NEM Insurance has achieved a significant financial milestone, recording a 249% increase in its profit before tax for 2023, rising from N5.5 billion in 2022 to N19.2 billion. This surge reflects the company's robust financial health and effective business strategies, despite a challenging economic environment.
Key highlights from the company's financial performance include:
- Gross Premium: The gross premium grew by 89%, reaching N62.7 billion, up from N33.4 billion in 2022.
- Total Assets: Total assets increased by 68%, from N44 billion in 2022 to N74 billion in 2023.
- Shareholders’ Funds: These funds grew by 44%, from N27 billion to N39 billion.
Managing Director Andrew Ikekhua attributed this success to the company's strategic initiatives and financial management. Furthermore, NEM Insurance's financial strength rating was upgraded from AA- to AA with a stable outlook by the Global Credit Rating Agency of South Africa, enhancing the company's market position and brand acceptability.
Chairman Tope Smart emphasized the company's commitment to human capital development, with over 96% of the workforce participating in various training programs to improve job performance.
Key highlights from the company's financial performance include:
- Gross Premium: The gross premium grew by 89%, reaching N62.7 billion, up from N33.4 billion in 2022.
- Total Assets: Total assets increased by 68%, from N44 billion in 2022 to N74 billion in 2023.
- Shareholders’ Funds: These funds grew by 44%, from N27 billion to N39 billion.
Managing Director Andrew Ikekhua attributed this success to the company's strategic initiatives and financial management. Furthermore, NEM Insurance's financial strength rating was upgraded from AA- to AA with a stable outlook by the Global Credit Rating Agency of South Africa, enhancing the company's market position and brand acceptability.
Chairman Tope Smart emphasized the company's commitment to human capital development, with over 96% of the workforce participating in various training programs to improve job performance.