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.
Plus234Feed summary based on reporting from Business Day. Read the original report below.
Read full article
Continue on Business Day
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
NEM Insurance Reports First Profit Drop in Five Years
Nigerian Economy's Insurance Sector Sees Steady Growth, Hits N1 Trillion Premium Income Milestone
Nigerian Insurance Companies Report 45% Drop in Profit to N78.77bn
Nigerian Insurance Companies Display Mixed Dividend Prospects for FY 2025
IEI Forecasts N868.5m Profit for Q1 2026 on Stronger Premiums and Improved Services
Neimeth International Pharmaceuticals Plc Reports 9% Earnings Growth Amid Rising Costs
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
