NEM Insurance half year profit soars by 25.73% to N2.53bn

Adebayo Obajemu

NEM Insurance on Wednesday posted its half year report for the period ended 30 June 2022. The underwriting insurance giant attained significant growth in its top line and bottom line figures, year on year.

Gross Premium Written of N20.248 billion was reported for the 6 months period, up by 25.87% from N16.087 billion posted the previous year.

Profit after tax grew year on year by 25.73% to N2.534 billion from N2.015 billion reported in HY 2021.

Earnings per share of NEM Insurance was put at 51 kobo.

At the share price of N3.4, the P/E ratio of NEM Insurance stood at 6.73x with earnings yield of 14.86%.