NEM Insurance PLC
“Can a traditional Nigerian non-life insurer stay dominant in motor and oil & gas while expanding into adjacent financial services via health and asset-finance subsidiaries?”
Founded1948
HQLagos, Nigeria
IndustryFintech / Insurtech
The story
NEM Insurance is a long-established Nigerian non-life insurer that has grown organically since 1948, becoming the leading motor and general-business insurance provider in Nigeria. It has expanded via subsidiaries (NEM Health, NEM Asset) into adjacent financial services — health insurance and short/medium-term lending — but remains fundamentally an underwriting business, not an embedded finance platform.
Product timeline
1948
Began insurance business in Nigeria through Edward Turner & Co.· founding
1965
Became Nigerian branch of NEM General Insurance Association Limited of London· expansion
1970
Incorporated as a Nigerian company under the Companies Decree of 1968· incorporation
1989
Listed on the Nigerian Stock Exchange following privatisation· ipo
Regulated entities
1
regulatory licence held by NEM Insurance PLC
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in NEM Insurance PLC’s embedded-finance stack
Lending
NEM Asset (in-house)Asset Finance (Finance Lease/Hire Purchase)Project FinanceTrade Finance (LPO/Contract Finance)Consumer LoansShort Term LoansFund Management
Insurance
in the full report
Accounting gap: none
2 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.