WorldStage Newsonline– NEM Insurance Plc, a major player in Nigeria’s insurance sector which started business in the country in 1948 through the agency of Edward Turner & Co has released a statement of financial position forecast for 31st December 2020 with a projected profit after tax of N3.255 billion, a 35.88% growth over N2.395 billion in 2019.
The forecast published at the Nigerian Stock Exchange on Tuesday projected a gross premiums written of N23 billion, up from N19.760 billion in 2019, gross premiums earned of N20.177 billion from N19.260 billion in 2019.
The insurance firm is expecting its cash and cash equivalents to improve to N10.086 billion in 2020 from N8.102 billion in 2019.
There was active trading on the stock of Nem Insurance today on the NSE, but price remained at N2.25 with 11 transactions involving 502,490 shares valued at N1,129,827.00 as at 1.10PM Nigerian time.
NEM Insurance Plc became a Nigerian branch of NEM General Insurance Association Limited of London in 1965. Incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968, the company became quoted on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria. The company, which has contributed immensely towards the growth of Insurance Industry in Nigeria, was into Life and Non- Life business. Following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.
The company has expanded its operations into the West African Sub region, with the successful registration and commencement of business of its former subsidiary, NEM Insurance (Ghana) Limited in May, 2009. The subsidiary is now merged with Regency Alliance to form Regency Nem Insurance Ghana Ltd in September 2016 due to recapitalization requirement. A new member, NEM Asset Management Limited was also added to the Brand earlier in March, 2016