Champion Insurance Year Award

it will amount to an exercise in futility for any meaningful inquiry to be conducted on the business of insurance in Nigeria without devoting much energy, time and spacing in discussing issues relating to NEM Insurance Plc, a company with a rich heritage laced in integrity.


It would be an exercise in futility to conduct any meaningful inquiry into the business of insurance in Nigeria without devoting considerable energy, time, and space to discussing issues related to NEM Insurance Plc, a company with a rich heritage steeped in integrity.

Benjamin Franklin noted in his work, "The Busy Body," that "I pronounce it as certain that there was never yet a truly great man that was not at the same time truly virtuous."

Another revelation in the Ladder of Saint August states, "the heights by which great men reach and are kept were not attained by sudden flight, but they, while their companions slept, were toiling upward in the night."

It is no longer in doubt that NEM Insurance Plc has emerged as one of the most successful insurance companies in Nigeria and indeed Africa. The Group Managing Director and Chief Executive Officer of NEM Insurance Plc, Mr. Tope Smart, also serves as the President of the African Insurers' Organisation (AIO), a body that encompasses all insurance, reinsurance, and insurance broking companies in the continent of Africa.

NEM Insurance Plc is not a newcomer in the horizon of companies priding themselves as a hallmark of integrity amidst excellent services and customer-centric products; NEM Insurance is indeed a native. The geometric annual increases in the company’s gross written premium, volume of claims payment, investment income, net profits, and, most importantly, dividends paid to shareholders point to a company committed to satisfying all stakeholders. This is a good measure of a responsible and responsive organization. NEM Insurance is a responsive organization; NEM Insurance is a responsible corporate citizen of this great nation called Nigeria.

Typical of companies with a rich background, NEM Insurance Plc started insurance business in Nigeria in 1948 through the agency of Edward Turner & Co. It became a Nigerian branch of NEM General Insurance Association Limited of London in 1965 and was incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968. The company became listed on the Nigerian Stock Exchange in 1989 following the privatization by the Federal Government of Nigeria. The company, which has contributed immensely towards the growth of the Insurance Industry in Nigeria, was involved in both Life and Non-Life business. However, following the recapitalization exercise in 2007, the company merged with Vigilant Insurance Company Ltd to transact all classes of General Insurance.

The company has expanded its operations into the West African Sub-region, with the successful registration and commencement of business of its subsidiary, NEM Asset Management, added to the Brand in March 2016. REGENCYNEM INSURANCE (GHANA) LIMITED, an associate company, was also added in September 2016.

NEM Insurance Plc, among Nigeria’s biggest insurance companies by market value, prides itself as a company with cutting-edge products and services, just as its claim payment procedures and processes set it apart as a company of trust among all its stakeholders, policyholders, and shareholders inclusive. NEM Insurance Plc is one of the most dominant players at the Nigerian Stock Exchange with an expected gross premium income of N12.2 billion and a profit before tax of N2.7 billion in 2021.


As a leading full-service insurance company operating through a network of branches and service outlets spanning several states and boasting millions of customers, NEM Insurance Plc stands as one of the institutions to beat in terms of product offerings and service delivery.

Part of the philosophy of NEM Insurance Plc is centered on its shareholders’ vision of making it a model of sound insurance practice for Nigeria’s insurance industry and actively participating in the economic development of the country. To achieve this noble vision, the company's operations have been characterized by prompt and efficient services to the public, prompt settlement of claims, a marketing program that enables the public to make an informed choice, innovative client relations programs, and the development of new products to meet the changing needs of the insuring public.

NEM Insurance has a mission to build a customer-satisfying insurance institution that is passionate about adding value to the interests of all stakeholders.

To further its dominance at the stock exchange, the company conducted the reconstruction and redenomination restructuring of its share denomination last year. As a result, the value of the company’s share rose from 50 Kobo to N1 per share.

One of the strongest assets of NEM Insurance Plc is perhaps its workforce led by the Chief Executive Officer Mr. Tope Smart, a professional whose technical competence is now the benchmark for measuring ethical conduct in the business of insurance in Nigeria.

A chartered insurance practitioner and an award-winning graduate of the University of Lagos, Mr. Smart, who also holds a Masters Degree in Business Administration (MBA) from the University of Nigeria, Nsukka, is an Associate member of both the Chartered Insurance Institute of London and the Chartered Insurance Institute of Nigeria. Tope, an astute professional, believes very strongly in the entrenchment of insurance in the minds of every Nigerian. He is a Council member of the Chartered Insurance Institute of Nigeria, Council member of the West African Insurance Companies Association (Ghana), Council member of the Nigeria-Britain Association, President of the African Insurance Organization (AIO), and a past Chairman of the Nigeria Insurers Association, among others.

Tope, as he is fondly called by friends and associates, sits on the board of several companies, including RegencyNem Insurance (Ghana) Limited and NEM Asset Management Limited. In 2014, he was appointed by the Federal Government as Co-Chairman of the Insurance Industry Transformation Committee. In recognition of his outstanding achievements, Tope has won several awards, including Distinguished Alumnus by the University of Lagos, University of Lagos Alumni Association Golden Jubilee Special Recognition Award, among others.

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