By Peter Egwuatu
NEM Insurance Plc, has said that that its management expenses dropped by 11.9% as the gross claims stood at N12.3 billion for the financial year ended December 31,2022.
Addressing shareholders at its 53rd Annual General Meeting, AGM, last week, the Chairman of the
insurance firm, Dr. Fidelis Ayebae, said: “The Board during the year under review supervised the management’s efficiency that brought about a reduction in the management expenses from to 3.7billion in 2022 from N4.2 billion in 2021”.
He added, “The gross claims incurred during the year was N12.3 billion; an increase of 7.9% over that of the preceding period that was N11.6 billion. The gross claims ratio for 2021 stood at 42.0% whereas that of 2022 was 37.4%, a decrease of 5%.
“Net claims paid for the year was N7.6 billion, while that of the preceding year was N5.5 billion;
resulting in an increase of 38%. The net claims ratio was 22% for the year under review and 19.9% for 2021; an increase of 2.1%.
“The Group’s Profit Before Tax (PBT) for the year under review was N5.5 billion and N4.5 billion in2021, an increase of 21%”.
Source: Vanguard