ikekhua, the Managing Director, highlighted that this substantial growth in profits reflects NEM Insurance’s robust financial condition and effective business strategies, which enabled it to thrive amidst a challenging economic backdrop. Alongside this surge in profitability, the company also achieved an 89 percent increase in gross premiums, amounting to N62.7 billion compared to N33.4 billion the previous year.
The company’s total assets experienced a significant rise of 68 percent, climbing from N44 billion in 2022 to N74 billion in 2023. Similarly, shareholders’ funds grew by 44 percent, moving from N27 billion to N39 billion during the same period. Ikekhua further emphasized that NEM Insurance’s achievements in 2023 were acknowledged by the Global Credit Rating Agency of South Africa, which upgraded its financial strength rating from AA minus to AA with a stable outlook.
“Over the past year, the Global Credit Rating Agency of South Africa upgraded our financial strength rating from AA minus to AA with a stable outlook. This upgraded rating underscores our strong financial capacity to meet obligations and pursue ambitious market initiatives, enhancing our brand recognition and positioning us favorably to attract more corporate clients. As part of our corporate strategy, we successfully introduced five new retail products to the market following NAICOM approval,” Ikekhua added.
