NEM Insurance Pays N12.3bn   Claims In 2022



Chairman, NEM Insurance Plc, Dr. Fidelis Ayebae, at the weekend, said the underwriting company paid 12.3 billion Naira to its claimants in 2022 financial year.

He disclosed this during the 53rd annual general meeting of the company in Lagos.

The chairman said, “The gross claims incurred during the year was 12.3billion naira; an increase of 7.9 per cent over that of the preceding period that was 11.6 billion Naira. The gross claims ratio for 2021 stood at 42.0 per cent whereas that of 2022 was 37.4 per cent, decrease of five per cent.”

According to the report he presented at the meeting, net claims paid for the year was 7.6 billion Naira, while that of the preceding year was 5.5 billion naira; resulting into an increase of 38 per cent. The net claims ratio was 22 per cent for the year under review and 19.9 per cent for 2021; an increase of 2.1 per cent.

The Group’s profit before tax for the year under review was N5.5bn and 4.5 billion naira in 2021, an increase of 21 per cent.

The chairman disclosed that the parent company’s PBT was 5.5 billion naira for 2022 and 4.5 billion Naira for 2021, an increase of 21 per cent.


Please enter your comment!
Please enter your name here