Tag: NEM Insurance Plc

NEM Insurance PLC Reports 46.90% Increase in Net Premium Income in Q3 2021

Ajibola Akamo Leave a comment

NEM Insurance PLC has released its unaudited financial statement for the third quarter ended 30th of September 2021. 

  • Gross premium written during the period stood at N23.18 billion. (+23.48% YoY) 
  • Gross premium earned during the period was N21.35 billion. (+36.50% YoY) 
  • Net premium income for the period was N15.31 billion. (+46.90% YoY) 
  • Fee and commission income during the period was N1.17 billion. (+9.88% YoY) 
  • Net underwriting income of N16.48 billion was recorded. (+43.46% YoY) 
  • Profit before income tax for the period was reported as N2.45 billion. (+85%) 
  • Profit after tax for the period was N2.07 billion. (+85%) 
  • Loans and advances to customers for the period was N6.7 billion (+40.29 YoY) 
  • Total assets during the period stood at N35.23 billion. (+4.06 bn YtD) 

See link to results 

NEM Insurance Plc set to pay N902.97m dividend to shareholders.

Chidi Emenike Leave a comment

The Board of NEM Insurance Plc has approved a total dividend of N902.97 million representing 9 kobo per share for the 2020 financial year at the 51st Annual General Meeting of the company, held at NEM House in Obanikoro, Lagos on 24th of June, 2021.

This is according to a notification signed by the company’s secretary, Olajumoke Philip-Akede and seen by Nairametrics

An abstract of the resolution read: ‘’ That the dividend payment of 9k for every ordinary share of 50k each be and are hereby payable to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 4th of June, 2021.’’

In light of this, the approved dividend will be paid on all the issued 10,032,955,535 ordinary shares of the company.

In addition, the board also agreed to consolidate the company’s shares in the ratio one (1) new ordinary shares for every two (2) ordinary shares previously held by its shareholders. This will consequently raise the nominal value of the ordinary shares from 50 kobo each to N1 per share.

Other key decisions reached at the AGM include;

  • Two Directors were re-elected into the Board, namely: Dr. Fidelis Ayebae and Mrs. Olayinka Aletor.
  • Directors and Auditors remuneration for the 2021 financial year were fixed.
  • Five persons were elected as members of the statutory audit committee for the 2021 financial year.
  • The board also approved the amendment of the company’s Memorandum and Articles of Association to reflect the changes brought about by the share consolidation exercise.
  • The board finally approved that the transfer of N272,551,000 representing the value of 4.7 billion ordinary shares, from the Company’s Share Premium account and Retained Earnings account to the Share Capital account.

What you should know:

  • NEM Insurance Plc had earlier reported a profit after tax of N5.08 billion in FY 2020, indicating a surge of about 112.3% when compared to the sum declared in the corresponding period of 2019.

NEM Insurance Plc set to hold 51st Annual General Meeting on June 24.

Chidi Emenike Leave a comment

The Board of NEM Insurance Plc has announced that it will be hosting its 51st Annual General Meeting on the 24th of June, 2021.

This is according to a notification signed by the company’s secretary, Olajumoke Philip Akede, and seen by Nairametrics. Sequel to this, the following issues will be discussed;

  • The audited financial statement for the year ended December 31, 2020, and the report of its Directors, auditor, and the audit committee.
  • The firm’s proposed dividend of 9 kobo per share will be considered and approved. It is worthy to note that if ratified, the dividend will paid on 24th of June, 2021.
  • Board appointments will also be considered and ratified.
  • To fix remuneration of managers and Directors in FY 2021.
  • To elect shareholders’ representatives of the statutory audit committee.

Special Business

  • A proposal to reconstruct the firm’s shares in the ratio two (2 )ordinary shares held by each shareholder for one (1) new ordinary share, will be discussed.
  • The company’s Memorandum and Articles of Association will be amended to reflect the changes.

 

What you should know:

  • NEM Insurance Plc had earlier reported a profit after tax of N5.08 billion in FY 2020.
  • In line with CAC guidelines, attendance at the AGM will be by proxy. A list of 7 proxies  have been made available for shareholders to choose from,
  • The link for the Annual General Meeting will be made available on the company’s website: www.nem-insurance.com

 

For more information about the AGM, click HERE.

NEM Insurance Plc appoints Idowu Semowo as new Chief Financial Officer

Chidi Emenike Leave a comment

NEM Insurance Plc has announced the appointment of Mr Idowu Semowo as its new Chief Financial Officer (CFO) effective from 1st of February, 2021.

This is according to a disclosure signed by the firm’s secretary, Olajumoke Philip-Akede and made available on the website of the Nigerian Exchange Group Plc (NGX), as seen by Nairametrics.

As part of his responsibilities, Idowu will support the Board in driving the Group’s strategic vision and harnessing greater wealth building opportunities for shareholders. Sequel to this, the board expressed optimism and trust in the capability of the new CFO to deliver.

Profile

Mr Idowu is a financial industry expert with over thirty years of experience in banking, stock broking and auditing, having worked for firms like Universal Trust Bank, MBC International Bank and Kinley Securities Limited, among others.

He is a fellow of both the Institute of Chartered Accountants of Nigeria and the Chartered Institute of Bankers of Nigeria, and an Associate of the Chartered Institute of Stockbrokers of Nigeria [ACS].

What you should know:

  • NEM Insurance Plc is one of the oldest financial institutions in Nigeria. It started insurance business in Nigeria in 1948 and it currently offers life and non-life insurance services.
  • The firm recently posted a profit after tax of N5.08 billion in FY 2020, indicating a surge of about 112.3% YoY.

 

For more information about the recent appointment, click HERE.

2020 FY Results: NEM Insurance Plc reports a 112% increase in profit after tax.

Chidi Emenike Leave a comment

NEM Insurance Plc released its full-year results for the year ended December 2020.

  • Net premium income of N15.9 billion. (+25.7% YoY)
  • Total claims paid during the year was N6.05 billion (+53.8% YoY)
  • Underwriting profit of N5.98 billion. (+37.5% YoY)
  • Profit after tax for the year was N5.08 billion. (+112.3% YoY)
  • Earnings per share of 96 kobo Vs 45 kobo.
  • The Shareholders’ fund of the company increased by 4.3 billion representing a 30.2% rise YoY.
  • A final dividend of 9 kobo was proposed.

See link to results.

NEM Insurance projects N1.71 billion profit for Q2 2021.

Blurb Leave a comment

NEM Insurance Plc has released its earnings forecasts for the second quarter of 2021.

  • Net Premium Income is projected at N10.43 billion.
  • Total claims is projected at N3.58 billion.
  • Reinsurance expenses is projected at N4.22 billion.
  • Underwriting profit is projected at N4.15 billion.
  • Profit before tax is projected at N2.76 billion.
  • Profit after tax is projected at N1.71 billion.

See link to forecasts.