NEM sustained its double-digit top-line growth streak in 2021FY as Gross Premium Income (GPW) rose by 26.50%YoY to NGN27.87bn. The performance was broad based across all its business lines with the motor segment (+28.52% YoY) and fire segment (+22.72% YoY) being the major growth drivers. Underwriting expenses surged by (+65.42%YoY) due mainly to the increase in commissions paid during the period. However, combined ratio moderated marginally to 49.38% (vs.49.98% in 2020FY). The moderation in combined ratio was due mainly to decline in the reductions in net claims expenses (-8.15% YoY) as claims recovered from reinsurer increased.
