NEM Insurance Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Premiums & Annuity Revenue	146,174	67,870	36,263	23,712	19,306
Total Interest & Dividend Income	10,952	7,598	3,182	1,467	1,135
Gain (Loss) on Sale of Investments	6,806	-446.85	4,087	69.49	307.02
Other Revenue	75.69	396.81	131.42	188.68	1,540
Total Revenue	164,007	75,418	43,664	25,437	22,288
Revenue Growth (YoY)	117.46%	72.72%	71.65%	14.13%	16.49%
Policy Benefits	82,104	20,174	12,008	7,597	5,561
Policy Acquisition & Underwriting Costs	41,205	30,915	18,990	9,856	7,580
Selling, General & Administrative	9,643	8,523	5,279	3,725	4,198
Provision for Bad Debts	-	-	-	18.93	-
Other Operating Expenses	-25.69	-2,139	55.79	-892.56	651.69
Total Operating Expenses	132,927	57,473	36,333	20,304	17,991
Operating Income	31,080	17,945	7,331	5,133	4,297
Interest Expense	-139.05	-199.98	-362.81	-	-3.74
Currency Exchange Gain (Loss)	-3,018	14,804	11,389	297.15	183.31
Other Non Operating Income (Expenses)	-0	-218.07	-19.08	-	-
EBT Excluding Unusual Items	27,923	32,331	18,337	5,430	4,477
Gain (Loss) on Sale of Assets	-0.27	-8.73	13.66	-36.43	-12.1
Asset Writedown	-	1,377	526.78	104.6	73.42
Other Unusual Items	-	-	-	-	-10
Pretax Income	27,923	33,699	18,878	5,498	4,528
Income Tax Expense	3,825	4,458	5,929	96.67	95.92
Earnings From Continuing Ops.	24,098	29,241	12,949	5,401	4,432
Minority Interest in Earnings	-	-26.19	72.07	-	-
Net Income	24,098	29,214	13,021	5,401	4,432
Net Income to Common	24,098	29,214	13,021	5,401	4,432
Net Income Growth	-17.51%	124.37%	141.06%	21.87%	-12.83%
Shares Outstanding (Basic)	5,016	5,016	5,016	5,016	5,016
Shares Outstanding (Diluted)	5,016	5,016	5,016	5,016	5,016
EPS (Basic)	4.80	5.82	2.60	1.08	0.88
EPS (Diluted)	4.80	5.82	2.60	1.08	0.88
EPS Growth	-17.46%	124.22%	141.06%	22.36%	-12.91%
Free Cash Flow	30,097	22,275	10,971	5,079	3,018
Free Cash Flow Per Share	6.00	4.44	2.19	1.01	0.60
Dividend Per Share	-	1.000	0.600	0.300	0.220
Dividend Growth	-	66.67%	100.00%	36.36%	22.22%
Operating Margin	18.95%	23.79%	16.79%	20.18%	19.28%
Profit Margin	14.69%	38.74%	29.82%	21.23%	19.89%
Free Cash Flow Margin	18.35%	29.54%	25.13%	19.97%	13.54%
EBITDA	31,450	18,311	7,629	5,377	4,539
EBITDA Margin	19.18%	24.28%	17.47%	21.14%	20.37%
D&A For EBITDA	369.48	365.67	298.26	243.79	242.08
EBIT	31,080	17,945	7,331	5,133	4,297
EBIT Margin	18.95%	23.79%	16.79%	20.18%	19.28%
Effective Tax Rate	13.70%	13.23%	31.41%	1.76%	2.12%

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.