NEM INSURANCE : QUARTER 5 - FINANCIAL STATEMENT FOR 2022

NEM INSURANCE PLC

FINANCIAL STATEMENTS 31 DECEMBER 2022

NEM INSURANCE PLC
Contents	Pages
Corporate Information	i - iv
Results at a Glance	v
Report of the Directors	vi - xiv
Report of External Consultants on Board Appraisal	xv
Statement of Directors' Responsibilities	xvi
Certification Pursuant to Section 60(2) of Investment &
Securities Act No. 29 of 2007	xvii
Environmental, Social and Governance (ESG) Report	xviii
Report of the Audit and Compliance Committee	xix
Report of the Independent Auditors	1- 5
Statement of Significant Accounting Policies	6 - 27
Statement of financial position	28
Statement of profit or loss and other comprehensive
income	29
Statement of Change in Equity	30 - 31
Statement of Cash Flows	32
Notes to the Financial Statements	33 - 60
Segments Report - Underwriting Result per class of
business	61
Claim Development Table	62 - 65
Financial Risk Management Policy	66 - 88
Capital Management Policy	88 - 89
Asset and Liability Management	90
Statement of Value Added	91 - 92
Group Financial Summary	93 - 94
Parent Financial Summary	95- 96

i

FINANCIAL STATEMENTS, 31 DECEMBER 2022 Corporate Information

DirectorsCompany SecretaryRegistered OfficeFRCN Number

Registration Number

Corporate Head Office

Dr. Fidelis Ayebae Mr. Tope Smart

Mr. Andrew Ikekhua

Mr. Sunday Joshua Adebayo Mr. Momoh Odamah

Mrs. Olayinka Aletor Alh. Ahmed Yakasai Chief Ede Dafinone Mrs. Joy Teluwo Mr. Papa Ndiaye Mr. Kelechi Okoro

Mrs. Olajumoke Philip-Akede 199, Ikorodu Road Obanikoro, Lagos

NEM House

199, Ikorodu Road Obanikoro, Lagos

FRC/2012/0000000000249 6971

NEM House

199, Ikorodu Road Obanikoro, Lagos

Registrars

APEL Capital & Trust Limited 8, Alhaji Bashorun Street

Off Norman Williams Crescent, South West, Ikoyi

Lagos

Tel: [phone]

Mobile No: 07046126698

Bankers

Access Bank Plc Polaris Bank Limited Ecobank Nigeria Limited First Bank of Nigeria Limited Guaranty Trust Bank Limited Keystone Bank LimitedChairman

Group Managing Director/CEO Executive Director

Executive Director (Retired on 30/6/2022) Executive Director (Retired on 31/12/2022) Director

Independent Director Director

Director Director Director

Standard Chartered Bank Nigeria Limited Sterling Bank Plc

United Bank for Africa Plc Zenith Bank Plc

Auditors

BDO Professional Services (Chartered Accountants) ADOL House, 15 CIPM Avenue Central Business District Alausa, Ikeja, Lagos.

P.O.Box 4929,GPO, Marina Lagos.www.bdo-ng.com

ii

Corporate Information (Cont'd)

SolicitorsReinsurers

SubsidiaryAssociateBranch Networks

Koya & Kuti Solicitors 5th Floor, 3, Ajele Street Lagos.

Sola Abidakun & Co 9th Floor, UBA House 57, Marina

Lagos.

African Reinsurers Corporation Continental Reinsurance Corporation SWISS Reinsurance Company

WAICA Reinsurance Pool

NEM Asset Management Ltd 199, Ikorodu Road Obanikoro Lagos

P.O. Box 654 Tel: [phone]

Regency Nem Insurance (Ghana) Limited No.65, Patrice Lumumba Road

Airport Residential Area Accra P.O. Box 6342

Cantonments, Ghana

Abuja - Garki

3, Ringim Close Off Sokoto Street Area 7, Garki, Abuja

Branch Manager: Michael A. Giwa Mobile No: 08033208141

Abuja - Wuse

Plot 960, Ahmadu Bello Way Wuse II, Abuja

Branch Manager: Mr. Martins Ilegoma Mobile Nos: 08077284843 08078153184, 08037020262

Abuja - Central Business District 82, Imo State Liaison office

Opp. Federal Ministry of Finance Central Business District

Branch Manager: Davies O. Dada Mobile Nos: 08150849411

Apapa

2nd Floor 41/43 Itire Road Surulere, Lagos

Tel: [phone] Branch Manager: Uzor Enubuzo Mobile No: 08059301673, 0802896842

iii

Corporate Information (Cont'd)

Calabar

2nd Floor, 26, Etta-Agbor Road

Calabar

Cross River

Branch Manager: Opeoluwa Olaku

Mobile Nos: 08054642551, 08033542048

Akure

3rd Floor, BIO Building Alagabaka

Akure, Ondo State

Tel: [phone]

Branch Manager: Kehinde Agbelade

Mobile No: 08033509419

Ibadan

3rd Floor, Broking House

1, Alhaji Jimoh Odutola Street

PMB 5328, Ibadan

Oyo State

Tel: [phone]

Branch Manager: Rufus Olumide

Mobile Nos: 08033463697

Jos

10, Rwang Pam Street

P.O. Box 1261

Jos, Plateau State

Tel: [phone]

Branch Manager: Oyeronke Oyegbamile-Bello

Mobile No: 08077284946

Lagos Mainland

199, Ikorodu Road

Obanikoro, Lagos

Tel: [phone]

Branch Manager: Lucky Okparavero

Mobile Nos: 08076175287, 08023123006

08077284829

Kano

3rd Floor, Union Bank Building

37, Niger Street

P.O. Box 1185, Kano

Tel: [phone]

Branch Manager: Peter I. Agono

Mobile No: 08035923740

070228243127, 07029909242

Onitsha

2nd Floor, (AIB) Building

107, Upper New Market Road, Onitsha

Tel: [phone]

Branch Manager: Cyracus Akujobi

Mobile Nos: 08033457426, 07029219983