NEM Insurance coverage Plc has launched its third-quarter monetary assertion, reporting a pretax revenue of N5.8 billion, a rise of 66.94% from N3.4 billion in the identical quarter of 2024.
This introduced the corporate’s nine-month pretax revenue to N23.7 billion, in comparison with N15.7 billion a yr earlier, supported by agency income development and improved funding returns.
Insurance coverage income for the quarter stood at N32 billion, up 33.16%, whereas the nine-month determine rose to N107.4 billion, representing a 54.55% year-on-year enhance.
After accounting for insurance coverage service bills of N24.2 billion and reinsurance prices of N5.7 billion, the insurance coverage service end result was N1.9 billion, barely beneath the N2.8 billion recorded in Q3 2024.
A stronger internet funding results of N5.8 billion, up 223.18%, largely offset the decline within the insurance coverage phase.
- Of this, curiosity revenue amounted to N3.8 billion, largely from fastened deposits, whereas internet honest worth good points contributed N2.9 billion, primarily from quoted securities.
Collectively, the insurance coverage and funding outcomes totaled N7.6 billion, up 65.6% year-on-year.
After deducting administration bills of N1.8 billion, pretax revenue got here to N5.8 billion, whereas post-tax revenue stood at N5.02 billion, up 71.82% from the identical interval in 2024.
Steadiness sheet
On the stability sheet, whole property stood at N165.4 billion, up from N121.9 billion, with monetary investments at amortized price making up the biggest portion at N74.7 billion, adopted by reinsurance contract property of N34.6 billion.
Complete fairness rose to N80.9 billion, a rise of 23.73%, pushed primarily by retained earnings, which grew 27.10% to N53.4 billion.
The corporate’s whole liabilities elevated to N84.4 billion from N56.4 billion, with insurance coverage contract liabilities accounting for almost all at N69.3 billion.
In the course of the interval, NEM Insurance coverage acquired a complete of N122.2 billion premiums, up 43.08% year-on-year, and paid N30.5 billion in direct claims, representing a 104.46% enhance.
Key highlights (Q3 2025 vs Q3 2024)
- Insurance coverage income: N32 billion, +33.16% YoY
- Insurance coverage service end result: N1.9 billion, -29.30% YoY
- Internet funding end result: N5.8 billion, +223.18% YoY
- Internet insurance coverage and funding end result: N7.6 billion, +65.63% YoY
- Administration bills: N1.8 billion, +56.94% YoY
- Pretax revenue: N5.8 billion, +66.94% YoY
- Retained earnings: N53.4 billion, +27.10% YoY
- Premiums acquired: N122.2 billion, +43.08% YoY
- Direct claims paid: N30.5 billion, +104.46% YoY
As of buying and selling on October 24, 2025, the corporate’s shares are priced at N30.00, up over 173% yr to this point.
Be First to Comment