NEM INSURANCE : AUDITED FINANCIAL STATEMENT FOR 2021

NEM INSURANCE PLC

FINANCIAL STATEMENTS 31 DECEMBER 2021

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 Comprehensive Income	28
Statement of Financial Position	29
Statement of Change in Equity	30 - 31
Statement of Cash Flows	32
Notes to the Financial Statements	33 - 59
Segments Report - Underwriting Result per class of
business	60
Claim Development Table	61 - 63
Financial Risk Management Policy	64 - 86
Capital Management Policy	87 - 88
Asset and Liability Management	89
Statement of Value Added	90 - 91
Group Financial Summary	92 - 93
Parent Financial Summary	94- 95

i

Corporate Information

Directors

Company SecretaryRegistered OfficeFRCN Number

Registration Number

Corporate Head Office

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

Dr. Fidelis Ayebae	Chairman
Mr. Tope Smart	Group Managing Director/CEO
Mr. Andrew Ikekhua	Executive Director
Mr. Sunday Joshua Adebayo	Executive Director Appointed on 1/12/2021
Mr. Momoh Odamah	Executive Director Appointed on 1/12/2021
Mrs. Olayinka Aletor	Director
Alh. Ahmed Yakasai	Independent Director
Chief Ede Dafinone	Director
Mrs. Joy Teluwo	Director
Mr. Papa Ndiaye	Director
Mr. Kelechi Okoro	Director

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 Registrars 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 Limited

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.

ii

Corporate Information (Cont'd)

SolicitorsReinsurersSubsidiaryAssociateBranch 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 Plc

NEM Asset Management Ltd 199, Ikorodu Road Obanikoro Airport Residential Area P.O. Box 654

Lagos

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

3, Ejura Close, Off Ajesa Street, Opposite Airtel Office, Wuse 2, 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, 08033055444

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

Branch Manager: Ahmed Bello

Mobile No: 08154971638, 080652940000

Onitsha

2nd Floor, (AIB) Building

107, Upper New Market Road, Onitsha

Tel: [phone]

Branch Manager: Cyracus Akujobi

Mobile Nos: 08033457426, 08077284889