NEM Insurance Reports N27.98bn Profit, Proposes N7.5bn Dividend

NEM Insurance Plc announced a pretax profit of N27.98 billion for the financial year ending December 31, 2025, marking a 17% decline from the N33.70 billion recorded in 2024, according to the company's audited financial statement. Despite this profit decline, NEM Insurance proposed a total dividend of N7.5 billion, which translates to N1.50 per share, an increase from the previous year's dividend of N1.00 per share.

The decline in profit was largely driven by a rise in claims, reinsurance costs, and weaker investment income during the year. However, the company demonstrated strong top-line performance, primarily from its core insurance business, with insurance revenue rising by 56% to N152.35 billion.

This growth was significantly offset by rising costs. Despite the pressures, the insurance services result rose to N19.30 billion from N18.82 billion in 2024, highlighting the resilience of core operations.

The company's tax expense fell by 18% to N23.90 billion, and total assets increased by 50% to N186.04 billion, driven by cash reserves and premium receivables.