Nem Insurance plc, the chairman of the insurance company, Dr. Fidelis Ayebae said that management expenses decreased by 11.9% for the financial year ended December 31, 2022, and that the board monitored the management’s effectiveness, which resulted in a reduction in the management expenses from 3.7 billion in 2022 to 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 which 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%.
“The net claims paid for the year were N7.6 billion, while the claims paid for the year were n5.5 billion, increasing by 38 percent. The net claims ratio increased by 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 in 2021, an increase of 21%.”
