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Nib Insurance Company (NIC), has continued its successful track record by amassing 80 million birr profit before tax in the last fiscal year.
The insura nce firm raked in 352.2 million birr in premiums during the 2013/14 fiscal year and earned 337 million birr from general (non life) insurance. This is an increase of 20 million birr or 6.3 percent compared with the 2012/13 fiscal year and above 1.6 percent compared with the target.
Of the money the firm made, 73.4 million birr came from general insurance, which earned 240 birr per share for a 500 birr share value.
The statement that NIC sent to Capital indicated that premiums collected from life insurance amounted to 15.3 million birr. Even though the premium from life insurance was 2.2 percent less than the target it is still an increase of 15 percent compared with last fiscal year.
In the fiscal year the insurance firm settled 147.5 million birr for general insurance claims and about 6 million birr for life insurance claims.
During the general assembly held on October 25 at the Millennium Hall share holders agreed to expand the paid up capital to 195 million birr.
“The capital expansion will help us remain on top of the profession,” a company statement reads.
Currently the insurance firm’s paid up capital is 135 million birr, which is among the highest in the industry.
The shareholders also approved the board of directors’ request to provide 1.07 million birr worth of shares to its employees. 
NIC was established in 2002 with 14 million birr paid up capital and 658 founding shareholders. It now has 886 shareholders and 26 branches.
It has 7.2 percent market share based on the total premium registered in the past fiscal year. Currently, the insurance firm has about 368 employees.