Shareholders of NEM Insurance Plc have approved a ₦7.5 billion dividend payout for the 2025 financial year, following a robust performance by the underwriting firm despite prevailing macroeconomic headwinds.
The approval was granted during the company’s 56th Annual General Meeting (AGM) held in Lagos, where the board’s recommendation of a dividend of ₦1.50 kobo per ₦1 ordinary share was ratified. The dividend remains subject to the deduction of withholding tax at the appropriate statutory rate.
Addressing the investors, the Group Chairman of NEM Insurance, Mr Tope Smart, noted that the company maintained its leadership position in the general insurance business sector whilst navigating severe local and international economic challenges.
The Group reported an impressive surge in Gross Premium Income, which rose to ₦166.8 billion in 2025 from ₦110.7 billion in the previous year. Similarly, the parent company recorded a Gross Premium Income of ₦157.8 billion, up from ₦108.3 billion in 2024. Insurance revenue also experienced a significant upward trajectory, growing by 56 per cent from ₦97.9 billion in 2024 to ₦152.3 billion under the year under review.
However, the company’s bottom-line performance reflected the volatile foreign exchange environment:
- Profit Before Tax (PBT): Declined by 17 per cent to ₦27.9 billion, compared to ₦33.6 billion recorded in 2024.
- Profit After Tax (PAT): Settled at ₦24 billion, down from ₦29 billion in 2024, a contraction the Chairman attributed directly to foreign exchange translation losses.
Despite the contraction in net profitability, NEM Insurance recorded notable balance sheet growth. The Group’s financial assets increased by 38 per cent, whilst Total Assets and Total Equity advanced by 49.8 per cent and 29 per cent, respectively.
Total investment income also experienced a significant lift, rising to ₦12.9 billion from ₦7.6 billion in 2024.
NEM Insurance Plc: Key Performance Indicators (2024 vs 2025) Gross Premium Income (Group): 2024: ₦110.7bn ➔ 2025: ₦166.8bn (▲ 50.7%) Insurance Revenue: 2024: ₦97.9bn ➔ 2025: ₦152.3bn (▲ 56.0%) Total Investment Income: 2024: ₦7.6bn ➔ 2025: ₦12.9bn (▲ 69.7%) Claims Settled: 2024: ₦31.3bn ➔ 2025: ₦49.8bn (▲ 59.1%)
Mr Smart disclosed that the company’s claims settlement remained a core priority, with ₦49.8 billion paid out to policyholders in 2025, compared to ₦31.3 billion in 2024. This brought the company’s claims ratio to 29.8 per cent, up slightly from the 28 per cent recorded in the preceding year.
He further revealed that the Group’s subsidiaries NEM Asset Management Company Limited and NEM Health Limited performed creditably well during the year, contributing positively to the overall consolidated accounts.
Looking forward, the Chairman expressed optimism that the company’s strong performance would be sustained, provided the federal and state governments take definitive steps to stabilize the broader economy.
“The 2025 financial year’s excellent performance is expected to be sustained with the right form of support from all stakeholders, expectations from the government at all levels and other concerned parties to improve the security architecture in Nigeria, tackle unemployment, diversify the economy, enhance climate resilience, and boost the living standard of citizens,” Mr Smart asserted.
In terms of strategic growth, the Chairman announced that NEM Insurance is poised to diversify its portfolio within the domestic market. Plans to establish a viable life assurance company are currently in advanced stages and are expected to be unveiled to the public shortly.
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