Lagos, May 27, 2026 — NEM Insurance Plc has disclosed that it paid a total of N41.46 billion in claims across different categories of its operations during the financial year ended Dec. 31, 2025.
The figure was contained in the company’s audited annual financial report submitted to the Nigerian Exchange Group (NGX) and made available in Lagos on Wednesday.
According to the report, claims paid by the parent company rose significantly from N24.24 billion recorded in 2024 to N41.46 billion in 2025.
A breakdown of the report showed that motor insurance accounted for the highest claims payout, with N13 billion paid within the period.
This was followed by fire insurance with N9.04 billion in claims, while the oil and gas segment recorded N7.01 billion.
General accident insurance also contributed substantially, with claims payments reaching N6.73 billion.
In the marine insurance category, the company settled claims worth N3.77 billion, while engineering insurance claims stood at N1.64 billion.
Other business segments recorded smaller payouts, including agriculture insurance with N152.21 million and bond insurance with N110.03 million in claims.
The company stated that it remains focused on delivering long-term value to shareholders and policyholders while supporting the growth of the insurance industry.
It attributed its performance to a strong capital structure, expanding customer base, and increasing investment income.
NEM Insurance noted that the level of claims settled further demonstrates its financial strength and capacity to meet obligations to policyholders.
Meanwhile, GCR Ratings recently upgraded the company’s national scale financial strength rating from AA(NG) to AA+(NG), while retaining a stable outlook.
The rating agency explained that the upgrade was driven by the company’s improving position in the non-life insurance market, supported by strong capitalisation, healthy liquidity, and solid earnings performance.