The Board of Directors of NEM Insurance Plc has announced the appointment of Mr. Andrew Ikekhua as the Managing Director/Chief Executive Officer of the company.
This was contained in the company’s notice to Nigerian Exchange Limited, shareholders, and the investing public seen by Nairametrics.
According to the statement signed by Olajumoke Philip-Akede, Group Head, Legal of NEM Plc, his appointment was effective from the 1st of October 2023.
The company confirmed that the approval of the National Insurance Commission (NAICOM) has been obtained for his appointment.
Profile of Ikekhua
According to the statement, Mr. Ikekhua is an astute insurance professional with over 40 years’ experience in the Nigerian Insurance Industry; and he has held several positions with a track record of high performance and excellence.
In recent years, he has successfully driven the marketing and retail operations of the company.
He has vast experience in Marketing, Business Development, Accounts, Audit, Administration, and product development.
Mr. Ikekhua holds a Master of Business Administration (MBA) in Administration and Entrepreneurship from the London School of Business and Finance.
In addition, he has a Master of Business Administration (MBA) in Entrepreneurship from ITTLDoctoral Research Center and the University of Phoenix, Arizona.
He is an Associate of the Chartered Insurance Institute of Nigeria (ACIIN) and a Fellow of the Institute of Chartered Economists of Nigeria.
A full member of, the Nigeria Institute of Management; a Fellow of the Institute of Marketing of Nigeria; a Fellow of the Institute of Commerce of Nigeria and a Fellow of the Institute of Credit Administration.
NEM Insurance Plc had during the half year 2023 settled a claim payment of N3.516 billion from N4.311 billion reported in 2022, marking an 18.44% decrease.
Its gross premium income stood at N26.554 billion in 2023, a 44.79% increase over the N18.339 billion reported in 2022. Notably, 13.24% of its total gross premium income was incurred on claims in the review half year.
However, it reported a profit after tax of N3.499 billion in 2023, a 38% increase from N2.534 billion recorded in 2022.