NEM Insurance Grows Premium 26.01% In H1 2022
Amid the challenging business environment, NEM Insurance Plc has written N20.24 billion premium in Half Year 2022 moving up for the N16.06 billion of 2021, and representing a 26.01 per cent growth.
The is contained in the underwriter’s Unaudited Report for the period ended 30th June 2022 released Thursday.
According to the Half-year Financials, the Company posted a net premium income of N18.33 billion in June 2022, rising 20.35 per cent from N15.23 billion recorded in six months of 2021.
For the same periid, NEM Insurance paid N4.31 billion in claims rising above the N3.88 billion in 2021, a surge of 11.08 per cent year-on – year.
During the six months period, the insurer posted Profit After Tax (PAT) of N2.533 billion, up 25.71 per cent from the N2.015 billion recorded the previous year.
The size and quality of the Company’s balance sheet improved by 11.9 per cent, as it’s total Assets increased to N42.72 billion from N38.18 billion, jumping by 6.25 per cent to N24.30 billion from N22.87 billion under the period in review.
Also, NEM’s total Liabilities rose by 20.3 per cent to N18.41 billion from N15.31 billion recorded in half-year 2021.
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