NEM Insurance PIc has reported a N41.46 billion in gross claims paid across its various lines of business for the financial year ended December 31, 2025, reflecting its sustained commitment to policyholder obligations.
The figure was disclosed in the Group’s audited annual report for the year ended December 31, 2025, submitted to the Nigerian Exchange Group (NGX). The figures showed that the parent company paid N41.46 billion in 2025 from N24.24 billion in 2024.
Details from the audited financial statements showed that the highest claims payout was recorded in the motor insurance segment, which accounted for N13.00 billion of the total claims paid during the period.
Fire insurance followed with claims amounting to N9.04 billion, while the oil and gas segment recorded N7.01 billion in claims payments. General accident insurance also posted a significant payout of N6.73 billion.
In the marine segment, NEM Insurance paid N3.77 billion in claims, while engineering insurance claims stood at N1.64 billion.
Other segments recorded relatively lower claims. Agriculture insurance accounted for N152.21 million in claims, while bond insurance recorded N110.03 million.
Industry observers note that timely and efficient claims settlement remains a critical factor in driving insurance penetration in Nigeria.
With its strong capital base, expanding customer network, and increasing investment income, NEM Insurance PIc is well-positioned to deliver sustainable value to both shareholders and policyholders, while contributing to the growth of the insurance sector.
The company’s latest performance further underscores its standing among insurers with strong claims- paying capacity, a key indicator of financial stability and operational reliability in the industry.
GCR Ratings had upgraded NEM Insurance PIc’s national scale financial strength rating to AA+(NG) from AA(NG), with the outlook maintained as stable.
According to the rating agency, the upgrade reflects sustained strengthening in the company’s competitive position within the non-life insurance segment, supported by a sound financial profile characterised by robust risk-adjusted capitalisation, adequate liquidity, and strong earnings capacity.
The combination of increased claims payout and improved credit rating positions NEM Insurance Plc as a leading player in Nigeria’s insurance industry, capable of meeting rising customer expectations while sustaining long-term growth.