My Weblog: kutahya web tasarim umraniye elektrikci uskudar elektrikci umraniye elektrikci istanbul elektrikci satis egitimi cekmekoy elektrikci uskudar kornis montaj umraniye kornis montaj atasehir elektrikci beykoz elektrikci
The 2014/15 fiscal year has been one of strength and growth for Nyala Insurance with a record 101 million birr in gross profits and a rapid 35 percent rise of paid up capital to 220 million birr. Net profits are also up by 31.5 percent from last year, now at 86.9 million birr.
Nyala’s performance this year sees it taking 10.6 percent share of the insurance market’s net profits, a great success in a sector of 16 private and one state owned insurance firms. Nyala’s gross written premium also takes a 6.2 percent of the market share.
The total income of the company from general and life insurance stood at 317.4 million birr, growth of 12.3 percent from the preceding year.
The insurance company’s gross written premium from all sectors has been 343.5 million birr, an increment of 12 percent from 307.3 million birr a year ago. The general or non life insurance has taken the major share of the gross premium. Nyala’s annual report indicated that the written premium for general insurance has been 304 million birr, an 88 percent share of the gross written amount.
Life insurance accounted for 39.7 million birr of the company’s business or 12 percent. “It is still a much higher figure than the industry’s average share of 6 percent,” the company report stated.
As is seen across the market, motor insurance has the major share of business, accounting for 44 percent of sales.
Nyala also had to pay out 22 percent more money this year, with benefits payable to customers at a high 135.4 million birr.
In the stated period the insurance firm total asset has increased to 833 million birr that shown a 27 percent or 179 million birr increment compared with the 2013/14 fiscal year. The market share of Nyala in terms of total asset is 8.6 percent. The insurance sector total asset is 9.7 billion birr.
Nyala’s subscribed capital is now 300 million birr, and on the 21st annual and 14th extraordinary meeting that held on November 26 at Sheraton Addis, shareholders agreed to expand the paid up capital to 220 million birr, making Nyala stand out a firm with one of the highest paid up capitals.
Also at the meeting last week, the company lunched the design for the upcoming of the g+18 head quarter to be erected at Olympia on Bole Road, within the next four years.
According to Yared Mola, President of Nyala, in the past fiscal year the company has implemented a new salary structure and scale to meet the competitive market, hence the significant increase in the recent year’s human resource costs. According to the audit report, the staff costs have reached 37.9 million birr, up from28 million birr.
“We have improved the payment for our staff in accordance to competitive rates in the industry because we want good quality staff,” Yared explained.