Lekan Yusuf, Ibadan
NEM Insurance says it has paid claims totalling N30.54 billion as of third quarter of 2025, representing a 105 per cent increase over the N14.94 billion paid in the corresponding period of 2024.
The company in a statement on Tuesday, said this underscored its commitment to prompt claims settlement.
In a review of the interim financials, the statement said that the underwriter also showed substantial operational improvements year-on-year.
It noted that insurance revenue rose sharply to N107.44 billion in the third quarter of the current year, up from N69.52 billion in the same period of 2024, representing a 55 per cent growth.
“Similarly, net insurance and investment results advanced to N30.39 billion from N20.92 billion recorded in the third quarter of 2024, reflecting 45 per cent growth.
“The company posted an insurance service result of N17.05 billion, compared with N18.44 billion in the corresponding period of last year.
“Profit before NITDA levy and taxation rose to N23.77 billion, from N15.71 billion recorded in 2024, while profit after tax stood at N20.51 billion, up from N13.56 billion in the same period of 2024.
“The company’s total assets improved to N165.46 billion in the third quarter of 2025, up from N121.93 billion recorded as at Dec. 31, 2024,” the statement said.
The statement said that, according to the interim report, total liabilities increased to N84.49 billion, compared with N56.49 billion posted at the end of 2024.
The report noted that this reflected rising business activities and a stronger risk-bearing capacity.
It said that the total equity also grew to N80.97 billion from N65.44 billion, indicating enhanced shareholder value.
The statement noted that with its feat in the third quarter of 2025, NEM Insurance Plc was now rated number one among the listed insurance companies on the NGX by insurance revenue in Nigeria in the period under review.
It said that the company also consolidated its leadership with a recognition award as the Best General Insurance Company in Nigeria by Almond Communications.
Market analysts commended the insurer’s financial performance, attributing it to strong corporate governance, prudent underwriting, and efficient claims management.
They noted that the sustained profitability reflected the company’s investment in technology-driven operations, diversified investment portfolio, and customer-focused strategy.
NEM Insurance’s management attributed the performance to ongoing strategic investments, operational discipline, and innovations that continued to reinforce its position as a leader in Nigeria’s general insurance market.
They noted that with its strong capital base, expanding customer network and growing investment income, NEM Insurance remained well-positioned to deliver sustainable value to shareholders and policyholders while driving industry growth.
