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Review pending. Every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review has not yet been carried out, and these pages are not indexed.AI-assisted source check done; independent review pending; not indexed. About the review

NEM Insurance

NEM · Nigerian Exchange · Consolidated statements

On this page
Company details
Legal name
NEM Insurance Plc
Listing
NEM on the Nigerian Exchange, active · ISIN NGNEM0000005 (observed 2026-10-08)
Sector
Not classified (our classification from the stated principal activity)
Financial year ends
31 December

Overview

Year ended 31 December 2025 · annual report, signed / final · source

  • Insurance Revenue

    NGN 152 billion

    152,354,894 NGN thousands · p38

    +55.5% vs 2024

    IFRS 17 insurer: printed 'Insurance Revenue' (p38) instead of a revenue headline.

  • Insurance Service Result

    NGN 19.3 billion

    19,295,579 NGN thousands · p38

    +2.5% vs 2024

    Printed 'Insurance Service Result' (p38).

  • Net Insurance and Investment result

    NGN 38.7 billion

    38,664,788 NGN thousands · p38

    −7.8% vs 2024

    Printed 'Net Insurance and Investment result' (p38).

  • Profit for the year after tax

    NGN 23.9 billion

    23,898,887 NGN thousands · p38

    −18.3% vs 2024

    Printed 'Profit for the year after tax' (p38).

  • Total assets

    NGN 186 billion

    186,039,539 NGN thousands · p37

    +49.8% vs 2024

    Printed 'Total Assets' (p37).

  • Total equity

    NGN 84.5 billion

    84,457,494 NGN thousands · p37

    +29.1% vs 2024

    Printed 'Total Equity' (p37).

Large amounts are rounded for reading (NGN million / billion / trillion); exact figures as printed are under each amount and in the tables. No currency conversion.

Financial statements

Exact figures as printed. Each column comes from one filing; labels are as printed in the newest filing. Amounts in NGN thousands unless the row says otherwise; brackets are negative.

† from a supplementary filing for the same year · ‡ signed audited statements preferred over a disputed figure · “–” is a printed dash, explained below the table

Column sources

  • FY2025 — annual report, signed / final; reported for the year · source
  • FY2024 — annual report, signed / final; comparative in the FY2025 filing · source

Income statement

Income statement, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Insurance Revenue 152,354,894 97,966,541
Insurance Service Expenses (93,488,833) (61,008,412)
Net expenses on Reinsurance contracts (39,570,482) (18,138,541)
Insurance Service Result 19,295,579 18,819,588
Interest revenue calculated under the effective interest method 12,134,642 6,858,654
Dividend Income1 824,328 771,736
Net foreign exchange (loss)/gain (2,452,032) 14,803,675
Net Fair value gain 9,957,056 1,762,142
Net impairment write-backs/(losses) 43,954 (1,050,429)
Net Investment result 20,507,948 23,145,778
Insurance finance expenses from insurance contracts issued (2,435,985) (351,320)
Insurance finance Income from reinsurance contracts held2 1,297,246 318,947
Net Insurance finance expenses (1,138,739) (32,373)
Net Insurance and Investment result 38,664,788 41,932,994
Other operating income 177,374 497,451
Loss on disposal of property, plant and equipment3 (269) (8,729)
Management expenses (10,434,148) (8,523,079)
Finance cost (431,518) (199,983)
Profit before taxation 27,976,227 33,698,653
Income taxes (4,077,340) (4,458,079)
Profit for the year after tax 23,898,887 29,240,575
Fair value Gain/(Loss) on equity instruments at FVTOCI4 35,319 (10,788)
Gain on revaluation of land and buildings5 –6 681,837
Total other comprehensive income for the year 35,319 671,049
Total comprehensive income for the year 23,934,206 29,911,625
Non controlling interest7 66,295 26,189
  1. Printed “-”, read as nil: subtotal_arithmetic: is.other_comprehensive_income.
Notes and alternative reported figures (6)
  1. “Dividend Income” is an issuer-specific line, not mapped to a shared definition: Note 33(b).
  2. “Insurance finance Income from reinsurance contracts held” is an issuer-specific line, not mapped to a shared definition: Note 6.1.
  3. “Loss on disposal of property, plant and equipment” is an issuer-specific line, not mapped to a shared definition: Note 37.
  4. “Fair value Gain/(Loss) on equity instruments at FVTOCI” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified (note 24).
  5. “Gain on revaluation of land and buildings” is an issuer-specific line, not mapped to a shared definition: OCI, not reclassified (note 25).
  6. “Non controlling interest” is an issuer-specific line, not mapped to a shared definition: Printed under 'Profit Attributable to:'.

Balance sheet

Balance sheet, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Cash and cash equivalents 30,997,635 13,978,899
At fair value through profit or loss 18,396,389 11,409,434
At fair value through other comprehensive income 3,711,980 64,431
At amortised cost 77,054,169 68,577,216
Insurance contract assets –1 –1
Premium Receivable2 3,444,886 1,271,090
Reinsurance contract assets 27,600,408 15,910,561
Other receivables and prepayments3 11,873,642 3,257,300
Investment in Subsidiary4 –1 –1
Investment properties 6,881,856 3,730,585
Statutory deposit5 320,000 320,000
Intangible asset 198,614 71,473
Property, Plant and Equipment 5,019,539 4,934,615
Right-of-use Assets 540,421 706,352
Total Assets 186,039,539 124,231,955
Insurance contract liabilities 67,327,073 42,330,564
Reinsurance contract liabilities –6 –6
Other technical liabilities7 12,881,024 718,236
Other payables8 9,027,203 5,589,070
Lease liabilities9 210,973 462,408
Income tax liability 11,509,644 6,968,545
Deferred tax liabilities 626,128 2,723,991
Total liabilities (unlabelled subtotal) 101,582,045 58,792,815
Share capital 5,016,477 5,016,477
Statutory contingency reserve10 20,390,552 15,653,975
Retained earnings 56,046,374 41,966,836
FVOCI reserve (21,746) (57,065)
Asset revaluation reserve 2,789,801 2,789,801
Equity attributable to owners of the Company 84,221,458 65,370,024
Non-controlling interest 236,036 69,116
Total Equity 84,457,494 65,439,140
Total Equity and Liabilities 186,039,539 124,231,955
  1. Printed “-”, read as nil: subtotal_arithmetic: bs.total_assets.
  2. Printed “-”, read as nil: subtotal_arithmetic: bs.total_liabilities.
Notes and alternative reported figures (8)
  1. “Premium Receivable” is an issuer-specific line, not mapped to a shared definition: Note 5: premiums receivable.
  2. “Other receivables and prepayments” is an issuer-specific line, not mapped to a shared definition: Note 8.
  3. “Investment in Subsidiary” is an issuer-specific line, not mapped to a shared definition: Note 10 (eliminated on consolidation: Group printed '-').
  4. “Statutory deposit” is an issuer-specific line, not mapped to a shared definition: Note 12: statutory deposit with the Central Bank of Nigeria.
  5. “Other technical liabilities” is an issuer-specific line, not mapped to a shared definition: Note 16 (premium deposits).
  6. “Other payables” is an issuer-specific line, not mapped to a shared definition: Note 17.
  7. “Lease liabilities” is an issuer-specific line, not mapped to a shared definition: Note 18: lease liabilities, not split current/non-current.
  8. “Statutory contingency reserve” is an issuer-specific line, not mapped to a shared definition: Note 22: insurance statutory contingency reserve.

Cash flow

Cash flow, NGN thousands. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Premium received1 163,920,058 109,171,133
Premium Deposits2 12,881,024 718,236
Reinsurance Premium Paid3 (65,074,038) (33,527,246)
Direct Claims Paid4 (45,909,763) (24,993,086)
Claims Received from Reinsurers5 14,903,961 9,099,617
Cash Received from Salvages6 4,651,569 991,196
Acquisition expense Paid7 (24,287,984) (18,587,604)
Maintenance Expenses Paid8 (19,839,327) (14,517,142)
Cash paid to and on behalf of Employees9 (4,453,015) (4,069,355)
Other Operating Expenses paid10 (4,899,261) (1,957,173)
Increase in customer's deposits11 1,641,881 797,256
Company Income Tax Paid (1,877,893) (428,018)
Net cash inflow from operating activities 31,657,211 22,697,815
Acquisition of equities measured at FVTPL12 (181,170) (560,437)
Purchase of Bond13 (7,673,176) (3,810,035)
Purchase of placements14 (61,537,582) (46,288,481)
Purchase of Treasury bills15 (16,717,113) (8,195,544)
Purchase of Commercial papers16 (11,583,128) (4,071,002)
Proceed from Redemption of Bond Instruments17 7,244,276 1,168,451
Proceed from disposal of placements18 57,208,956 38,396,849
Proceed from disposal of treasury bills19 10,655,614 648,000
Proceed from disposal of commercial papers20 12,307,902 4,180,981
Addition to investment in Alpha Morgan Bank Unqoted equity21 (1,462,230) (650,000)
Interest received 11,749,533 5,876,946
Dividend received22 824,328 771,736
Rental & other Income received23 120,897 245,928
Acquisition of Intangible assets (162,512) (34,882)
Addition to staff loan24 (44,384) –25
Repayment of staff loan26 74,887 4,047
Receivable from Nem Health27 –25 –25
Deposit for shares in NEM Life Ltd28 (10,181,010) –25
Acquisition of PPE (482,466) (422,975)
Proceeds from disposal on PPE 8,668 15,611
Net cash used in investing activities (9,829,709) (12,724,808)
Lease payment during the year29 (484,097) (490,882)
Loan payment on Alpha Morgan loan –30 (1,557,737)
Dividends paid to equity holders of the parent (4,959,202) (2,802,439)
Net cash outflow from financing activities (5,443,299) (4,851,058)
Net increase in cash and cash equivalents 16,384,203 5,121,948
Cash and cash equivalents at 1 January 14,222,691 8,002,994
Effect of foreign exchange gain on cash & cash equivalent 672,429 1,097,748
Cash and cash equivalents at 31 December 31,279,323 14,222,691
  1. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_investing.
  2. Printed “-”, read as nil: subtotal_arithmetic: cf.cash_from_financing.
Notes and alternative reported figures (28)
  1. “Premium received” is an issuer-specific line, not mapped to a shared definition: Operating (direct method).
  2. “Premium Deposits” is an issuer-specific line, not mapped to a shared definition: Operating (direct method).
  3. “Reinsurance Premium Paid” is an issuer-specific line, not mapped to a shared definition: Operating (direct method).
  4. “Direct Claims Paid” is an issuer-specific line, not mapped to a shared definition: Operating (direct method).
  5. “Claims Received from Reinsurers” is an issuer-specific line, not mapped to a shared definition: Operating (direct method).
  6. “Cash Received from Salvages” is an issuer-specific line, not mapped to a shared definition: Operating (direct method).
  7. “Acquisition expense Paid” is an issuer-specific line, not mapped to a shared definition: Operating (direct method).
  8. “Maintenance Expenses Paid” is an issuer-specific line, not mapped to a shared definition: Operating (direct method).
  9. “Cash paid to and on behalf of Employees” is an issuer-specific line, not mapped to a shared definition: Operating (direct method).
  10. “Other Operating Expenses paid” is an issuer-specific line, not mapped to a shared definition: Operating (direct method).
  11. “Increase in customer's deposits” is an issuer-specific line, not mapped to a shared definition: Operating (direct method); subsidiary customers' deposits.
  12. “Acquisition of equities measured at FVTPL” is an issuer-specific line, not mapped to a shared definition: Investing.
  13. “Purchase of Bond” is an issuer-specific line, not mapped to a shared definition: Investing.
  14. “Purchase of placements” is an issuer-specific line, not mapped to a shared definition: Investing.
  15. “Purchase of Treasury bills” is an issuer-specific line, not mapped to a shared definition: Investing.
  16. “Purchase of Commercial papers” is an issuer-specific line, not mapped to a shared definition: Investing.
  17. “Proceed from Redemption of Bond Instruments” is an issuer-specific line, not mapped to a shared definition: Investing.
  18. “Proceed from disposal of placements” is an issuer-specific line, not mapped to a shared definition: Investing.
  19. “Proceed from disposal of treasury bills” is an issuer-specific line, not mapped to a shared definition: Investing.
  20. “Proceed from disposal of commercial papers” is an issuer-specific line, not mapped to a shared definition: Investing.
  21. “Addition to investment in Alpha Morgan Bank Unqoted equity” is an issuer-specific line, not mapped to a shared definition: Investing.
  22. “Dividend received” is an issuer-specific line, not mapped to a shared definition: Investing.
  23. “Rental & other Income received” is an issuer-specific line, not mapped to a shared definition: Investing.
  24. “Addition to staff loan” is an issuer-specific line, not mapped to a shared definition: Investing.
  25. “Repayment of staff loan” is an issuer-specific line, not mapped to a shared definition: Investing.
  26. “Receivable from Nem Health” is an issuer-specific line, not mapped to a shared definition: Investing (Group printed '-' in both years).
  27. “Deposit for shares in NEM Life Ltd” is an issuer-specific line, not mapped to a shared definition: Investing.
  28. “Lease payment during the year”: mapping to a shared definition is uncertain. Total lease payments; the split between principal and interest is not printed.

Per share and shares

Per share and shares. Columns: FY2025 — annual report (signed / final), as reported for the year; FY2024 — annual report (signed / final), comparative reported in the annual report for 2025.
Line (as printed) FY2025Annual reportreported for the yearFY2024Annual reportcomparative in FY2025 filing
Earnings / (loss) per share (per share)3 4.751 5.822
Profit / (loss) attributable to shareholders (NGN thousands)4 23,832,592 29,214,386
  1. Printed as 475 Kobo; value converted to NGN at 100 Kobo = 1 NGN.
  2. Printed as 582 Kobo; value converted to NGN at 100 Kobo = 1 NGN.
Notes and alternative reported figures (2)
  1. Earnings / (loss) per share: printed as “Basic earnings per share (Kobo)”.
  2. Profit / (loss) attributable to shareholders: printed as “Equity holders of the parent”.

Segments

Segment data not yet collected for this company in the pilot.

Dividends

Proposed or recommended, declared and paid are different events and are kept apart. A statement that no dividend was proposed does not mean none was paid.

Dividend events, the issuer's wording, and amounts as printed
Year endedEventWording as printedAmountUnitSource
31 Dec 2025 Dividends paid (cash flow statement) Dividends paid to equity holders of the parent (4,959,202) NGN thousands Annual report, p41
31 Dec 2024 Dividends paid (cash flow statement) Dividends paid to equity holders of the parent (2,802,439) NGN thousands Annual report, p41

Sources

Each filing used on this page, newest period first. Dates are the document's own; the date we retrieved a file is shown separately and is never a publication date.

  • NEM Insurance Plc Annual Report 31 December 2025

    Year ended 31 December 2025 · Annual report · signed / final

    Audit: KPMG Professional Services (Chartered Accountants), unmodified opinion · signed

    Auditor's sign-off: Oseme J. Obaloje, FCA, for KPMG Professional Services

    Final status: Independent auditor's report to the shareholders of NEM Insurance Plc on the consolidated and separate financial statements (PDF pp31-36; opinion p31), unmodified, 'Signed:' with a handwritten signature above 'Oseme J. Obaloje, FCA, FRC/2013/PRO/ICAN/004/00000004803, For: KPMG Professional Services, Chartered Accountants, 31 March 2026.' and the ICAN seal (p36, page image). Statements 'approved by the Board of Directors and authorised for issue on 11 March 2026' with handwritten signatures of Mr. Tope Smart (Group Chairman), Mr. Andrew Ikekhua (MD/CEO) and Mr. Idowu Semowo (CFO) (p37, page image).

    Document date
    31 Mar 2026
    Auditor's report
    31 Mar 2026
    Board approval
    11 Mar 2026
    Retrieved by us
    8 Oct 2026 (not a publication date)
    Used for
    statement columns FY2025, FY2024
    Basis
    consolidated statements · NGN thousands (printed “N'000”)
    • Cash and cash equivalents in the cash-flow statement (31,279,323; 2024: 14,222,691) differ from the statement of financial position (30,997,635; 2024: 13,978,899) (pp37, 41) by the impairment allowance on cash shown in note 3 (281,688; 2024: 243,792, PDF p67); kept as printed. The three cash-flow/balance-sheet checks fail for this reason only.
    • Key audit matter (pp32-33): valuation of insurance contract liabilities (N67 billion Group, N63 billion Company). The auditor reports penalties of N58,740,403 paid to NAICOM in 2025 (note 36d; p36). The board approval date printed on p37 (11 March 2026) precedes the auditor's report date (31 March 2026).
    • EPS printed in kobo: Group basic 475 (2024: 582); diluted printed identically (p38); stored in naira with the printed figure and unit kept.
    Technical details
    File
    173 pages, with a text layer
    SHA-256
    805d5cafd347340d03f826c55b272015803e10d6e52fa5fc0b8b0020b8165394
    Entity as printed
    NEM INSURANCE PLC (Group and Parent)
    Exchange copy
    retrieved 2026-10-08T18:00:20Z

Data notes

No figure-level notes beyond those in the tables.

Review status: every figure has been located on its cited source page in an AI-assisted source verification (matched to the document's text) (17 October 2026). Independent review is pending for every figure; automated checks and the AI-assisted verification are not independent review.

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Figures shown on this page (CSV) — the same selected figures at their exact printed values, each with its source document, SHA-256, page, selection rule and reading. Independent review of these figures is pending.

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