NEM Insurance Demonstrates Financial Stability With Positive Forecast

Yemisi Izuora

NEM Insurance Plc, has released a its financial forecast for the third quarter period ending 30th September 2021 with a projected profit after tax of N3.553 billion which is 51.19 per cent improvement over N2.350 billion projected for Q2 2021.

The forecast published at the Nigerian Exchange projected a gross premiums written of N21.675 billion compared with N16.320 billion projection for Q2 2021.

NEM Insurance Plc had in 2020, projected a rise in its Profit After Tax (PAT) to N1.71 billion for the first quarter of 2021 (Q1, 2021), indicating a 482 per cent increase from the figure recorded in Q3, 2020.

NEM INSURANCE Plc, started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965.

Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria.

The company, which has contributed immensely towards the growth of Insurance Industry in Nigeria, was into Life and Non- Life business.

Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.

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