MOTIVATING!!! Nem Insurance pays N3.96bn in claims

Nem Insurance Plc said its gross premium rose by 10.8 per cent from N9.8bn in the 2014 financial period to N10.9 per cent in 2015.

Its Chairman, Chief Adewale Teluwo, disclosed this during the firm’s 46thannual general meeting in Lagos.

“Notwithstanding the state of the country’s economy in the reporting period, our company still recorded good performance,” he said.

The chairman also said the parent company achieved an increase of 9.5 per cent from N9.4bn in the preceding year to N10.3bn in the year under review.

Teluwo said even though rates crashed to an average of four per cent per annum, the group generated an investment income of N746.2m during the year under review while that of the preceding period was N607.8m, an increase of 22.8 per cent.

He said claims paid by the group during the reporting year amounted to N3.96bn, an increase of 34.6 per cent over that of the preceding period which was N2.9bn.

The chairman attributed the increase in claims to one huge claim of about N600m paid out by the parent company.

He added that an increase of 33.1 per cent was recorded by the parent company from N2.9bn in 2014 to N3.8bn in 2015.

 

Source: Punch