NEM Insurance Plc has released its third-quarter financial statement, reporting a pretax profit of N5.8 billion, an increase of 66.94% from N3.4 billion in the same quarter of 2024.
This brought the company’s nine-month pretax profit to N23.7 billion, compared to N15.7 billion a year earlier, supported by firm revenue growth and improved investment returns.
Insurance revenue for the quarter stood at N32 billion, up 33.16%, while the nine-month figure rose to N107.4 billion, representing a 54.55% year-on-year increase.
After accounting for insurance service expenses of N24.2 billion and reinsurance costs of N5.7 billion, the insurance service result was N1.9 billion, slightly below the N2.8 billion recorded in Q3 2024.
A stronger net investment result of N5.8 billion, up 223.18%, largely offset the decline in the insurance segment.
Together, the insurance and investment results totaled N7.6 billion, up 65.6% year-on-year.
After deducting management expenses of N1.8 billion, pretax profit came to N5.8 billion, while post-tax profit stood at N5.02 billion, up 71.82% from the same period in 2024.
On the balance sheet, total assets stood at N165.4 billion, up from N121.9 billion, with financial investments at amortized cost making up the largest portion at N74.7 billion, followed by reinsurance contract assets of N34.6 billion.
Total equity rose to N80.9 billion, an increase of 23.73%, driven mainly by retained earnings, which grew 27.10% to N53.4 billion.
The company’s total liabilities increased to N84.4 billion from N56.4 billion, with insurance contract liabilities accounting for the majority at N69.3 billion.
During the period, NEM Insurance received a total of N122.2 billion premiums, up 43.08% year-on-year, and paid N30.5 billion in direct claims, representing a 104.46% increase.
As of trading on October 24, 2025, the company’s shares are priced at N30.00, up over 173% year to date.