NEM Insurance Targets N9.4bn Profit in Q3
NEM Insurance Plc has forecasted that its profit would reach about N9.4 billion in the third quarter of 2024, according to its regulatory filing on the Nigerian Exchange.
The Insurer, whose market valuation remained flat at N47.907 billion said in its earnings forecast that its insurance revenue would print at N51.039 billion in the period.
Out of the huge amount, insurance services expenses is expected to knock out N32.0225 billion. Thus, NEM Insurance PLC net revenue from insurance operations is expected to settle at N13.826 billion after consideration for N5.188 billion re-insurance expenses,
In the period, NEM Insurance expects more than N2.1 billion from interest income. Other operating expenses would reach N5.588 billion.
Its pretax profit is estimated to reach N10.43 billion. Following tax provision of more than N1 billion, NEM insurance is targeting N9.387 billion in profit for the third quarter of 2024. # NEM Insurance Targets N9.4bn Profit in Q3 Asset Quality: Jaiz Bank Credit-Impaired Loans Improve –Fitch
