The company clinched the award ahead of other nominees, marking a significant recognition of its excellence within Nigeria’s insurance sector.

The glamorous event celebrated outstanding achievements across the industry, blending elegance, entertainment, and inspiration.

The event was anchored by Nollywood veteran Segun Arinze, while guests enjoyed an energetic performance by popular artiste Slimcase, adding vibrancy to the evening.

In his acceptance speech, Andrew Ikekhua, Managing Director and CEO of NEM Insurance, expressed gratitude to God Almighty, the organisers and the company’s loyal customers.

“We thank God Almighty for this award and the organisers, Almond. We dedicate this award to our great Group Chairman, Mr. Tope Smart, the entire NEM team, and our numerous loyal customers and partners. This recognition will motivate us to continue pushing boundaries and innovating,” he said.

The 2025 Almond Awards highlighted the dynamism and growth of Nigeria’s insurance industry, honouring the leaders, innovators, and organisations driving excellence and transformation in the insurance sector.

In a statement, Andrew Ikekhua, the Managing Director, said the profit surge is a testament to NEM Insurance’s financial health and business strategies, which enabled it to thrive despite a turbulent economic environment.

In addition to the profit leap, the company recorded an 89 percent growth in gross premium, amounting to N62.7bn, compared to N33.4bn in 2022.

The company’s total assets and shareholders’ funds also increased, growing by 68 percent and 44 percent respectively.

According to the statement, the total assets rose from N44bn in 2022 to N74bn in 2023, while shareholders’ funds increased from N27bn to N39bn.

Ikekhua, added that the company’s success in 2023 was further recognised by the Global Credit Rating Agency of South Africa, which upgraded NEM Insurance’s financial strength rating from AA minus to AA with a stable outlook.

“During the year, the Global Credit Rating Agency of South Africa upgraded our financial strength from AA minus to AA with a stable outlook.

‘’This new rating indicates our strong financial capacity to meet our obligations and plan big in the market.

‘’ It also improves our brand acceptability with better chances of winning more corporate businesses. As part of our corporate strategy, five new retail products were developed and deployed into the market after NAICOM approval,” Ikehua added.

On his part, Tope Smart, the chairman of NEM Insurance, noted that in line with the company’s commitment to human capital development, over 96 percent of the workforce participated in various training programs, both locally and internationally, to enhance their job performance.

The All-Share Index (ASI) shed 296.50 points, representing a decline of 0.28 per cent to close at 104,256.81 points. Also, market capitalisation dipped by N168 billion to close at N58.948 trillion.

Accordingly, the downturn was driven by price depreciation in large and medium capitalised stocks amongst which are; Julius Berger, FBN Holdings (FBNH), Vitafoam Nigeria, Berger Paints and Transnational Corporation (Transcorp).

However, investor sentiment, as measured by market breadth, closed positive as 29 stocks advanced, while 24 declined.

NEM Insurance and CWG emerged the highest price gainer of 10 per cent each to close at N8.80 and NN6.05 respectively while Juli followed with a gain of 9.98 per cent to close at N6.50, per share.

International Energy Insurance rose by 9.85 per cent to close at N1.45, while Thomas Wyatt Nigeria appreciated by 9.55 per cent to close at N2.18, per share.

On the other side, Secure Electronic Technology and The Initiates Plc (TIP) led others on the losers’ chart with 10 per cent each to close at 54 kobo and N2.16 respectively, while FBNH followed with a decline of 9.90 per cent to close at N39.60, per share.

Vitafoam Nigeria lost 9.88 per cent to close at N19.15, while Berger Paints depreciated by 9.80 per cent to close at N15.65, per share.

The total volume traded decreased marginally by 2.73 per cent to 298.652 million units, valued at N6.841 billion, and exchanged in 8,248 deals.

Transactions in the shares of FBNH led the activity with 37.807 million shares worth N1.573 billion.

United Bank for Africa (UBA) followed with account of 36.855 million shares valued at N954.382 million, while Access Holdings traded 28.087 million shares valued at N649.273 million.

Transcorp traded 21.573 million shares worth N322.628 million, while Fidelity Bank traded 19.814 million shares worth N200.457 million.

Meanwhile, Access Holdings Plc announced that its flagship subsidiary, Access Bank Plc has entered into a binding agreement with Kenyan-based KCB Group Plc for the acquisition of the entire issued share capital of National Bank of Kenya Limited from KCB. This acquisition is aimed at further strengthening the bank’s African expansion strategy.

Also, PZ Cussons Plc disclosed that the Securities and Exchange Commission (SEC) has declined the company’s ‘No Objection’ request for its majority shareholder, PZ Cussons (Holdings) Limited  intention to acquire the shares held by minority shareholders at an offer price of N23 per share.