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	96,483	67,870	36,263	23,712	19,306
Total Interest & Dividend Income	11,820	7,598	3,182	1,467	1,135
Gain (Loss) on Sale of Investments	6,888	-446.85	4,087	69.49	307.02
Other Revenue	152.17	396.81	131.42	188.68	1,540
Total Revenue	115,343	75,418	43,664	25,437	22,288
Revenue Growth (YoY)	52.94%	72.72%	71.65%	14.13%	16.49%
Policy Benefits	34,797	20,174	12,008	7,597	5,561
Policy Acquisition & Underwriting Costs	42,928	30,915	18,990	9,856	7,580
Selling, General & Administrative	10,434	8,523	5,279	3,725	4,198
Provision for Bad Debts	-	-	-	18.93	-
Other Operating Expenses	-562.69	-2,139	55.79	-892.56	651.69
Total Operating Expenses	87,597	57,473	36,333	20,304	17,991
Operating Income	27,747	17,945	7,331	5,133	4,297
Interest Expense	-431.52	-199.98	-362.81	-	-3.74
Currency Exchange Gain (Loss)	-2,452	14,804	11,389	297.15	183.31
Other Non Operating Income (Expenses)	-37.9	-218.07	-19.08	-	-
EBT Excluding Unusual Items	24,825	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	3,151	1,377	526.78	104.6	73.42
Other Unusual Items	-	-	-	-	-10
Pretax Income	27,976	33,699	18,878	5,498	4,528
Income Tax Expense	4,077	4,458	5,929	96.67	95.92
Earnings From Continuing Ops.	23,899	29,241	12,949	5,401	4,432
Minority Interest in Earnings	-66.3	-26.19	72.07	-	-
Net Income	23,833	29,214	13,021	5,401	4,432
Net Income to Common	23,833	29,214	13,021	5,401	4,432
Net Income Growth	-18.42%	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)	4.75	5.82	2.60	1.08	0.88
EPS (Diluted)	4.75	5.82	2.60	1.08	0.88
EPS Growth	-18.39%	124.22%	141.06%	22.36%	-12.91%
Free Cash Flow	31,175	22,275	10,971	5,079	3,018
Free Cash Flow Per Share	6.21	4.44	2.19	1.01	0.60
Dividend Per Share	1.500	1.000	0.600	0.300	0.220
Dividend Growth	50.00%	66.67%	100.00%	36.36%	22.22%
Operating Margin	24.06%	23.79%	16.79%	20.18%	19.28%
Profit Margin	20.66%	38.74%	29.82%	21.23%	19.89%
Free Cash Flow Margin	27.03%	29.54%	25.13%	19.97%	13.54%
EBITDA	28,219	18,311	7,629	5,377	4,539
EBITDA Margin	24.47%	24.28%	17.47%	21.14%	20.37%
D&A For EBITDA	472.67	365.67	298.26	243.79	242.08
EBIT	27,747	17,945	7,331	5,133	4,297
EBIT Margin	24.06%	23.79%	16.79%	20.18%	19.28%
Effective Tax Rate	14.57%	13.23%	31.41%	1.76%	2.12%

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