WorldStage– NEM Insurance Plc has released its financial forecast for the full year ending December 31, 2026, projecting robust top-line revenue growth and solid profitability driven by expanded underwriting activity and strong investment returns.
Key Financial Highlights
Insurance Revenue: Projected to reach ₦156.0 billion.
Insurance Service Result: Expected at ₦28.2 billion after accounting for ₦98.4 billion in insurance service expenses and ₦29.4 billion in net expenses on reinsurance contracts.
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Profit Before Tax (PBT): Forecast at ₦34.7 billion.
Profit After Tax (PAT): Anticipated to hit ₦30.9 billion following an estimated tax provision of ₦3.8 billion.
Total Assets: Expected to swell to ₦211.5 billion, supported by significant positions in financial assets (₦120.9 billion) and cash & cash equivalents (₦25.6 billion).
Total Equity: Projected at ₦106.2 billion, anchored by retained earnings of ₦71.5 billion and statutory contingency reserves of ₦26.9 billion.
Operational & Investment Insights
The forecast highlights significant investments across the company’s asset portfolio, including ₦88.7 billion in amortised cost financial assets and ₦24.8 billion in financial assets measured at fair value through profit or loss.
Additionally, NEM Insurance recorded a reclassification of ₦3.15 billion from Property, Plant, and Equipment (PPE) into Investment Property, representing a completed building project that has been leased out to generate ongoing rental income.
The board-approved earnings projection reflects the insurer’s ongoing drive to scale its market footprint, optimize reinsurance strategy, and deliver enhanced value to shareholders.
