During the 53rd Annual General Meeting, the Chairman of NEM Insurance Plc, Dr. Fidelis Ayebae, informed shareholders that the company's management expenses had decreased by 11.9% in the financial year ending on December 31, 2022. He credited the board's supervision for improving management efficiency, resulting in a reduction of expenses from N4.2 billion in 2021 to N3.7 billion in 2022.

Dr. Ayebae also disclosed that gross claims for the year amounted to N12.3 billion, representing a 7.9% increase compared to the previous period's N11.6 billion. The gross claims ratio decreased from 42.0% in 2021 to 37.4% in 2022, indicating a 5% reduction.

Furthermore, net claims paid during the year reached N7.6 billion, a significant increase of 38% compared to the previous year's N5.5 billion. The net claims ratio for 2022 was 22%, rising by 2.1% from the 19.9% recorded in 2021.

Lastly, the company's Profit Before Tax (PBT) for the year under review amounted to N5.5 billion, indicating a 21% increase from the N4.5 billion recorded in 2021.

source; Vanguardngr.com
https://www.vanguardngr.com/2023/05/nem-insurance-reduces-cost-as-claims-rise-to-12-3bn/