NEM Insurance Records 22 percent Profit Growth in Q1 2025

NEM Insurance Plc has reported a 21.63 percent in its profit after tax (PAT) in the first quarter (Q1) 2025, s0aring to N12.82 billion from N10.54 billion.

The company said the profit surge validates its sound financial health and risk management strategy even amid an unstable macroeconomic environment.

Insurance revenue was up 58.62 percent to N46.05 billion in March 2025 from N29.03 billion as at March 2024.

Further analysis of the balance-sheet of the company shows total assets were up 24.72 percent to N151.08 billion as at March 2025 from N121.93 billion as at March 2024.

Insurance contract liabilities hit N57.20 billion, which is 39.20 percent higher than 2024’s N41.09 billion.

About the company

NEM Insurance Plc is a Nigeria-based general insurance company, which is engaged in the provision of non-life insurance services for both corporate and individual customers.

The Company’s segments include Motor, Marine, Fire, General Accident, Oil & Gas, Agriculture, Engineering, Bond, Parent, and Group.

The Company’s products include Motor Insurance, Oil & Gas, Marine Insurance, Travel Insurance, Aviation Insurance, Agriculture Insurance, and Burglary Insurance, among others.

The subsidiaries are NEM Asset Management Company Limited, and NEM Health Limited. NEM Asset Management Company Limited engages in investment business of all kinds including Vehicle Leasing, Machinery Acquisition, Hire Purchase of diverse assets, and others.

NEM Health Limited is involved in the provision of health care services through health care providers and for that purpose is accredited by the National Health Insurance Authority.