NEM Insurance Solidifies Market Dominance with Impressive Q3 Performance
NEM Insurance Plc has reinforced its position as a top-tier general insurer in Nigeria following outstanding third-quarter results that pushed its total assets to N165.46 billion as of September 30, 2025. This represents substantial growth from the N121.93 billion recorded at the end of December 2024, demonstrating the company's accelerating expansion in the competitive insurance landscape.
Financial Strength and Shareholder Value Creation
The company's unaudited financial statements submitted to the Nigerian Exchange Group revealed a resilient balance sheet supported by enhanced underwriting performance and strategic investment decisions. Total liabilities increased to N84.49 billion in September 2025, up from N56.49 billion in December 2024, indicating robust business momentum and improved risk-bearing capacity.
Shareholders' equity also experienced significant growth, climbing to N80.97 billion from N65.44 billion, highlighting increased value creation for investors. This financial strengthening positions NEM Insurance as a formidable player in Nigeria's insurance sector.
Operational Excellence and Revenue Growth
A detailed review of the interim financials showed remarkable operational progress compared to the same period in 2024. Insurance revenue surged impressively to N107.44 billion, representing a 55% increase from the N69.52 billion recorded in Q3 2024.
The company's net insurance and investment results also showed strong performance, rising to N30.39 billion from N20.92 billion, marking a 45% growth. Profit before NITDA and taxation jumped to N23.77 billion from N15.71 billion, reflecting sustained profitability despite market challenges.
Profit after tax stood at N20.51 billion, significantly higher than the N13.56 billion recorded in Q3 2024, demonstrating the company's efficient operational management.
Enhanced Claims Capacity and Industry Recognition
NEM Insurance significantly strengthened its claims-paying ability during the review period, disbursing N30.54 billion in claims. This represents a substantial 105% increase from the N14.94 billion paid during the same period in 2024.
The company emphasized that this demonstrates its unwavering commitment to policyholder protection and prompt settlement of obligations. With this strong Q3 2025 performance, NEM Insurance now ranks as the number one listed insurance company on the NGX by insurance revenue.
The insurer's exceptional performance has earned industry recognition, including the prestigious award for Best General Insurance Company in Nigeria by Almond Communications.
Market Analysis and Future Outlook
Financial market analysts have commended NEM Insurance's financial strength, attributing its consistent growth to several key factors:
- Robust corporate governance practices
- Prudent underwriting standards
- Efficient claims management systems
- Strategic technology investments
- Diversified investment portfolio
- Customer-focused business model
The management of NEM Insurance credited the performance to sustained operational discipline and ongoing innovation across all service lines. The company stated it remains well-positioned to deliver long-term value to both shareholders and policyholders.
With a strong capital base, expanding customer network, and rising investment income, NEM Insurance affirmed it will continue to play a pivotal role in driving growth within Nigeria's general insurance sector, setting new standards for excellence in the industry.
