Shareholders of NEM Insurance coverage Plc have been rewarded for his or her loyalty because the insurer paid a dividend of 60 kobo per N1 atypical shares, amounting to N3 billion complete dividend in its 2023 monetary 12 months.
Addressing shareholders on the agency’s 54th Annual Common Assembly (AGM) in Lagos, earlier within the week, group chairman Tope Good, disclosed that the full funding earnings of the insurer in 2022 was N1.6 billion whereas that of 2023 was N3.3 billion, including that, the claims paid through the 12 months was N15.7 billion as in opposition to N12.3 billion in 2022; a rise of 28 per cent over that of the previous 12 months.
The claims ratio for 2023, he mentioned, was 30 per cent whereas that of 2022 was 40 per cent, a lower of 25 per cent.
He famous that administration bills elevated by 43 per cent from N3.7 billion in 2022 to N5.3 billion in 2023, noting that the rise was because of the affect of inflation and enterprise progress through the 12 months underneath overview.
Equally, he mentioned, the agency’s income grew from N31.4 billion in 2022 to N52.1 billion in 2023, a rise of 66 per cent.
Stressing that the group’s Revenue Earlier than Tax(PBT) for the 12 months underneath overview was N18.9 billion in 2023 from N5.5 billion in 2022, translating to a rise of 244 per cent, he added that, the place of the group’s monetary property between 2022 and 2023 elevated by 160 per cent whereas complete property and complete fairness additionally improved by 68 per cent and 43 per cent respectively.
Saying the Group’s Fairness Per Share(EPS) for the 12 months underneath overview was 260 kobo whereas that of the earlier 12 months was 108 kobo, he added that, the guardian firm’s EPS for 2023 was 264 kobo in opposition to the previous 12 months of 108 kobo.
“NEM Insurance coverage Plc is a number one insurance coverage supplier in Nigeria, providing all types of normal insurance coverage merchandise with a historical past of profitable monetary reporting underneath earlier accounting requirements. The corporate realised the significance of embracing IFRS 17 in addition to the directives from regulatory authorities and adopted IFRS 17 in presenting its 2023 financials,” he identified.
