NEM Insurance Plc has announced a 67% rise in pretax profit to ₦5.8 billion for the third quarter of 2025, up from ₦3.4 billion in the same period last year, driven by strong premium growth and robust investment performance.
For the first nine months of the year, pretax profit climbed to ₦23.7 billion, compared to ₦15.7 billion in 2024. Insurance revenue rose 33% in Q3 to ₦32 billion, while the nine-month figure jumped 55% year-on-year to ₦107.4 billion.
After deducting ₦24.2 billion in insurance service expenses and ₦5.7 billion in reinsurance costs, the company’s insurance service result stood at ₦1.9 billion, slightly lower than the ₦2.8 billion recorded a year earlier.
However, investment income more than tripled, with net investment results rising 223% to ₦5.8 billion. Interest income contributed ₦3.8 billion, mainly from fixed deposits, while fair value gains from quoted securities added ₦2.9 billion.
Combined insurance and investment income reached ₦7.6 billion, up 66% year-on-year. After management expenses of ₦1.8 billion, post-tax profit stood at ₦5.02 billion a 72% increase over 2024.
On the balance sheet, total assets grew to ₦165.4 billion from ₦121.9 billion, with financial investments at amortized cost making up ₦74.7 billion and reinsurance contract assets at ₦34.6 billion. Total equity rose 24% to ₦80.9 billion, driven by retained earnings, which increased to ₦53.4 billion.
Total liabilities climbed to ₦84.4 billion, mainly from insurance contract liabilities of ₦69.3 billion. During the period, NEM Insurance received ₦122.2 billion in premiums, up 43%, and paid ₦30.5 billion in claims, representing a 104% increase year-on-year
