Lagos, Nigeria – NEM Insurance Plc has reported a profit before tax of N27.98 billion (approximately $17.9 million) for the 2025 financial year, representing a 17 percent decline from N33.70 billion recorded in 2024, according to the company’s audited financial statement.
Okay News reports that despite the profit decline, the company has proposed a total dividend of N7.5 billion, translating to N1.50 per share, an increase from the previous year’s dividend of N1.00 per share. Insurance revenue rose 56 percent to N152.35 billion, while total revenue grew 42 percent to N173.04 billion.
The decline in profitability was largely driven by rising claims, reinsurance costs, and weaker investment income. Insurance service expenses climbed 53 percent to N93.49 billion, while net expenses on reinsurance contracts surged 118 percent to N39.57 billion. Investment income declined 11 percent to N20.51 billion, further impacting earnings.
Profit for the year fell 18 percent to N23.90 billion, with earnings per share down to 475 kobo from 578 kobo. Despite these pressures, the insurance service result rose marginally by 3 percent to N19.30 billion.
Total assets rose 50 percent to N186.04 billion, driven by increases in cash reserves, premium receivables, and investment properties. Total liabilities surged 73 percent to N101.58 billion, largely due to higher insurance contract liabilities. Shareholders’ equity grew 29 percent to N84.46 billion, supported by retained earnings of N56.05 billion. Cash and cash equivalents rose 122 percent to N30.99 billion.
The stock closed flat at N31.90 per share on Thursday, April 2, 2026. The share price has gained 19 percent year-to-date, ranking it 67th on the Nigerian Exchange in terms of performance.
