NEM Insurance Plc recorded a pre-tax profit of N31.02 billion for the nine months ended September 30, 2026, a 30.54% rise from N23.77 billion in the corresponding period of 2025. The unaudited results filed with the Nigerian Exchange on Thursday, October 29, 2026, show that the nine-month figure has already surpassed the N27.98 billion pre-tax profit reported for the whole of 2025.
Profit after tax also increased by 30.54% to N26.77 billion. The growth came despite higher reinsurance expenses, foreign exchange losses and management costs recorded during the period.
Insurance revenue grew by 7.68% to N115.69 billion, while insurance service expenses declined by 6.16% to N63.49 billion. This lifted the insurance service result by 22.07% to N20.81 billion. Motor insurance remained the largest revenue contributor at N33.28 billion, ahead of oil and gas at N31.48 billion, fire at N19.52 billion and marine at N14.17 billion. Motor also produced the largest insurance service result at N11.67 billion.
Investment performance underpinned the earnings. Interest income rose by 23.46% to N9.47 billion and the net investment result increased by 37.12% to N19.03 billion. The combined insurance and investment result grew by 26.86% to N38.55 billion. Net reinsurance expenses climbed by 38.11% to N31.39 billion from N22.73 billion, significantly outpacing the growth in insurance revenue. Net foreign exchange losses widened to N3.61 billion from N974.54 million, while management expenses rose by 12.78% to N7.43 billion.
Total assets increased by 14.35% to N204.22 billion from N178.59 billion at the end of December 2025, reflecting an expanded investment portfolio. Total liabilities rose by 6.74% to N100.97 billion, while shareholders' equity expanded by 22.91% to N103.26 billion, supported by retained earnings of N69.73 billion. Insurance contract liabilities increased by 28.79% to N81.78 billion, with liabilities for remaining coverage rising to N53.10 billion from N36.90 billion. Listed equities measured at fair value through profit or loss increased to N31.98 billion from N18.40 billion, and investments at amortised cost rose to N88.63 billion from N76.78 billion.
Cash and cash equivalents declined by 55.64% to N12.25 billion from N27.61 billion. Operating cash flow turned negative at N1.06 billion, compared with a positive N10.35 billion in the same period of 2025. Investing activities recorded a net cash outflow of N7.01 billion, while financing activities consumed N7.29 billion, largely reflecting dividend payments of N7.52 billion against N5.02 billion a year earlier.
