What NEM Insurance does

NEM Insurance Plc is a Nigerian non-life (general business) insurance company that provides risk protection products to corporate entities, SMEs, and individuals across Nigeria. Founded in 1948 through the agency of Edward Turner & Co. and incorporated as a Nigerian company in 1970 under the Companies Decree of 1968, the company is publicly listed on the Nigerian Exchange (NGX) under ticker NEM and headquartered at 199 Ikorodu Road, Obanikoro, Lagos. NEM serves as the lead underwriter for oil and gas insurance in Nigeria, covering all risks for the country's largest oil companies, and operates as the No. 1 motor insurance and No. 1 general business insurance provider based on gross premium written.

The company offers a diversified product portfolio across three customer segments. Corporate Insurance includes Motor, Marine, Aviation, Oil & Gas, Engineering, Computer & Electronics, and Goods in Transit coverage. Personal Insurance spans Travel, Motor, Home Protection, Enhanced Motor Third Party, Fire & Special Perils, and Professional Indemnity. SME Insurance covers Motor, Goods in Transit, and Burglary protection. The technology stack centers on the E-Insurance Portal (einsurance.nem-insurance.com), which enables direct self-serve policy purchase and management with immediate certificate generation. The portal integrates with the Nigerian Insurance Industry Database (NIID at askniid.org) for real-time policy verification. Two wholly-owned subsidiaries extend the platform: Nem Health (technology-enabled healthcare access) and Nem Asset (asset management). Travel insurance operates through a strategic partnership with MAFRE ASSISTENCIA for international medical support and Schengen/Worldwide plans.

Revenue is generated primarily through insurance premiums across eight business lines, with four of eight lines each contributing over 10% of insurance revenue, supplemented by investment income from fixed income securities and liquid assets. FY2025 total revenue reached N173.04 billion, up 42% year-over-year, with FY2024 insurance revenue of N98 billion growing 88% YoY. Distribution combines 16 branches and 20+ retail outlets across Nigerian cities, a direct-to-consumer digital portal, and established broker relationships. Pricing models vary by product: comprehensive motor insurance is unit-priced at 5% of vehicle value; enhanced motor third party at fixed premiums (N30,000-N40,000); home protection through four tiered annual subscription packages (Bronze to Platinum at N1,500-N5,000); and travel insurance on a pay-as-you-go basis based on destination, trip duration, and age. The company holds an estimated 10% market share in Nigeria's non-life insurance segment and carries a GCR financial strength rating of AA+(NG) with a 19.3x statutory solvency margin.

Name

NEM Insurance

Legal name

NEM Insurance Plc

Website

https://nem-insurance.com

Company type

Public

Founded year

1948

Operating status

Operating

Headcount range

251–500 employees

Short description

NEM Insurance Plc is Nigeria's leading non-life insurer, offering motor, oil & gas, marine, aviation, and engineering coverage alongside personal and SME products through 16+ branches and a digital e-insurance portal.

Ownership category

akta.pro rank

Product category

General Insurance

NAICS

Direct Insurance (except Life, Health, and Medical) Carriers (52412), Direct Property and Casualty Insurance Carriers (524126)

SIC

Fire, Marine & Casualty Insurance (6331), Insurance Carriers, Nec (6399)

akta.pro primary industry

Personal Auto Insurance (FSAJAMAA)

akta.pro secondary industries

Commercial General Liability (CGL) (FSAJADAA), Travel & Accident (Non-Life) Insurance (FSAJAMAN), Environmental / Pollution Liability (FSAJAGAF)

Keywords

• Non-life insurance
• Motor insurance
• General business insurance
• Oil and gas insurance
• Travel insurance

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices19 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Insurance Premium Revenue: NEM Insurance generates the majority of its revenue from insurance premiums across multiple business lines: motor, oil and gas, fire, marine, aviation, engineering, and specialty lines. In 2024, total insurance revenue reached N98.0 billion, growing 88% year-over-year. The company maintains a diversified revenue base with four of eight lines each contributing over 10% of insurance revenue.
2. Investment Income: Investment income from a portfolio of fixed income securities and liquid assets. Investment yield stood at 18.9% in 2024, supported by high-interest rate environment and strong equity market performance (144% return in 2025, 26% YTD in 2026).
3. Reinsurance Ceded Premiums: Net reinsurance costs of N17.15 billion projected for Q2 2026, representing the cost of ceding portions of premium to reinsurers for large-risk lines such as oil and gas and aviation.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

NEM Insurance Plc provides a comprehensive portfolio of non-life (general) insurance products to individuals, SMEs, and corporate organizations in Nigeria. Its offerings span motor, marine, aviation, oil and gas, engineering, fire and special perils, burglary, goods in transit, professional indemnity, computer and electronics, travel, and home protection insurance, distributed through a nationwide branch network, retail outlets, brokers, and an E-Insurance digital portal.

Product overview

NEM Insurance Plc is a leading general business insurance provider in Nigeria offering a comprehensive portfolio of insurance products across Corporate, Personal, and SME segments. The company's digital offerings center on its E-Insurance Portal (https://einsurance.nem-insurance.com/V2/) enabling online policy purchases. Corporate Insurance products include Marine, Aviation, Oil & Gas, Engineering, Computer and Electronics, and Goods in Transit coverage. Personal Insurance encompasses Travel (in partnership with MAFRE ASSISTENCIA), Home Protection, Enhanced Motor Third Party, Fire and Special Perils, and Professional Indemnity products. SME Insurance covers Motor, Goods in Transit, and Burglary protection. The company is the No. 1 Motor Insurance provider in Nigeria (N24.57 billion GPW in 2024) and the No. 1 General Business Insurance provider, having achieved an estimated 10% market share in 2024.

Differentiator

Problem solved

Functional benefit

Products and services

• Motor Insurance

Quantifiable outcome

• NEM recorded motor insurance revenue of N24.57 billion in 2024 and paid over N7.8 billion in motor claims in the same year, demonstrating strong claims-paying capacity.
• +6 more outcomes

Named customers5 records

Segments7 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and subsidiary.

• MAFRE ASSISTENCIAcoreStrategic or Co-development PartnerNEM Travel Insurance is developed in partnership with MAFRE ASSISTENCIA, providing international medical support and access to a vast global healthcare provider network for Nigerian travelers. The partnership enables NEM to offer Schengen and Worldwide Travel Insurance plans covering medical expenses up to 30,000 euros, emergency dental treatment, repatriation, advance bail, legal costs, and lost luggage compensation.
• Nem HealthsubsidiaryOthersNem Health is a subsidiary of NEM Insurance Plc that leverages technology to provide seamless access to quality healthcare for customers. Website: www.nem-health.com.
• Nem AssetsubsidiaryOthersNem Asset is a subsidiary of NEM Insurance Plc focused on asset management and related financial services. Website: www.nemasset.com.

Scale indicators13 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• AXA Mansard Insurance: AXA Mansard is one of Nigeria's largest non-life insurance companies, offering motor, marine, aviation, oil & gas, engineering, fire, and travel products to retail and corporate customers. It competes head-to-head with NEM in the same Nigerian general insurance segment, with overlapping product lines and a similar broker/corporate distribution model.
• Leadway Assurance: Leadway Assurance is a leading Nigerian composite insurer with a large non-life book spanning motor, oil & gas, marine, aviation, and engineering. It is a direct competitor to NEM in the Nigerian general insurance market, particularly in corporate and broker-distributed accounts across the same industry verticals.
• AIICO Insurance: AIICO Insurance is a publicly listed Nigerian insurer with material exposure to non-life lines including motor and general business insurance. It overlaps directly with NEM in retail and corporate motor, fire, and engineering insurance, and competes in the same Lagos-led distribution landscape.
• Custodian Insurance: Custodian Insurance is a Nigerian general business insurance carrier offering motor, marine, oil & gas, engineering, and fire cover. It competes with NEM in the same Nigerian non-life segment, particularly in mid-market commercial accounts and broker-distributed business.
• Cornerstone Insurance: Cornerstone Insurance is a publicly listed Nigerian general insurance company with motor, oil & gas, marine, and engineering lines. It is a direct competitor to NEM for the same Nigerian corporate and retail customers, sharing broker relationships and competing on similar risk categories.
• Sovereign Trust Insurance: Sovereign Trust Insurance is a Nigerian general business insurance company with offerings across motor, marine, aviation, oil & gas, and engineering. It is a direct peer to NEM in non-life insurance, targeting similar retail and corporate customer segments in Nigeria.
• Royal Exchange Plc: Royal Exchange is a long-established Nigerian insurance group with a significant general insurance book covering motor, oil & gas, marine, and fire. As one of the older non-life carriers in Nigeria, it overlaps directly with NEM in the same product lines and customer segments.
• Consolidated Hallmark Insurance: Consolidated Hallmark Insurance is a Nigerian general insurance company offering motor, fire, marine, engineering, and oil & gas cover. It is a direct competitor to NEM in the same Nigerian non-life segment, with similar broker-led distribution and customer target markets.

Regional players

• Old Mutual Nigeria: Old Mutual operates in Nigeria through its general insurance subsidiary, offering motor, fire, and engineering cover alongside its dominant life business. As a regional (pan-African) player with broader composite capabilities, it competes with NEM for the same corporate and high-net-worth customers in Nigeria while operating across multiple African markets.

Broad incumbents

• Santam: Santam is South Africa's largest general insurer with broad specialty and commercial lines spanning motor, property, engineering, and marine. As a continental incumbent with specialist expertise and far larger underwriting capacity, it is comparable to NEM on product categories and corporate client focus, though it operates at materially greater scale from a non-Nigerian home market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/neminsuranceplc
• Facebookweb.facebook.com/neminsplc
• LinkedInlinkedin.com/company/nem-insurance-plc
• Instagraminstagram.com/neminsuranceplc

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about NEM Insurance