Climate Change Data

Environmental Metrics

ESG Focus Areas

• Environmental protection
• Social protection and support
• Institutional strengthening

Environmental Achievements

• Installed first aid boxes and fire safety equipment in all branches and at the head office
• Staff trained periodically on fire safety, surveillance and emergency first aid
• Inverters installed to reduce energy consumption
• Energy-saving bulbs installed
• Industrial printers installed to reduce paper usage
• Responsible water and electricity consumption

Social Achievements

• Expanded social performance approach by engaging in activities that enhance client protection principles and support
• Transparency and development of beneficial products to protect clients’ diverse interests
• Client data privacy
• Feedback method to address client complaints
• Over 55% of employees attended various online trainings

Governance Achievements

• Board drives ESG initiative and ensured a well-developed long-term strategy encompassing all ESG issues is developed
• Security Trading Policy applies to all employees and Directors
• Investor complaint desk established at head office

Climate Goals & Targets

Environmental Challenges

• COVID-19 pandemic and total lockdown
• Aftermath effects of ENDSARS protests
• Huge claims resulting from property vandalization during protests

Mitigation Strategies

• Deployed extensive COVID-19 protocols
• Adopted prudent policies to grow market share by leveraging technology infrastructure and maintaining a healthy balance sheet
• Provided laptops and internet facilities to facilitate remote working
• Implemented internal policy on COVID-19 pandemic based on government guidance

Supply Chain Management

Climate-Related Risks & Opportunities

Environmental Metrics

ESG Focus Areas

• Environmental protection
• Social protection and support
• Institutional strengthening
• Client protection
• Data privacy
• Complaint resolution

Environmental Achievements

• Installed first aid boxes and fire safety equipment in all branches and head office
• Trained staff on fire safety, surveillance, and emergency first aid
• Installed inverters to reduce energy consumption
• Used energy-saving bulbs
• Installed industrial printers to reduce paper usage

Social Achievements

• Sent over 90% of staff on various trainings, workshops, and conferences
• Provided good work tools and working environment
• Promoted deserving staff members
• Incorporated NEM Health Ltd in 2022 (commenced operations in 2023)

Governance Achievements

• Complied with the requirements of the Code of Corporate Governance for the Insurance industry in Nigeria
• Complied with the Securities and Exchange Commission (SEC) Code of Corporate Governance
• Complied with best practices
• Maintained a Security Trading Policy
• Established an investor complaint desk

Climate Goals & Targets

Environmental Challenges

• Pre-election year with various risks of insecurity and uncertainties
• Cash crunch policy from Naira re-design
• Internet banking network glitches
• Incessant fuel scarcity/price hike
• High rate of inflation
• Low foreign direct investment due to security challenges and global uncertainties

Mitigation Strategies

• Excellent performance despite challenges
• Improved cost control strategy, reducing management expenses
• Robust strategies implemented by the Board and Management
• Resilience of the company

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: NAICOM Code, SEC Code of Corporate Governance, Nigerian Stock Exchange Listed Company Rules

Environmental Metrics

ESG Focus Areas

• Environmental protection
• Social responsibility
• Institutional advancement
• Client protection
• Data privacy
• Safety

Environmental Achievements

• Initiatives aimed at reducing energy consumption, including the installation of inverters and energy-efficient bulbs.
• Implemented safety measures such as the installation of first aid kits and fire safety equipment across all branches and at the head office.
• Rigorous maintenance practices for generators and vehicles are upheld to minimize fuel consumption.
• Industrial printers have been introduced to curtail paper usage, contributing to sustainability efforts.

Social Achievements

• Improved customer satisfaction
• Launched employee well-being program (comprehensive training sessions on health awareness and informative lectures facilitated by the company’s subsidiary, NEM Health Limited)
• More than 96% of our workforce attended various training courses both local and foreign to enhance better performance on the job.
• Deserving members of staff were promoted during the year.

Governance Achievements

• Adoption of IFRS 17
• Complied with the Security & Exchange Commission’s directive on Internal Control Over Financial Reporting (ICFR).

Climate Goals & Targets

Environmental Challenges

• Volatile and challenging operating environment due to political activities, insecurity, exchange rate fluctuations, and national issues.
• Fuel subsidy removal leading to increased prices of goods and services.
• High inflation and food insecurity.
• Constant devaluation of the Naira against the Dollar.
• Low foreign direct investment.
• High migration of talents (“Japa Syndrome”).
• Insecurity and kidnapping.

Mitigation Strategies

• Strategic expansion and diversification.
• Innovation.
• Adoption of IFRS 17 to improve reporting practices, transparency, comparability, and disclosures.
• Complying with regulatory guidelines and standards.
• Development and deployment of five new retail products.
• Increased focus on digital distribution of commoditized products.

Supply Chain Management

Climate-Related Risks & Opportunities

Reporting Standards

Frameworks Used: IFRS 17

Awards & Recognition

• Almond Insurance Industry Award, Insurance CEO of the Year
• Businessday Top 25 CEOs award