Boosts paid-up capital to 530 million birr
Nyala Insurance S.C (NISCO) announced that it amassed a gross profit of 184.3 million birr, an amount said to be the highest from the Ethiopian private insurers, in the 2018/19 fiscal year.
Kemal Mohammed, Chairman of the Board of Directors, presenting the company’s annual performance report to the shareholders who attended the 25th Shareholders’ General and the 18th Extra Ordinary General Meeting held at Sheraton Addis on 21st December 2019, declared that NISCO has advanced its profit margin by 15 percent compared with the preceding fiscal year.
The chairman in his report outlined that the company’s total income has also increased from Birr 498.1 million to Birr 547 million, a 10 per cent jump as compared to the previous fiscal year.
Despite loads of economic and political challenges happened to the nation during the captioned fiscal year, Nyala Insurance has recorded the top profit margin from the private insurers for a third time in its history.
The board chairman also revealed that the total asset of the company reached Birr 2.1 billion, depicting an increase by 7.5% over similar period last year.
Yared Mola, Chief Executive Officer of Nyla Insurance S.C., on his part said that the significant achievements realized for a couple of years are the results of thoughtfully designed business development strategies and risk management techniques that NISCO has already put into action.
Despite year- to- year insurance claim rise in the Ethiopian insurance industry, NISCO was overwhelmingly able to maintain its total claim expenses just by deploying a variety of operational techniques, providing basic safety-related trainings to its customers and applying other business strategies.
To that end, Yared added, the total claim of the company was maintained at Birr 162 million in the 2018/19 fiscal year, which is a lesser amount as compared with the preceding year.
On the other hand, the shareholders unanimously agreed on their 18th Extraordinary Meeting to boost the company’s paid- up capital from Birr 416 million to Birr 530.4 so as to firm up the company’s level of competiveness and role in the nation’s insurance market.
As far as the human capital is concerned, Yared said NISCO has devised a Graduate Training Program (GTP) by screening and training fresh graduates from multi-disciplinary fields to solve scarcity of skilled human power in the insurance profession, and he added, so far more than 80 young people have joined the company in three rounds. He also mentioned the fourth round of GTP (GTP-IV) has already been launched.
Yared went on to say that Nyala Insurance is exerting utmost efforts to enhance its level of competitiveness by introducing new insurance products, revamping its business process and customer service delivery levels with innovative ideas and technology-based service provisions.
In conclusion, the board chairman acknowledged the shareholders, management, staff, business partners, regulatory bodies for their unconditional contribution for the positive achievements Nyala Insurance S.C realized.
