LIVE UPDATES
The shareholders of NEM Insurance Plc have given their approval for a dividend of N3.009 billion as recommended by the Board of Directors for the 2023 financial year.
This decision was made during the company’s 54th Annual General Meeting held in Lagos.
The approved dividend amounts to 60 kobo per N1 ordinary share payable to shareholders, with the deduction of withholding tax at the appropriate rate.
During the AGM, Group Chairman Mr. Tope Smart, addressed the shareholders, highlighting the challenges of insecurity, power outages, exchange rate fluctuations, and high inflation rates that impacted foreign direct investment and caused significant exchange losses for manufacturing and telecommunications companies in 2023.
In terms of financial performance, Smart noted that insurance revenue grew by 66% from N31.4 billion in 2022 to N52.1 billion in 2023.
He said investment income also saw a substantial increase of 106% from N1.6 billion in 2022 to N3.3 billion in 2023.
Additionally, he said claims paid during the year increased by 28% to N15.7 billion compared to N12.3 billion in 2022, with a decrease in the claims ratio from 40% in 2022 to 30% in 2023.
He said management expenses also rose by 43% from N3.7 billion in 2022 to N5.3 billion in 2023 due to inflation and business growth.
The Group's Profit before Tax (PBT) for 2023 increased by 244% to N18.9 billion compared to N5.5 billion in 2022, while the Parent Company's PBT for 2023 was N19.2 billion, a 249% increase from N5.5 billion in 2022.
Furthermore, the group's financial assets between 2022 and 2023 increased by 160%.
