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Addis Ababa (November 26, 2015) - Nyala Insurance S.C (NISCO), a pioneer company in provision of crop and livestock insurance solutions throughout the nation, has become the first private insurance company to register more than Birr one hundred million profit margin in 2014/15 budget.
The Report presented by Kemal Mohammed, Chairman of the Board of Directors of Nyala Insurance S.C, on the 21st Shareholders’ General and the 14th Extra Ordinary General Meeting held at Sheraton Addis on 26 November 2015 indicated that NISCO registered a gross profit of Birr 101.6 million, up from Birr 77.8 million. This is a significant achievement and a proud to the shareholders and business partners of the company, the report reads.
Kemal said that NISCO has able to secure a net profit of Birr 86.9 million in the year under view from its general and long term insurance businesses, a 32 per cent jump from the previous fiscal year.
Participants of the 21st Annual General and the 14th extraordinary General Meeting
The Board Chairman went on to say that the Birr-100- million- profit margin was realized just by taking more steps to attract more new customers to the business.
Yared Mola, NISCO’s Chief Executive Officer, said on his part that NISCO has been becoming a strong financial institution in terms of its financial position within the first year of its five-year corporate strategic peiod. Accordingly, the total asset of the company has increased significantly from Birr 618 million to Birr 833.2 million, depicting an increase of Birr 215.2 million (35%) compared with the previous budget year.
Ato Yared Mola, Chief Executive Officer, delivering his presentation
In his presentation, Yared also expressed his grave concerns over the insignificant contribution of the Ethiopian Insurance industry to the GDP, which is less than one per cent, in general and that of life insurance in particular.
“In the advanced markets, life insurance takes the lion share over the growth of the premium income; in our case, however, it is insignificant, implying life insurance is not yet well exploited in Ethiopia.”, he underlined.
He added life insurance business will be NISCO’s high-priority areas of interest in its five-year corporate strategic plan.
Yared also said apart from developing new and profitable packages of insurance businesses, NISCO is dedicatedly ready to expand its micro insurance business across the nation so as to discharge its social corporate responsibilities for the low income groups.