NEM Insurance, one of Nigeria's largest non-life insurers, plans to establish a life insurance company.
“As part of our expansion strategy, our plan to set up a viable life assurance company is in progress and will be unveiled soon,” said group chairman Mr Tope Smart in the chairman’s statement published in the 2024 annual report of the company.
In the statement, Mr Smart pointed out that the insurer recorded over a hundred billion nairas in gross premium income in 2024, making history as the first non-life insurance company in Nigeria to attain this milestone. Gross Premium Written amounted to NGN108.3bn ($68m), surging by 72% over NGN62.7bn recorded in 2023.
Group insurance revenue grew to NGN98.0bn in 2024, an increase of 88% from NGN52.1bn in 2023. The insurance service result grew to NGN18.8bn from NGN5.1bn with a growth rate of 262%. The group's net profit before tax was NGN33.7bn in 2024, an increase of 78% over the NGN18.9bn chalked up in 2023.
NEM Insurance achieved strong financial results in 2024 even though Nigeria experienced the impact of fuel subsidy removal and the single exchange rate regime for over a year, increases in prices of goods and services persisted, fluctuations in the fuel pump price while the exchange rate remained unstable.