NEM Insurance shareholders approve N7.52bn dividend for 2025

Shareholders of NEM Insurance Plc have approved a dividend payout of N1.50 per ordinary share, amounting to N7.52 billion for the 2025 financial year.

The approval was granted at the company’s 56th Annual General Meeting (AGM) held on Thursday in Lagos.

Speaking at the meeting, the Group Chairman of NEM, Mr Tope Smart, said the company recorded strong growth in gross premium income despite a decline in profit after tax caused by foreign exchange losses.

According to him, the group’s gross premium income rose to N166.8 billion in 2025 from N110.7 billion recorded in 2024.

He added that the parent company posted N157.8 billion gross premium income against N108.3 billion in the previous year.

“Our company performed excellently well during the year under review,” Smart said.

He, however, said profit after tax declined to N24 billion from N29 billion in 2024 due to foreign exchange losses.

“Though profit after tax declined from N29 billion in 2024 to N24 billion during the year under review, this was due to foreign exchange losses we experienced during the period,” he said.

Smart described the operating environment as challenging, citing insecurity, high living costs and fuel price fluctuations.

He said insurance revenue grew by 56 per cent from N97.9 billion in 2024 to N152.3 billion in 2025, while investment income rose by 70 per cent to N12.9 billion.

The chairman added that claims expenses increased to N49.8 billion from N31.3 billion, while management expenses rose by 22 per cent to N10.4 billion.

According to him, the group’s profit before tax declined by 17 per cent to N27.9 billion from N33.6 billion in 2024 due to fluctuations in foreign exchange gains.

Smart also disclosed that the group’s financial assets rose by 38 per cent, while total assets and shareholders’ funds increased by 49.8 per cent and 29 per cent respectively.

On expansion plans, he said the company was making progress toward establishing a life assurance subsidiary.

“As part of our expansion strategy, our plan to set up a viable life assurance company is in progress and will be unveiled soon,” he said.

He added that more than 98 per cent of the company’s workforce participated in local and international training programmes during the year to improve productivity and performance.