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Nib Insurance Company formed a decade ago registered 53 percent higher profit, the largest in its history in the just concluded fiscal year (2011/12).
Nib insurance’s statements indicate that it has earned 42 million birr profit in the stated fiscal year ending on June 30, 2012. A year ago the insurance company’s profits were at 27.5 million birr. According to Nib, the earning per share in the last fiscal year has grown by 35% to 243 birr from 180 birr in 2010/11. In the 2011/12 fiscal year, Nib earned 349.5 million birr premium out of this, 336 million birr premium was earned from non-life insurance, and the balance from the life insurance sector.
Premiums earned from non-life insurance are 54.8% higher than the previous fiscal year, which had registered 217 million birr.
Similarly, the performance of life insurance premiums in the 2011/12 fiscal year is 26.4% higher than the 10.7 million birr registered a year ago.
According to the statement, the insurance market share of Nib in the country has reached 9.1%, making the insurance firm one of the leading insurance companies in the nation.
Nib paid 143.7 million birr in insurance claims; of this 136.5 million birr were related to non-life insurance claims.
According to the insurance firm, motor (traffic accident) insurance claims took 69.5% of the total non-life insurance claims. 82% of what was paid in life insurance claims went to health insurance.
Nib Insurances’ total assets have reached 265.7 million birr, while its paid up capital is 65 million birr, with 866 shareholders.
According to the statement of the insurance firm, in the last decade the premium Nib collected has reached 1.1 billion birr from non-life insurance and it has paid 455.3 million birr in claims in the last ten years in the sector.
From September 2007 until the end of the last fiscal year it has earned 34.1 million birr from life insurance premiums and paid 15 million birr in claim from its customers.