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Tag: NEM Insurance

  • NEM Insurance made N108b in 2024

    NEM Insurance made N108b in 2024

    NEM Insurance Plc achieved a huge turnover during the 2024 financial year as it recorded insurance revenue of N108billion.

    This, according to the company, reflects commitment to strategic growth and solidifies its doggedness in the  market.

    In a statement, the company said it paid N23billion claims to policyholders in the year under review.

    Again, NEM said, is part of its promise to support and ensure its customers bounce back to their various businesses.

    Read Also: NEM Insurance pledges support for YabaTech

    The statement read: “In the area of profitability, we showed strength, achieving over N20billion in profits, despite the challenging operational environment in 2024. This shows how we were able to successfully navigate the environment in the outgone year.

    “Overall, we delivered an exceptional performance in 2024, increased revenue, strong profit margin and a formidable balance sheet size of over N100billion. Looking forward, NEM promise to deliver value to stakeholder.,

    “We are upscaling our collaborations and partnerships. Our strategic investments in capacity building, among others, position us to meet the emerging needs of all our customers. Our philosophy is centered on our stakeholders’ vision of making the company a model of sound insurance practice for the nation’s insurance industry and participate actively in the economic development of Nigeria.’’

  • Protect Your Properties Against Uncertainty During the Rainy Season – NEM Insurance

    Protect Your Properties Against Uncertainty During the Rainy Season – NEM Insurance

    Your property may be seriously at risk during the rainy season due to its strong downpours and erratic weather patterns. During this time, homeowners frequently deal with structural difficulties, flooding, and water damage. NEM Insurance Plc provides helpful advice and options for coverage to assist you in protecting your property from these unforeseen events.

    Comprehensive Property Insurance: Acquiring extensive insurance coverage is one of the best methods to safeguard your assets. Among the many hazards connected to the rainy season that NEM Insurance offers coverage for are structural problems, flooding, and water damage. Ensuring you have sufficient protection is ensured by going over and updating your policy.

    Roof Inspection and Maintenance: The first line of defence against rain is your roof. Regular roof inspections are advised by NEM Insurance to look for leaks, cracks, and missing or damaged shingles. Water intrusion and significant damage can be avoided with prompt repairs and maintenance.

    Gutter and Downspout Cleaning: Water overflow from clogged gutters and downspouts can harm the outside walls and foundation of your home. To avoid erosion and floods, NEM Insurance advises routine gutter cleaning and making sure downspouts divert water away from your house.

    Foundation Inspection: Water leaks from your foundation can enter your crawl space or basement. NEM Insurance stresses how critical it is to have professional crack inspections and repairs performed on your foundation.

    Proper Landscaping: Well-designed landscaping may control runoff and avert disasters. Making sure the land around your house slopes away from the foundation is advised by NEM Insurance.

    Protecting Belongings: Items that are delicate or precious should be moved to higher ground or put on shelves to prevent water damage. NEM Insurance suggests utilising plastic bins for objects in garages or basements and waterproof containers for storing essential documents.

    Reviewing Insurance Policies: It is important to evaluate your insurance policy on a regular basis. NEM Insurance advises policyholders to confirm that floods and water damage are covered by their policies. If you feel that you need more coverage, think about getting more. You can improve your preparedness in the event of a crisis by being aware of your policy.

    Staying Informed: Keep abreast of weather advisory and forecast updates. To get timely information regarding severe weather conditions, NEM Insurance advises enrolling in local alerts and notifications. Knowing what to do lets you respond quickly to safeguard your belongings and those you love.

    The risks and uncertainties associated with the rainy season can be reduced by using these suggestions and making sure you have complete insurance coverage from NEM Insurance. In addition to maintaining the value of your property, protecting it also guarantees your family’s comfort and safety at home.

    The Group Managing Director and Chief Executive Officer of NEM Insurance Plc, Mr. Andrew Ikekhua said, “Being one of the leading insurance companies in Nigeria, we place a high premium on our clients and their properties’ protection. For this reason, we have developed a variety of insurance plans that will cater to their individual requirements at any time. For instance, NEM offers agriculture insurance that protects against unanticipated events like floods, to which these industries are vulnerable, including multi-perils crops, poultry, farm assets, fisheries, animals, etc.

    “In addition, we offer a home protection coverage that is intended to guard against losses to personal belongings within a residential structure. These carefully constructed policies are intended to provide our clients with comfort in the case of unanticipated events. Its goals are to protect their anticipated profitability as well as to maintain their business continuity,” Ikekhua added.

    Preventive care and appropriate insurance coverage can spare you from expensive repairs and offer comfort throughout the wet season. Use NEM Insurance to protect your property from the weather while remaining watchful and organised.

  • New investors acquire major stakes in NEM Insurance

    Three deals were at the weekend struck for the transfer of about 10.5 per cent equity stake in NEM Insurance Plc, bringing major changes in the equities of the insurance company during the week to 20.13 per cent.

    A total of 553.9 million ordinary shares of NEM were swapped in three off-market deals at N3.70 per share at the weekend. The deals were negotiated cross deals between the seller and the buyer. The weekend’s deals represented 10.49 per cent of the paid up share capital of the insurance company.

    In other major transactions, a total of 508.7 million ordinary shares of NEM had been traded earlier on Monday December 24, 2018, representing 9.64 per cent of the company’s issued shares.

    As off-market, negotiated cross deals, it means that the deals were not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the Nigerian Stock Exchange (NSE).

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

    While the details of the latest transactions were sketchy, a new strategic investor, Eaton Acquisitions Limited, had indicated it was seeking to acquire 10 per cent equity stake in NEM Insurance Plc, a major stake that will enable the new investor to take up board position at the insurance firm.

    Eaton Acquisitions Limited had confirmed that it had acquired up to nine per cent equity stake in NEM Insurance, one percentage point below its target.

    Managing Director, Eaton Acquisitions Limited, Mr. Olaleye Adeyinka, said the company increased its stakes in NEM Insurance because it offers strategic opportunities and growth.

    He said the investment firm intends to acquire more shares until it meets the mandate of its board to acquire 10 per cent of the company’s shares.

    “There is no better option in the market from the perspective of effective leadership, strategic opportunities and reforms for growth in the industry, broad sharing holding base that engenders good corporate governance, and a network of current and potential shareholders for enhanced business development,” Adeyinka said.

    He noted that though the investment firm cannot say much about the strategic vision of NEM Insurance yet as it is in the purview of management and the board, but it has unalloyed confidence in both organs of the company’s governance.

    Adeyinka expressed confidence in the ability of current NEM’s leadership, noting that the investment firm is desirous of gaining board representation in view of its dominant shareholding stake in the company.

  • New investor eyes 10% equity stake in NEM Insurance

    A new strategic investor, Eaton Acquisitions Limited, is seeking to acquire 10 per cent equity stake in NEM Insurance Plc, a major stake that will enable the new investor to take up board position at the insurance firm.

    Eaton Acquisitions Limited has confirmed that it had acquired up to nine per cent equity stake in NEM Insurance, one percentage point below its target.

    The Nation had two weeks ago reported exclusively that the new investor struck a cross deal to acquire additional 2.46 per cent equity stake in NEM Insurance. A total of 130 million shares of NEM Insurance were transferred in an off-market trade at N4 per share, representing a premium of 40.35 per cent against the closing share price of N2.85.

    As off-market, negotiated cross deals, it means that the deals were not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the NSE.

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction. By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

    Eaton has also acquired additional shares at lower value.

    Managing Director, Eaton Acquisitions Limited, Mr. Olaleye Adeyinka, said the company increased its stakes in NEM Insurance because it offers strategic opportunities and growth.

    He said the investment firm intends to acquire more shares until it meets the mandate of its board to acquire 10 per cent of the company’s shares.

    “There is no better option in the market from the perspective of effective leadership, strategic opportunities and reforms for growth in the industry, broad sharing holding base that engenders good corporate governance, and a network of current and potential shareholders for enhanced business development,” Adeyinka said.

    He noted that though the investment firm cannot say much about the strategic vision of NEM Insurance yet as it is in the purview of management and the board, but it has unalloyed confidence in both organs of the company’s governance.

    Adeyinka expressed confidence in the ability of current NEM’s leadership, noting that the investment firm is desirous of gaining board representation in view of its dominant shareholding stake in the company.

  • New investor acquires 2.5% equity in NEM Insurance

    A new investor struck a cross deal to acquire 2.46 per cent equity stake in NEM Insurance Plc.

    A total of 130 million shares of NEM Insurance were transferred in an off-market trade at N4 per share. The deal was consummated through the negotiated cross deal window of the Nigerian Stock Exchange (NSE) on  August 17, 2018.

    The transaction represents 2.46 per cent of NEM Insurance’s total issued shares of 5.28 billion ordinary shares of 50 kobo each.

    As off-market, negotiated cross deals, it means that the deals were not subjected to the dynamics of price discovery for the particular period. Off-market trade implied that the deal was sealed outside the floor of the NSE.

    The negotiated cross deal platform of the Exchange is a special-purpose trading platform that is meant for voluminous transaction.  By the cross deal, it implies that the buyer and the seller had been prearranged and the transfer at the stock market was a mere perfection of the agreement between the two. The negotiated cross deal allows the parties to the deal to close the deal at reduced cost.

     

  • NEM Insurance repositions to grow its oil and gas business

    NEM Insurance Plc is deploring resources in increasing its contribution to the oil and gas business in the country, Group Managing Director of the company, Tope Smart has said.

    He made this known during a  briefing and facility tour of its multi-million naira head office in Lagos.

    Smart said the company had positioned itself to deepen insurance penetration in oil and gas and become one of the top three insurance firms in the country.

    Aside, the company was also looking at partnering other insurance companies by way of acquisition or merger to become a big player in the insurance industry locally and globally, he added.

    He also said that the company’s new headquarters has impacted not only on the company’s image but on the insurance industry.

    The industry has moved from where it was five years ago with a lot of potentials in the industry.

    The issues of confidence and lack insurance awareness that have held the industry down is fast easing out.

    This he said, has been addressed by the positive response of insurance companies to claims payment.

    He said: “It is good to have a structure of this nature in the industry. The building has impacted on NEM and on the industry. Since the commissioning of the building, we have been receiving several visitors and many of them have been surprised that this can happen in an industry that has been written off. But now it is making progress particularly with this kind of structure in place and they now believe that there is a great future ahead.

    “We are excited that the level of confidence in the industry is totally different from what it used to be before. The level of confidence has risen and to that extent, so many people now believe in the industry. You will agree with me that the industry has improved by way of response; response to some of the big claims which is in billions of naira that happened in the last five years. This gives a kind of confidence in the insuring public. Some of the busineses that were taken abroad four to five years ago have come back to Nigeria because of the kind of response that the industry gave to claims payment.”

    The NEM boss emphasised that on the part of the company, it had always been responsible, reliable and faithful to its clients.

    “Although we are not yet there but we are evolving and our focus is to be one of the top three insurance company in Nigeria. There is a lot of prospect and the potential in the industry. We have reengineered our operation and tried to differentiate our brand from others through our attitude and character.

    “We have had influx of foreign investors in the country and people have been talking about consolidation. I agree that there must be synergies for us to grow faster. The bigger we get, the better for us. We at NEM are looking at towards partnering either by way of acquisition or merger. We believe that it improves on the entire industry.

    “Insurers should not be threatened by the foreign investors because it is good competition that will separate the boys from the men. So, it is a welcome development,” he added.