NEM Insurance pays N41.46bn claims in 2025

NEM Insurance Plc. has reported a total of N41.46 billion in gross claims paid across its various lines of operation for the financial year ended Dec. 31, 2025.

This is according to the Group’s audited annual report for the year ended Dec. 31, 2025, submitted to the Nigerian Exchange Group (NGX) and obtained by our correspondent in Lagos on Wednesday.

The figures showed that the parent company paid N41.46bn in 2025 from N24.24bn in 2024.

Details from the audited financial statements showed that the highest claims payout was recorded in the motor insurance segment, which accounted for N13.00 billion of the total claims paid during the period.

Fire insurance followed with claims amounting to N9.04 billion, while the oil and gas segment recorded N7.01 billion in claims payments.

General accident insurance also posted a significant payout of N6.73 billion.

In the marine segment, NEM Insurance paid N3.77 billion in claims, while engineering insurance claims stood at N1.64 billion.

Other segments recorded relatively lower claims. Agriculture insurance accounted for N152.21 million in claims, while bond insurance recorded N110.03 million.

NEM Insurance Plc said it is strategically positioned to deliver sustainable value to shareholders and policyholders, while contributing to the development of the insurance sector.

It said this is backed by a strong capital base, a growing customer network and rising investment income.

According to the company, its latest performance further underscored its standing among insurers with strong claims- paying capacity, a key indicator of financial stability and operational reliability in the industry.

GCR Ratings had upgraded NEM Insurance Plc’s national scale financial strength rating to AA+(NG) from AA(NG), with the outlook maintained as stable.

According to the rating agency, the upgrade reflects sustained strengthening in the company’s competitive position within the non-life insurance segment, supported by a sound financial profile characterised by robust risk-adjusted capitalisation, adequate liquidity, and strong earnings capacity.