NEM Insurance Plc has approved a dividend payment of N0.22 kobo for every ordinary share of N1 each payable to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 29th of April 2022.
The resolution was passed at the 52nd Annual General Meeting of NEM Insurance Plc in respect of the 2021 Financial Year.
Notably, the insurer sold at N4.39 while its market capitalization stood at N22 million as of 22nd May 2022.
NEM Insurance Chairman, Dr Fidelis Ayebae, during the AGM said noted that the company scaled through the hurdle of the rising inflation, insecurity, climate change, Russia/ Ukraine war, hike in fuel pump price, unstable labour market and new waves of COVID-19 during the year whilst expressing certainty that the company would continue to record enhanced performance.
He said, “As the situation continues to be very dynamic, the company has been working diligently to assess the potential risks posed by COVID-19 to its business on an ongoing basis and to realign its strategies accordingly.
“We are of the opinion that our business operations will not suffer any major setback on account of these major challenges. The board and management will continue to leverage its robust technology infrastructure and maintain a healthy result and asset base,”
The Group Managing Director/Chief Executive Officer, NEM Insurance, Tope Smart added, “As we look forward to the future, we are confident that more than ever before, our goal of industry leadership is within reach.”
In addition, the appointment of Sunday Joshua Adebayo and Momah Abdurrahaman Odamah as the directors of the insurer was ratified while Papa Ndiaye and Kelechi Okoro were reelected.
NEM Insurance reported a year-on-year decline in its Profits After Tax in 2021 by 13% to close at N4.4 billion despite increasing its gross premium for the period.
On a quarter-on-quarter basis, however, the profit declined by 42% to close at N2.3 billion according to its unaudited financial report.
According to the report, total gross premium written was valued at N27 billion in 2021, a N5 billion high from the N22 billion the previous year.
However, a N600 million unearned premium pushed the gross premium earned to N26.7 billion, N5 billion from what was reported in 2020.
In December 2021, the Insurer suspended activities on the Nigerian exchange market to execute a share reconstruction exercise between December 10 and 29th.
The exercise led to an upward review from a nominal share value of N0.50 to N1.00 by the consolidation of every two (2) shares held by each shareholder into one (1) share.
