NEM Insurance Plc says it recorded strong revenue growth, earning N75.41 billion for the second quarter ended June 30, 2025.
The figure represents an increase from N45.47 billion recorded in the same period of 2024.
The company disclosed this in a statement on Thursday in Lagos.
Its Profit Before Tax stood at N3.08 billion, compared with N17.94 billion in the corresponding quarter of 2024.
Profit After Tax was N2.66 billion, down from N15.48 billion in the same quarter last year.
The decline in profit was attributed mainly to higher claims and operating expenses.
NEM Insurance reported total assets of N159.90 billion as of June 30, 2025, compared with N121.93 billion as of Dec. 31, 2024.
Its liabilities increased to N83.97 billion, while shareholders’ equity rose to N75.93 billion.
The firm’s capital base, which exceeds the Minimum Capital Requirement under the Nigerian Insurance Industry Reform Act 2025, positions it well for recapitalisation.
NEM Insurance’s Managing Director, Mr Andrew Ikekhua, was named among BusinessDay’s Top 25 Chief Executive Officers in Nigeria for 2025.
The organisers described Ikekhua as a visionary leader focused on innovation, digital transformation and corporate governance.
In his remarks, Ikekhua dedicated the award to the company’s employees, attributing the firm’s success to teamwork and divine grace.
Global Credit Rating, an affiliate of Moody’s Corporation, reaffirmed NEM Insurance’s “AA+ (NG)” rating with a Stable Outlook.
The agency cited strong capital adequacy, prudent risk management and consistent earnings as key factors.
By the end of 2024, the company’s total assets had exceeded N150 billion, while shareholders’ fund was over N75 billion.
NEM also fulfilled N24 billion in claims obligations and paid dividends exceeding N5 billion to shareholders.
With sustained growth, sound governance and financial resilience, NEM Insurance remains among Nigeria’s top-tier insurance firms, strengthening the nation’s insurance sector.
