BNW

B N W: Biafra Nigeria World News

.... ....   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates  Towards a better life for the people Search The Archives   Cover Stories National News South West Niger Delta South East North Politics Business Sports World Viewpoints Features   NEM Insurance Plc increases premium income earnings By Tony Edike Monday, October 04, 2004 ENUGU—NEM Insurance PLC has announced an increase in its gross Premium income earnings from N354.6million in 2002  to N481 million in 2003, an increase of 63.08 percent as against 30.91 percent in the previous year.  Besides, it also announced  an increase in its after profit tax from N22.634 million in 2002 to N45.028 million an increase of 98.93 percent. Chairman of the Board of Directors of NEM PLC, Alhaji Mohamed Munir Ja’’afaru who disclosed this at the company’’s  Annual General Meeting (AGM) in Enugu, also added that the company’’s total retained premium of General Business jumped  from N228.4 million in 2002 to N326.9million in 2003. Insurance funds, he also disclosed rose from N212.3 million in 2002 to N302.6 million in 2003 while the total assets of NEM  now stood at N657.175 million as against N470,257 million in 2002. Commenting on the performance of the national economy for the year 2003, Ja’’afaru regretted that in spite of the major policy  thrust of the government aimed at diversifying the economy, industrial activities at the end of the year appreciated marginally  while inflation moved further to double-digit of 13.8 percent approximately, pushing the economy further into the Principe. He also attributed government’’s stiff control over expenditure and rising operating costs of doing business made insurance  business very difficult during the year under review and however added that in spite of this, there was also significant growth in  the values and quantum of claims settled during the year. On the future prospects of the company, the Board Chairman disclosed that with the conclusion of the recapitalisation of NEM,  which he said has broaden its asset base with an increase in its share of the market, the management of the company was poised  to deploy these resources towards increasing the wealth of the company. He however hoped that government economic policy would remain stable and urged the government to take decisive measures  aimed at arresting the decadence of social infrastructures to pave the way for greater inflow of foreign investments in the years  ahead.   Home  |  Cover Stories  |  National Newsreel  |  Politics  |  Business  |  Sports  |  World  | Contact  | Advert Rates © 1998- 2004. Vanguard Media Ltd.

	BNW News
Voice of Biafra | Biafra World | Biafra Online | Biafra Web | MASSOB | Biafra Forum | BLM | Biafra Consortium
	© 2001 BNW BiafraNigeriaWorld  Privacy Policy ---------------------------------------------------------------------------------- Powered by ACENetwork ----------------------------------------------------------------------------------
	Axiom PSI Yam Festival Series, Iri Ji Nd'Igbo the Kola-Nut Series,Nigeria Masterweb