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.
You May Also Like
Earnings Update NB – H1 2023.
- October 24, 2023
Kindly find attached. Earnings Update NB – H1 2023
Earnings Update – NB 2021FY NB Ends 2021 On a Positive Note
- April 8, 2022
Nigerian Breweries Plc (NB) closed the 2021FY on a solid note, posting a year on year revenue growth…
Earnings Update | ACCESS | H1:2020
- September 18, 2020
Access Bank Plc (ACCESS)’s gross earnings growth moderated to 22.31% YoY in H1:2020 (from 31.02% in Q1:2020) due…
Earnings Update – AIICO 2021FY Positioned for Better Performance
- April 12, 2022
AIICO Insurance Plc. continued its growth momentum in 2021FY as Gross Premium Written (GPW) advanced by 15.60% YoY…
Earnings Update-NASCON H1_ 2023 Cost Efficiency Props Profitability
- August 8, 2023
Despite the myriad of challenges facing the consumer goods sector, NASCON Allied Plc (NASCON) in the first half…
Earnings Update- PRESCO- H1:2021
- September 3, 2021
In the first half of 2021, Presco Plc’s revenue increased by 59.49%YoY to a record high of NGN21.46bn.…