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Addis Ababa (December 20, 2016) - Nyala Insurance S.C (NISCO), a prominent figure in the Ethiopian insurance industry, recorded a remarkable growth during the 2015/16 fiscal year, amassing Birr 400 million in gross written premium (GWP) from the operation of all lines of insurance businesses, recording a 17 per cent growth compared with the previous fiscal year.
Members of the Board of Directors with NISCO’s CEO
Speaking at the 22nd Annual General and the 15th Extraordinary Shareholders’ Meeting held at Sheraton Addis on December 20th, 2016, Kemal Mohammed, Chairman of the Board of Directors of NISCO, highlighted that NISCO earned Birr 354.6 million from general and Birr 44.9 million from long-term insurance businesses.
Chairman of the Board of Directors, speaking at the 22nd Annual General Meeting (AGM)
Participants of the 22nd Annual General Meeting (partial view)
Without including (adding) the estimated profit of Birr 10 million generated from the long-term fund of Birr 84.4 million and Birr 26.6 million reserved for claims in dispute as per the directive of National Bank of Ethiopia, Kemal noted that NISCO registered a gross profit of Birr 77.4 million in the budget under review.
The chairman went on to say that the total asset of the company also reached Birr 980.7 million, showing a 18 per cent growth over its previous, and added the overall paid-up capital raised by 30.8 per cent.
On the other hand, after careful review of its internal and external environment, NISCO has implemented a better competitive employee benefit packages in order to maintain a satisfied and productive workforce whilst remaining highly competent in the industry, the chairman underscored.
Furthermore, Kemal confirmed that NISCO has finalized its preparations to launch installation of NISCO’s enterprise information system and the constructions of G+ 18 future headquarter on the Africa Avenue in the current budget year.
In the end, the General Meeting elected new board members who will lead the company for the next two years, and unanimously passed a resolution to raise the company’s capital by Birr 40 million, bringing the total paid- capital of the company to Birr 260 million. (End)