- NEM Insurance generated N75.41 billion in revenue for Q2 2025, placing it among Nigeria’s top three general insurance firms
- The Nigerian insurance industry’s gross written premium reached N1.21 trillion, with non-life business contributing 67.2% of the total
- NEM Insurance’s MD, Andrew Ikekhua, was named among Nigeria’s Top 25 CEOs for his leadership and the company’s resilience and innovation
Insurance companies in Nigeria have continued to show more strength in premium generation as the industry’s gross written premium soared to N1.21 trillion in the second quarter of 2025, indicating a 49.3 per cent growth rate compared to the same period in 2024 and a 57.8 per cent quarter-by-quarter increase.
According to the National Insurance Commission (NAICOM) the insurance sector recorded a notable performance amidst economic headwinds in the country, as captured in the Bulletin of the Insurance Market Performance recently released by the regulator.
One of the companies over the years, that has continued to shore up the Industry’s financial status is NEM Insurance Plc, which available data revealed occupied among the top three insurance companies in Nigeria, in terms of insurance revenue generation in the general business operations.
NEM Insurance Plc’s financial performance for the second quarter ended June 30, 2025, showed that it recorded an insurance revenue of N75.41 billion, significantly higher than the N45.47 billion reported in the same quarter of the previous year.
The firm’s strong financial statement in Q2, 2025, revealed its strong capital that significantly exceeded the Minimum Capital Requirement (MCR) in line with the Nigerian Insurance Industry Reform Act (NIIRA) 2025. This financial position has positioned the company to play big in the General Insurance market in the new capital regime, which starts in less than 12 months from now.
NEM Insurance Profit Before Tax (PBT) as at half year was N17.94 billion, compared to N12.21 billion in the prior year, and Profit after tax for the period was N15.48 billion, compared to N10.63billion in the prior year.
The decrease in profit is primarily due to increased claims and expenses.
NEM Insurance Plc reported total assets of N159.90 billion as of 30th June 2025, compared to N121.93 billion as of 31st December 2024. Total liabilities stood at N83.97 billion, up from N56.49 billion in the previous period. Equity increased to N75.93 billion from N65.44 billion.
Net cash inflow from operating activities was N8.78 billion, compared to N12.94 billion in the same period last year. Investing activities resulted in a net cash outflow of N4.46 billion, while financing activities led to a net cash outflow of N5.28 billion. The company’s cash and cash equivalents at the end of the quarter were N11.82 billion.
The company’s share capital remained unchanged at N5.02 billion. The statutory contingency reserve increased to N18.75 billion. Retained earnings grew to N49.40 billion, and the asset revaluation reserve remained at N2.79 billion.
According to NAICOM, the insurance Industry’s total assets was about N4.4 trillion in the second quarter, compared to the N2.3 trillion reported in the corresponding period of 2024.
A breakdown of the industry’s financial position revealed a total of N2.5 trillion in assets for Non-Life business, while the Life business stood at N1.9 trillion. Breakdown of the performance shows that ‘The non-life segment retained its relative dominance in the market, contributing 67.2 per cent to the total premium pool, mirroring its performance in the corresponding quarter of 2024.
On the other hand, the life Insurance segment accounted for 32.8 per cent of all the premiums generated during the same period.
The non-life segment indicated that the Oil & Gas portfolio remained the major contributor, accounting for 31.2 per cent of the total Non-Life premiums during the quarter.
This was followed by Fire Insurance with 18.9 per cent and Motor Insurance at 15.8 per cent, while General Accident, Miscellaneous, Marine and Aviation portfolios contributed 8.9 per cent, 8.9 per cent, 8.8 per cent and 7.4 per cent, respectively.
The outstanding performance of NEM Insurance Plc, recently earned the Managing Director of the esteemed underwriting firm, Mr. Andrew Ikekhua, recognition among the Top 25 Chief Executive Officers (CEOs) in Nigeria.
He was rated as one of Nigeria’s outstanding corporate leaders at the prestigious BusinessDay Top 25 CEOs Awards held in Lagos.
The organisers of the award described him and NEM Insurance as a shining example of resilience and innovation in the nation’s insurance sector, whilst applauding the company’s consistent growth, operational efficiency and strong customer trust, noting that its commitments to digital innovation, corporate governance and product diversification have firmly positioned it as one of Nigeria’s most reliable insurers.
They further praised Ikekhua’s visionary leadership, saying he has fostered a culture of inclusivity and innovation, created shareholder value and raised industry standards, qualities that earned him a place among Nigeria’s top CEOs.
Ikekhua, in his acceptance speech, dedicated the honour to the hardworking team at NEM Insurance and God Almighty, who, through His grace, has enabled the company to remain a beacon of light in the insurance industry and economy.
In the 2025 edition, NEM Insurance Plc was recognised among the elite group, underscoring its reputation for disciplined execution and sustainable growth.
The recognition comes against the backdrop of strong fundamentals and industry leadership that continue to distinguish the company.
During the period under review, NEM Insurance Plc was assigned an “AA+ (NG)” credit rating with a Stable Outlook by Global Credit Rating (an affiliate of Moody’s Corporation).
The rating reflects the company’s robust capital adequacy, prudent risk management framework and consistent earnings capacity.
By year-end 2024, the company’s Total Assets had risen above N150 billion, while Shareholders’ Funds exceeded N75 billion. These indicators not only reinforced NEM’s balance sheet strength but also positioned it as the leading listed insurance company on the Nigerian Exchange.
Beyond financial strength, NEM demonstrated operational reliability by fulfilling claims obligations of N24 billion to clients, reinforcing its reputation as a dependable insurer.
In parallel, shareholders benefitted from dividend payouts exceeding N5 billion, reflecting a well-balanced commitment to policyholder trust and investor value creation.
Through integrity-driven practices, strong corporate governance and a consistent record of performance, NEM Insurance Plc continues to set the standard for insurance leadership in Nigeria; a standard now firmly acknowledged at the national level through its inclusion in the Top 25 CEOs Awards 2025.
