NEM Insurance Reports Decline in Q1 Profit Despite Increased Premium Income

NEM Insurance in Nigeria experienced a decrease in profit after tax to N11.71 billion in Q1 2026, despite a significant rise in premium income. The company's actual net profit for the first three months of 2025 was N12.82 billion, reflecting a 21.65% growth.

However, the projected profit after tax for Q1 2026 is expected to be 8.68% lower than the actual figure in Q1 2025. The surge in insurance service expenses, claims, and acquisition costs to N41.36 billion in Q1 2026, an 84.04% increase from Q1 2025, is anticipated to impact overall profitability negatively.