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Nyala Insurance S.C (NISCO) has reported one of the biggest profits in the private insurance industry in the last fiscal year.
The company has registered an income of 56 million birr before taxes, which is 71 percent over and above last year’s 32.7 million birr. The insurance company’s net profit for the last fiscal year is 43.2 million birr after taxes, while in the 2010/11 fiscal year profit after taxes was 28 million birr.
The earnings per share increased from 795 birr from the previous year to 1,233 birr, which is a growth of 55 percent. A single share has a 1,000 birr value, and based on the above fact, a share has earned about 123 percent profit in a year.
Net profit from the general insurance business
NISCO’s gross premium has shown a 34 percent increase from 139 million birr to 187 million birr and the underwriting surplus increased by 85 percent, from 35.8 million birr to 66.3 million birr from the previous year.
The net written premium increased by 45 percent from 93.3 million birr to 135.3 million birr and the net earned premium including reinsurance commission increased by 34 percent, from 95.9 million to 128.5 million in absolute figures.
The company’s total assets registered a growth of 42 percent or a 104 million birr increase and recorded a total of 354 million birr as of June 30, 2012.