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 was Benjamin Franklin who 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”.
There is yet another revelation in the Ladder of Saint August saying that “the heights by which great men reach and 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. After all, the Group Managing Director and Chief Executive Officer of NEM Insurance Plc Mr Tope Smart is the President of African Insurers” Organisation (AIO), a body which houses all insurance, reinsurance and insurance broking companies in the continent of Africa.
NEM Insurance Plc is not an immigrant in the horizon of companies which prides themselves as 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 been dished out to shareholders point to a company which is committed to satisfying every and all stakeholders. That 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 call Nigeria.
Typical of companies with 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 incorporated in 1970 as a Nigerian company in compliance with the Companies Decree of 1968. The company became quoted on the Nigerian Stock Exchange in 1989 following the privatisation by the Federal Government of Nigeria. The company, which has contributed immensely towards the growth of Insurance Industry in Nigeria, was into Life and Non- Life business but 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 was added to the Brand in March, 2016. REGENCYNEM INSURANCE (GHANA) LIMITED, an associate company was also added in September, 2016.Best regards
NEM Insurance Plc which is among Nigeria’s biggest insurance company by market value prides itself as a company with cutting edge products and services just as its claim payment procedures and processes stand it out as a company of trust among all its stakeholders, policy holders and shareholders inclusive. NEM Insurance Plc is one of the most dominant players at the Nigerian Stock Exchange with a 2021 expected gross premium income of N12.2 billion and a profit before tax of N2.7 billion.
As a leading full-service insurance company operating through a network of branches and service outlets, spanning several states and boasting of 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 to participate actively in the economic development of the Country. To achieve this noble vision, operations of the company has been characterized by prompt and efficient services to the public, prompt settlement of claims, marketing programme that will enable the public make an informed choice, innovative client relations programme as well as the development of new products to meet the changing needs of the insuring public.
NEM Insurance has the mission to build a customer satisfying Insurance institution that is passionate about adding value to the interests of all stakeholders.
To push further its dominance at the stock exchange the company last year conducted the reconstruction and redenomination restructuring of its share denomination. 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 bench mark for measuring ethical conducts 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 mind of every Nigerian. He is a Council member, Chartered Insurance Institute of Nigeria, Council member, West African Insurance Companies Association (Ghana), Council member, Nigeria-Britain Association, President, African Insurance Organization (AIO) and a past Chairman of the Nigeria Insurers Association to mention just to mention but a few.
Tope as he is fondly called by friends and associates sits on the board of several companies amongst which are RegencyNem Insurance (Ghana) Limited and NEM Asset Management Limited. In 2014, he was appointed by the Federal Government as Co-Chairman of Insurance Industry Transformation Committee. In recognition of his outstanding achievements, Tope has won several awards amongst which are Distinguished Alumnus by the University of Lagos, University of Lagos Alumni Association Golden Jubilee Special Recognition Award amongst others.