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Nyala Insurance S.C (NISCO), one of the oldest private insurance firms formed 19 years ago, registered a 32.4% increase in net profit in the past fiscal year.


The profit means that Nyala has posted the second highest profit, after Awash Insurance Company, among private insurance companies for the year.
Nyala, which has 17 shareholders and earned 57.5 million birr net profit after tax has grown by 12.7 million birr compared with the 2011/12 fiscal year. The gross profit of the company in the 2012/13 fiscal year was 70.2 million birr. It was 61.2 million birr for the 2011/12 fiscal year.  
The total earning per share of the company is quite lucrative. According to the annual report that was presented to shareholders on Monday November 18 at Sheraton Addis the earning per share was 1,634 birr. This was 1,233 birr in the 2011/12 fiscal year.
The insurance firm’s total written premium for the past fiscal year was also one of the biggest premium amounts registered in the sector. Nyala’s total written premium was 270.1 million birr with the general insurance business taking the lion’s share registering about 243 million birr. In the preceding year, Nyala’s total written premium was 215 million birr and the general insurance business written premium was 190 million birr.
Net claims to premium earned ratio stood at 46% for the fiscal year. The distribution of premiums of Nyala, which has 26 branches and 12 contact offices, put the motor sector first with 41.3%, followed by engineering 13.5%, marine 11.1% and fire 11.1% respectively.  
At the press conference held on Thursday November 21, Tegegne Masresha, executive officer of Marketing and Customers’ Service, said that the insurance company has registered significant growth because its risk management is very high. He said that the insurance firm has also fully changed its board of directors. The six-member board was chaired by Marduf S. Bazaham.
But the marketing and customers’ service head declined to disclose the names of the newly elected board members. He said that the insurance firm would announce the board of directors to the public following the National Bank of Ethiopia’s (NBE) final approval.
According to Tegegne, the new board is also expected to float new shares for the public due to the directive of NBE, the financial institutions’ regulatory body, which restricts individual shareholders to hold only 5% of the total share. “The shareholders that currently have over 5% share at Nyala have a right to transfer the surplus shares to another person or they will be floated for the public,” Tegegne added.
During the 19th general assembly and the 12th extraordinary meeting held on Monday the shareholders agreed to increase the company’s capital to 120 million birr from 35 million birr.
The company’s total assets, as of the end of the past fiscal year has reached 476 million birr, a growth of 30.4% compared with the end of the 2011/12 fiscal year.