201 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22 2022 2021 N’000 % N’000 % Gross Premium Income: Local 31,433,600 26,545,254 Foreign - - Other Income: Local 4,405,863 2,828,425 Foreign - - 35,839,463 29,373,679 Bought in Services: Local (26,045,724) (20,945,481) Foreign - - Value Added 9,793,739 100 8,428,198 100 Applied as follows: Employees Salaries and other employees benefits 1,877,383 19 1,888,317 22 Provider of Capital Dividend to Shareholders 1,103,625 11 902,966 11 Government Taxation 40,149 - 88,192 1 Retention and Expansion Depreciation and Amortisation Charges 245,717 3 239,580 3 Contingency reserves 1,087,811 11 884,857 11 Retained profit for the year 5,439,054 56 4,424,286 52 Value Added 9,793,739 100 8,428,198 100 Value added represents the additional wealth the Company has been able to create by its own and its employees’ efforts. This statement shows the allocation of the wealth between employees, shareholders, government and that retained for the future creation of more wealth. Other National Disclosure Statement Of Value Added - Parent For The Year Ended 31 December 2022
202 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22 Other National Disclosure Five Year Financial Summary - Group Statement Of Financial Position 2022 2021 2020 2019 2018 N’000 N'000 N'000 N'000 N'000 Assets Cash and Cash Equivalents 8,878,011 7,895,469 7,352,189 8,101,885 6,697,017 Financial assets - At fair value through profit or loss 5,800,623 5,354,017 4,479,121 2,485,564 1,108,206 - At fair value through other comprehensive income 53,731 84,884 81,318 70,028 1,260,729 - At amortised cost 12,159,020 8,143,491 6,105,529 2,130,855 1,235,106 Trade Receivable 672,356 1,479,056 228,140 207,484 279,709 Reinsurance Assets 9,712,498 7,565,820 5,107,870 5,525,893 4,809,590 Deferred Acquisition Cost 1,446,991 1,030,753 1,840,694 810,097 655,614 Investment in Associate - - 412,741 435,165 413,752 Investment Properties 1,813,768 1,706,167 1,617,609 1,589,278 682,951 Intangible Assets 15,721 10 10 1,225 6,405 Property, plant and equipment 3,886,188 3,794,957 2,922,422 3,031,838 4,158,807 Right-of-use Assets 149,520 209,920 - - - Other Receivables and Prepayment 723,428 414,712 470,727 683,375 709,859 Statutory Deposit 320,000 320,000 320,000 320,000 320,000 Deferred tax asset 256,411 257,505 263,035 291,203 92,773 Total Assets 45,888,266 38,256,761 31,201,405 25,683,890 22,430,518 Liabilities Insurance Contract Liabilities 15,645,093 12,217,843 9,779,935 9,000,865 7,126,871 Trade Payables 487,527 410,728 585,327 298,046 319,023 Other Payables 2,107,289 1,893,238 1,672,134 1,386,681 1,247,829 Finance lease obligations 35,999 139,623 47,963 - - Income Tax Liabilities 379,224 623,508 675,783 462,419 835,998 Deferred Tax Liability 3,687 10,387 - 356,500 397,746 Retirement Benefit Obligations 29,497 52,414 78,960 81,635 78,496 Total liabilities 18,688,316 15,347,741 12,840,102 11,586,146 10,005,963 Net Assets 27,199,950 22,909,020 18,361,303 14,097,744 12,424,555 Equity Share Capital 5,016,477 5,016,477 5,016,477 2,640,251 2,640,251 Share Premium - - - 272,551 272,551 Other Reserves-gratuity 58,581 72,495 71,147 111,455 131,043 FVOCI reserve (67,765) (36,612) (40,178) (51,468) (35,344) Asset revaluation reserve 2,107,964 2,107,964 1,094,475 1,094,475 1,094,475 Contingency Reserve 7,186,595 6,098,784 5,213,927 4,198,848 3,606,052 Retained Earnings 12,898,098 9,649,912 7,005,455 5,831,632 4,715,527 Shareholders' Fund 27,199,950 22,909,020 18,361,303 14,097,744 12,424,555
203 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22 2022 2021 2020 2019 2018 N’000 N'000 N'000 N'000 N'000 Gross Premium Written 33,369,050 27,875,088 22,035,695 19,759,872 15,049,453 Gross premium income 31,433,600 26,545,254 21,682,189 19,259,541 14,346,488 Net Premium income 22,150,158 19,306,127 15,862,758 12,617,540 10,693,794 Other Revenue 4,633,442 3,228,122 3,583,000 2,147,044 1,934,089 Total Revenue 26,783,600 22,534,249 19,445,758 14,764,584 12,627,883 Claims expense (7,647,470) (5,560,885) (6,054,469) (3,937,318) (2,554,253) Other Expenses (13,654,633) (12,445,166) (8,261,476) (8,907,512) (7,387,969) Total Benefits, Claims and Other Expenses (21,302,103) (18,006,051) (14,315,945) (12,844,830) (9,942,222) Profit Before Tax 5,481,497 4,528,198 5,129,813 1,919,754 2,685,661 Income tax (41,875) (95,918) (45,161) 475,612 (648,957) Profit For the Year 5,439,622 4,432,280 5,084,652 2,395,366 2,036,704 Other Comprehensive (loss)/income for the year (45,067) 1,018,403 (29,018) (35,712) 1,208,882 Total Comprehensive Income for the year 5,394,555 5,450,683 5,055,634 2,359,654 3,245,586 Basic EPS (Kobo) 1.08 0.88 0.96 0.45 0.39 Diluted Basic EPS (Kobo) 1.08 0.88 0.96 0.45 0.39 Other National Disclosure Five Year Financial Summary - Group Statement Of Financial Position
204 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22 Other National Disclosure Five Year Financial Summary - Parent Statement Of Financial Position 2022 2021 2020 2019 2018 N’000 N'000 N'000 N'000 N'000 Assets Cash and Cash Equivalents 8,842,182 7,841,181 7,326,758 8,095,230 6,675,924 Financial Assets - At fair value through profit or loss 5,800,623 5,354,017 4,479,121 2,485,564 1,108,206 - At fair value through other comprehensive income 53,731 84,884 81,318 70,028 1,260,729 - At amortised cost 12,159,020 8,143,491 6,105,529 2,130,855 1,235,106 Trade Receivable 672,356 1,479,056 228,140 207,484 279,709 Reinsurance Assets 9,712,498 7,565,820 5,107,870 5,525,893 4,809,590 Deferred Acquisition Cost 1,446,991 1,030,753 1,840,694 810,097 655,614 Investment in Associate - - 412,741 435,165 413,752 Investment in Subsidiary- NEM Asset Management Limited 150,000 150,000 100,000 50,000 50,000 Investment Properties 1,813,768 1,706,167 1,617,609 1,589,278 682,951 Intangible Assets 15,721 10 10 1,225 2,042 Property, plant and equipment 3,878,192 3,784,962 2,922,422 3,030,737 4,156,609 Right-of-use Assets 149,520 209,920 - - - Other Receivables and Prepayments 581,362 263,776 374,862 627,253 698,696 Statutory Deposit 320,000 320,000 320,000 320,000 320,000 Deferred tax asset 253,568 253,568 253,568 281,736 83,306 Total Assets 45,849,532 38,187,605 31,170,642 25,660,545 22,432,234 Liabilities Insurance Contract Liabilities 15,645,093 12,217,843 9,779,935 9,000,865 7,126,871 Trade Payables 487,527 410,728 585,327 298,046 319,023 Other Payables 2,102,128 1,860,814 1,670,834 1,382,477 1,247,412 Finance lease obligations 35,999 139,623 47,963 - - Income Tax Liabilities 378,179 618,736 670,286 457,987 835,528 Deferred Tax Liability 3,687 10,387 - 356,500 397,746 Retirement Benefit Obligations 29,497 52,414 78,960 81,635 78,496 Total liabilities 18,682,110 15,310,545 12,833,305 11,577,510 10,005,076 Net Assets 27,167,422 22,877,060 18,337,337 14,083,035 12,427,158 Equity Share Capital 5,016,477 5,016,477 5,016,477 2,640,251 2,640,251 Share Premium - - - 272,551 272,551 Other Reserves-gratuity 58,581 72,495 71,147 111,455 131,043 FVOCI reserve (67,765) (36,612) (40,178) (51,468) (35,344) Asset revaluation reserve 2,107,964 2,107,964 1,094,475 1,094,475 1,094,475 Contingency Reserve 7,186,595 6,098,784 5,213,927 4,198,848 3,606,052 Retained Earnings 12,865,570 9,617,952 6,981,489 5,816,923 4,718,130 Shareholders' Fund 27,167,422 22,877,060 18,337,337 14,083,035 12,427,158
205 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22 Other National Disclosure Five Year Financial Summary - Parent Statement Of Financial Position 2022 2021 2020 2019 2018 N’000 N'000 N'000 N'000 N'000 INCOME STATEMENT Gross Premium Written 33,369,050 27,875,088 22,035,695 19,759,872 15,049,453 Gross premium income 31,433,600 26,545,254 21,682,189 19,259,541 14,346,488 Net Premium income 22,150,158 19,306,127 15,862,758 12,617,540 10,693,794 Other Revenue 4,579,951 3,186,743 3,541,993 2,102,279 1,894,521 Total Revenue 26,730,109 22,492,870 19,404,751 14,719,819 12,588,315 Claims expense (7,647,470) (5,560,885) (6,054,469) (3,937,318) (2,554,253) Other Expenses (13,603,436) (12,419,507) (8,232,647) (8,884,559) (7,364,939) Total Benefits, Claims and Other Expenses (21,250,906) (17,980,392) (14,287,116) (12,821,877) (9,919,192) Profit Before Tax 5,479,203 4,512,478 5,117,635 1,897,942 2,669,123 Income tax (40,149) (88,192) (42,240) 480,112 (648,487) Profit For the Year 5,439,054 4,424,286 5,075,395 2,378,054 2,020,636 Other Comprehensive (loss)/income for the year (45,067) 1,018,403 (29,018) (35,712) 1,208,882 Total Comprehensive Income for the year 5,393,987 5,442,689 5,046,377 2,342,342 3,229,518 Basic EPS (Kobo) 1.08 0.88 0.96 0.45 0.38 Diluted Basic EPS (Kobo) 1.08 0.88 0.96 0.45 0.38
207 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22 Number of Shares held FOR AGAINST 1.0 ORDINARY BUSINESS To receive the account and the Reports thereon To declare a dividend To re-elect Mrs. Joy Teluwo as a Director To re-elect Alhaji Ahmed I. Yakasai as a Director To re-elect Chief Ede Dafinone as a Director To authorize the Directors to fix the remuneration of the Auditors To elect members of the Audit committee To disclose the Remuneration of Managers of the company in line with Section 257 of the Companies and Allied Matters Act, 2020 2.0 SPECIAL BUSINESS To approve the remuneration of Directors. To consider and if thought fit, pass the following, with or without modification as Ordinary Resolutions of the Company: “That, in compliance with the Rule of the Nigerian Exchange Limited governing transactions with Related Parties or Interested Persons, the Company and its related entities be and are hereby granted a General Mandate in respect of all recurrent transactions entered into with a related party or interested person provided such transactions are of a revenue or trading nature or are necessary for the Company’s day-to-day operations. This Mandate shall commence on the date on which this resolution is passed and shall continue to operate until the date on which the next Annual General Meeting of the Company is held.” Please indicate with “X” in the appropriate box how you wish your vote to be cast on the resolutions set out above. Unless otherwise instructed, the Proxy will vote or abstain from voting at his/her discretion. Before posting the above form, please tear off this part and retain it for admission to the meeting. ADMISSION FORM NEM INSURANCE PLC 53rd ANNUAL GENERAL MEETING Please admit the shareholder named on this form or his duly appointed proxy to the Annual General Meeting to be held at: The Shell Zenith Bank Hall, NEM Insurance Plc MUSON Center, 8/9 Marina, Onikan, Lagos. On Thursday 18th May 2023 at 10.00 am Name of Shareholders: ……………………………………………………………………………………………………………………………… Note: You are requested to sign this form at the entrance in the presence of the Registrar on the day of AGM ……………………………………………………………………………………………………………….. Proxy Form
208 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22 Proxy Form I/We ………………………………………………………………………………………………………………................ being a Shareholder/Shareholders of NEM INSURANCE PLC, hereby appoint …………………………….. ............ as my/our Proxy to act and vote for me/us on my/our behalf at the 53rd Annual General Meeting to be held on Thursday, 18th day of May 2023 and at any adjournment thereof. Dated this ……………………………………………………………………. Day of ……………………………………………….. 2023 Signature: …………………………………………………………………………………………………. NOTE: 1. A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a Proxy in his stead. All proxies must reach the Registrars, Apel Capital Registrars Limited 8, Alhaji Bashorun Street off Norman Williams Crescent South-West Ikoyi, Lagos or emailed to [email protected] not less than 48 hours before the time of holding the meeting. A proxy need not to be a member of the company. 2. In the case of joint shareholders any one of such may complete the form, but the names of all joint shareholders must be stated. 3. It is a requirement of the law under the Stamp Duties Act. Cap 411 Laws of Federation of Nigeria 1990 that any instrument of proxy to be used for the purpose of voting by any person entitled to vote at any meeting of the shareholders must bear a Stamp Duty. This shall be at the company’s expense. 4. If the shareholder is a corporation this form must be under its common seal or under the hand of any officer or attorney duly authorized in that behalf. IMPORTANT Please insert your name in BLOCK CAPITALS on both proxy and admission forms.
209 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22 Shareholder’s information SHAREHOLDER’S INFORMATION UPDATE FULL NAME Dear Sir/Madam, Kindly update my information with the below: Thank you, Yours faithfully Apel Capital Registrars Limited CONTACT ADDRESS EMAIL ADDRESS MOBILE NUMBER REMARK Signature(s) Joint/Company’s Signatories Company seal (if applicable) Email: [email protected] | Tel: 01293 2121, 07046126698 Address: 8, Alhaji Bashorun Street, Off Norman Williams Crescent, S.W. Ikoyi Lagos Tick Name of Company ADAS PROGRAMME LIMITED AIICO BALANCED FUND ANINO INT’L PLC ARBICO PLC CHAPEL HILL DENHAM MONEY MARKET FUND CITITRUST FINANCIAL SERVICES PLC EUNISELL INTERLINKED PLC INTERNATIONAL BREWERIES PLC KSIP FUNDING SPV LIMITED SERIES 1 KSIP FUNDING SPV LIMITED SERIES 2 LAGOS COMMODITIES & FUTURES EXCHANGE LASACO ASSURANCE PLC LEAD UNIT TRUST SCHEME MASS TELECOM INNOVATION PLC MANZ SPV LIMITED METAL SECURITY PRODUCTS LTD MUTUAL BENEFITS ASSURANCE PLC NCR NIGERIA PLC NEM INSURANCE PLC OGC FOODS & BEVERAGES LIMITED PARAMOUNT EQUITY FUND PHARMA DEKO PLC RED STAR EXPRESS PLC THE NIGERIA FOOTBALL FUND MUTUAL TRUST MICROFINANCE BANK LTD Shareholder’s Acct NO. CALIPHATE SUKUK SPV LIMITED MODERN SHELTER SYSTEMS & SERVICES BOND 1 MODERN SHELTER SYSTEMS & SERVICES BOND 2 JEWEL SUKUK SPV LIMITED THE INITIATES PLC MAHFAS INVESTMENT LIMITED
210 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22 Please Affix Postage Stamp SECOND FOLD HERE 8, APEL Capital Registrars Limited Alhaji Bashorun Street Crescent South Off Norman Williams West Ikoyi Lagos FOLD HERE ST FIR THIRD FOLD HERE
Please complete all section of this form to make it eligible for processing and return to the address below The Registrar, Apel Capital Registrars Limited. 8, Alhaji Bashorun Street Off Norman Williams Str, S.W Ikoyi Lagos. I/We hereby request that henceforth, all my/our Dividend Payment(s) due to me/us from my/our holdings in all the companies ticked at the right hand column be credited directly to my/our bank detailed below: E-DIVIDEND MANDATE ACTIVATION FORM BVN BANK NAME ACCOUNT NUMBER ACCOUNT OPENING DATE SHAREHOLDER’S ACCOUNT INFORMATION Surname/Company name First Name Other Name PASSPORT PHOTOGRAPH HERE Apel Capital Registrars Limited Email: [email protected] | Tel: 01293 2121, 07046126698 Address: 8, Alhaji Bashorun Street, Off Norman Williams Crescent, S.W. Ikoyi Lagos Address Previous Address(if any) CHN (if any) Email address Signature(s) Joint/Company’s Signatories Company seal (if applicable) Mobile telephone 1 Mobile telephone 2 City State Country Note: This service cost N150. Tick Name of Company ADAS PROGRAMME LIMITED AIICO BALANCED FUND ANINO INT’L PLC ARBICO PLC CHAPEL HILL DENHAM MONEY MARKET FUND CITITRUST FINANCIAL SERVICES PLC EUNISELL INTERLINKED PLC INTERNATIONAL BREWERIES PLC KSIP FUNDING SPV LIMITED SERIES 1 KSIP FUNDING SPV LIMITED SERIES 2 LAGOS COMMODITIES & FUTURES EXCHANGE LASACO ASSURANCE PLC LEAD UNIT TRUST SCHEME MASS TELECOM INNOVATION PLC MANZ SPV LIMITED METAL SECURITY PRODUCTS LTD MUTUAL BENEFITS ASSURANCE PLC NCR NIGERIA PLC NEM INSURANCE PLC OGC FOODS & BEVERAGES LIMITED PARAMOUNT EQUITY FUND PHARMA DEKO PLC RED STAR EXPRESS PLC THE NIGERIA FOOTBALL FUND MUTUAL TRUST MICROFINANCE BANK LTD Shareholder’s Acct NO. CALIPHATE SUKUK SPV LIMITED MODERN SHELTER SYSTEMS & SERVICES BOND 1 MODERN SHELTER SYSTEMS & SERVICES BOND 2 JEWEL SUKUK SPV LIMITED THE INITIATES PLC MAHFAS INVESTMENT LIMITED
212 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22 Please Affix Postage Stamp SECOND FOLD HERE 8, APEL Capital Registrars Limited Alhaji Bashorun Street Crescent South Off Norman Williams West Ikoyi Lagos FOLD HERE ST FIR THIRD FOLD HERE
213 PAGE NEM//ANNUAL REPORT & ACCOUNTS//22