NEM Insurance Emerges Among Nigeria’s Top Three Insurers with ₦75.4bn Q2 2025 Revenue

Strong Industry Growth Despite Economic Pressures

The NAICOM Bulletin of the Insurance Market Performance showed that the non-life business segment maintained dominance, contributing 67.2% of the total premium pool, while life insurance accounted for 32.8%.

Within the non-life segment, Oil and Gas led with 31.2%, followed by Fire (18.9%), Motor (15.8%), General Accident (8.9%), Miscellaneous (8.9%), and Marine & Aviation (7.4%).

The industry’s total assets rose to ₦4.4 trillion in Q2 2025, up from ₦2.3 trillion in the same period last year, with ₦2.5 trillion attributed to the non-life business and ₦1.9 trillion to life insurance.

NEM’s Financial Highlights

NEM Insurance’s Q2 2025 financial statement showed a robust balance sheet and strong capital position that significantly exceeded the Minimum Capital Requirement (MCR) outlined in the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Revenue: ₦75.41 billion (↑66% YoY)
Profit Before Tax (PBT): ₦3.08 billion (↓83% YoY from ₦17.94 billion)
Profit After Tax (PAT): ₦2.66 billion (↓83% YoY from ₦15.48 billion)
Total Assets: ₦159.90 billion (↑31% from ₦121.93 billion in Dec 2024)
Equity: ₦75.93 billion (↑16% from ₦65.44 billion)
Liabilities: ₦83.97 billion (↑49% from ₦56.49 billion)
Cash and Cash Equivalents: ₦11.82 billion
Retained Earnings: ₦49.40 billion
Share Capital: ₦5.02 billion

The company attributed the decline in profit to higher claims and operational costs, consistent with sector-wide challenges in 2025.

Leadership Recognition and Industry Impact

In recognition of NEM Insurance’s resilience and strategic excellence, Managing Director and CEO, Mr. Andrew Ikekhua, was named among Nigeria’s Top 25 CEOs of 2025 by BusinessDay Media.

The award organisers lauded Ikekhua and NEM Insurance for “demonstrating exceptional corporate leadership, innovation, and operational efficiency in a challenging economic environment.”

“This honour belongs to the hardworking NEM team and to God Almighty, whose grace has kept us as a beacon of trust and reliability in Nigeria’s insurance industry,” Ikekhua said in his acceptance speech.

Under Ikekhua’s leadership, NEM Insurance has been praised for its digital transformation, corporate governance standards, and diversified product portfolio — all contributing to its sustained growth and customer trust.

Financial Strength and Credit Rating

NEM Insurance maintained an AA+ (NG) credit rating with a Stable Outlook from Global Credit Rating (GCR), an affiliate of Moody’s Corporation.

The firm’s strong capital adequacy, risk management, and consistent earnings reinforced its standing as the leading listed insurance company on the Nigerian Exchange (NGX).

By year-end 2024, NEM Insurance reported:

Total Assets: Over ₦150 billion
Shareholders’ Funds: ₦75 billion
Claims Paid: ₦24 billion to clients
Dividends Paid: Over ₦5 billion to shareholders

These achievements highlight the company’s balanced commitment to both policyholder satisfaction and shareholder value creation.

Conclusion

With its total assets surpassing ₦159 billion and revenues climbing above ₦75 billion, NEM Insurance Plc continues to demonstrate financial resilience and leadership in Nigeria’s insurance market.

As the industry moves towards the full implementation of the NIIRA 2025 capital regime, analysts say NEM’s strong fundamentals and governance framework position it for sustained growth and long-term competitiveness.