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 the first quarter period ending 31st March, 2021 with a projected profit after tax of N1.706 billion which is 52.41% of the profit projection for the entire 2020.
The forecast published at the Nigerian Stock Exchange on Wednesday projected a gross premiums written of N10.710 billion, compared with N23 billion projection for the entire 2020.
It also projected cash and cash equivalent at the end of the period to improve to N10.082 billion from N8.885 billion at the beginning.
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
