Adebayo Obajemu

NEM Insurance its First Quarter report for 2020 published on Tuesday reported a profit after tax of N1.06 billion.

The underwriting firm in its unaudited financial statement for the period ended 31 March 2020, reported a Gross Written Premium of N7.92 billion, up by 16.41% when compared to N6.8 billion reported in the first quarter of 2019.

Profit after tax jumped by 24.55% to settle at N1.06 billion in the first quarter of 2020, compared to the profit after tax of N849.57 million in the first quarter of 2019.

The earnings per share of the underwriting firm grew to 20 kobo from 16 kobo, implying a growth of 24.55%.

With reference to the share price of N2.16, the P.E ratio of NEM Insurance is calculated as 10.78x with earnings yield of 9.28%.