Nem Insurance announces N6.4b premium

NEM Insurance Plc’s gross premium rose by 30 per cent from N4.9 billion in 2009 to N6.4 billion in 2010 financial period.

The Chairman, Chief Adewale Teluwo, disclosed this in the company’s 2010 annual report and account.

Teluwo said, “The financial period was indeed a fruitful year as seen from the annual reports and this was through the tireless efforts of all stakeholders in the company.”

The chairman said that the total claims paid by the group rose by 23 per cent to N1.1 billion from N901 million in 2009.

As a  result of good performance for the company, the chairman said that the company would pay a dividend of 5k to its shareholders.

He said that while its subsidiary, Nem Insurance Ghana Limited recorded a loss of N10.4 million in the year under review, the parent company’s profit before tax rose to N1.04 billion in 2010, from N868 million in 2009.

The profit after tax, he added, declined by 1.5 per cent from N857 million in 2009 to N844 million in 2010 as a result of increase in provision for tax.

He noted that, the result of the subsidiary was not unexpected because last year was its first full year of operation, but added that he was positive that the company would start recording positive result.

Teluwo said, “In line with our commitment to build a world class insurance institution, I am happy to announce that the construction of the new head office complex has started. When completed, the head office will be relocated there alongside some subsidiaries.”

The Group Managing Director, Mr. Tope Smart, noted that the determination of the company to surpass the expectation of its clients has endeared it to all its clients and the issuing public.

He said, “Nem is now properly positioned to take advantage of anticipated opportunities that will arise with the expected growth in the economy.”