NEM Insurance Plc shareholders have approved a total dividend of N5.02 billion declared by the company for the financial year ended Dec. 31, 2024.

The shareholders gave the approval at the company’s 55th Annual General Meeting (AGM) in Lagos.

The dividend translated to dividend payment of N1 per every 50k share.

The shareholders also endorsed all the resolutions proposed at the meeting.

The company during the year under review
posted a revenue of N97.9 billion, indicating 88 per cent growth from N52.1 billion achieved in the comparative period of 2023.

Addressing shareholders at the meeting Mr Tope Smart, the company’s Group Chairman, noted that in spite of all the economic challenges in 2024 , the company continued to maintain its leadership position in the industry.

Smart expressed optimism that the excellent performance would be sustained with the right form of support from all stakeholders,
with expectations from the government at all levels and other concerned parties to improve on the security architecture in our country, tackle
unemployment, diversify the economy, enhance climate resilience, and boost the living standard of citizens.

Our insurance revenue grew from N52.1 billion in 2023 to N97.9 billion in 2024, an increase of 88% over the previous year.

“Our investment income increased by 130.3 per cent and was achieved relative to 2023.

“The total investment income in 2023 was N3.3 billion while that of 2024 was N7.6 billion,” he said.

Smart said claims expenses during the review period stood at N24.9 billion against N15.6 billion in 2023, indicating an increase of 59.6 per cent.

“The claims ratio for 2024 was 25.5 per cent, while that of 2023 stood at 30 per cent, a decrease of 4.5 per cent.

He said management expenses during the period increased to N8.5 billion from N5.2 billion in 2023, representing a 63 per cent growth.

Smart attributed the development to heightened inflation and increased business growth during the financial year.

The group’s profit before tax stood at N33.7 billion in 2024 from N18.9 billion recorded in the corresponding period of 2023, an increase of 78 per cent.

The group’s Earning Per Share for the year under review was 582k compared with 26k recorded in 2023.

Speaking on future plan, Smart assured the shareholders that the company would continue with its expansion strategy.

“As part of our expansion strategy, our plan to set up a viable life assurance company is in progress and will be unveiled soon,” he said.

He lauded the staff, management and shareholders for their commitment and support over the years.

“To my beloved shareholders who have been consistent in their zest to add value to the growth of the company, you are greatly appreciated,” Smart said.