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1. Head Office:
138/146 Broad
Street, Lagos.
P. O. Box 654,
Lagos.
Tel:
234-01-2600040-5, 2665258, 2664468, 2664759
Fax: 234-01-2663277, 26640667.
E-mail: nem@nem-insurance.com
Website: www.nem-insurance.com
2. Nature of Business:
General Insurance and Life Assurance Business
3. Date of Incorporation:
2nd April, 1970
4. Date Listed on The Exchange:
1989
5. NSE Classification:
Insurance
6. Board of Directors:
Chief Adewale Teluwo (Chairman)
Mr. Tope Smart (MD/CEO)
Mrs. Helen Oyitso (DMD)
Mr. Tony Aletor
Mr. Sesan Adekunle
Mrs. Susan Giwa-Osagie
7. Ag. Company Secretary:
Mrs. Temitope A. Emovon
138/146 Broad
Street, Lagos
8. Auditors:
Balogun Badejo & Co,
(Chartered Accountants)
6 Ilupeju Bye-Pass
Ilupeju, Lagos.
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9. Company Registrars:
United Bank for Africa Plc
Registrar’s Department
Raymond House
97/105 Broad
Street,
P. O. Box
6492, Lagos.
Tel: 234-01-2665825, 2665878
10. Subsidiaries/Associates:
Nil
11. End of Accounting Year
31st December
12. Number of Employee
205
13. Capital Structure
i. Authorised: N2,500,000,000.00
ii. Paid-Up N2,488,461,383.00
13. Analysis of Shareholding
Jeidoc Limited -
7.4%
Other Nigerian Citizens & Asso. - 92.6%
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FIVE-YEAR FINANCIAL SUMMARY
ASSETS 2007 2006 2005 2004 2003
N‘000 N‘000 N‘000 N‘000 N‘000
Cash & bank balances 268,640 25,877 21,116 11,703 14,693
Short term investments 2,220,216 383,566 156,194 414,946 153,779
Debtors & prepayments 1,618,872 423,918 345,622 345,184 341,640
Long term investments 290,890 22,475 20,652 131,586 30,708
Loan to policy holders - - - 777 358
Consumable stock - 1,408 2,264 1,343 1,560
Statutory deposits 300,000 20,000 20,000 35,000 13,500
Fixed assets 460,181 145,570 166,214 136,984 100,937
-------- -------- -------- -------- --------
Total Assets 5,158,799 1,022,814 732,062 1,077,523 657,175
===== ===== ===== ===== =====
LIABILITIES
Creditors & accruals 121,950 239,520 135,990 123,369 121,048
Outstanding claims 74,637 56,129 12,930 - -
Insurance funds 849,301 336,407 200,672 403,311 316,497
Deferred taxation 100,070 15,672 15,672 10,161 4,701
Taxation 61,069 5,602 6,972 17,790 12,118
-------- -------- -------- -------- --------
1,207,027 653,330 372,236 554,631 454,364
-------- -------- -------- -------- --------
CAPITAL & RESERVES
Share capital 2,488,461 203,106 203,064 353,064 93,750
Share premium 314,148 - - - 2,908
Contingency reserve 352,031 105,039 79,432 67,610 52,202
Asset revaluation reserve 73,844 73,844 73,844 73,844 65,344
Investment revaluation
reserve 91,580 1,023 179 2,639 2,093
General reserve 631,708 (13,528) 3,307 25,735 (13,486)
-------- -------- -------- -------- --------
Shareholders funds 3,951,772 369,484 359,826 522,892 202,811
-------- -------- -------- -------- --------
5,158,799 1,022,814 732,062 1,077,523 657,175
===== ===== ===== ===== =====
PROFIT & LOSS ACCOUNT
Gross premium 2,553,492 853,557 586,873 564,549 481,033
Net premium written 2,501,802 818,272 506,569 497,929 397,009
Profit before taxation 470,656 13,596 5,404 74,918 61,010
Profit/(Loss) after taxation 399,808 8,772 (2,267) 54,629 45,829
PER 50k SHARE DATA (KOBO)
Earnings/(loss)
Actual 8.03 2.16 (0.56) 7.74 24.44
Adjusted 8.03 0.18 (0.05) 1.10 0.92
Dividend - - - - -
Net Assets
Actual 79.40 90.98 88.60 74.05 108.17
Adjusted 79.40 7.42 7.23 10.51 4.08
NOTE:
Earnings/(loss) per share is
based on profit/(loss) after tax and the number of issued ordinary shares
in issue at 31st December of every year while the adjusted figures are
based on the number of shares in issue as at 31st December, 2007.
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