NEM Insurance grows PBT 20.7% in H1 2018
Oluwaseun Afolabi is Businessamlive Reporter.
You can contact him on afolabi.oluwaseun@businessamlive.com with stories and commentary.
NEM Insurance Plc. has announced a 20.7 growth in its profit before tax (PBT) for the financial half-year ended 30 June 2018.
PBT of the insurance company grew from N1.4 billion in June 2017 to N1.7 billion in June 2018 on account of a 12 percent increase in gross premium written and a 62 percent decline in claims expenses.
The financial statements released Tuesday via the Nigerian Stock Exchange (NSE) showed that the profit after tax increased to N1.5 billion as at June 30, 2018, from N1.2 billion in the same period of 2017.
Other highlights indicate a 10 percent growth in underwriting profit of N2.7 billion in the period under review as against N2.5 billion in the corresponding period of 2017.
The insurer’s balance sheet shows total assets YTD growth of 10 percent from N17 billion at the beginning of 2018 to N19 billion as at the period under review.
NEM Insurance is one of Nigeria’s insurance companies with share price trading flat on Tuesday at N3 per share.