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Nile Insurance Company, which earned 20 million birr in 2015/16 registered 114.6 million in gross profits last fiscal year.
From the gross profit 79.43 million birr came from general insurance while 35.24 million birr came from long-term insurance.
The Company’s asset base grew from Birr 734 million to Birr 890 million which is an increase of 156 million birr. The claims totaled Birr 271,503,503 last fiscal year compared to Birr 255,648,100 from the pervious year. This was an increase of 6.2%. The increase was mainly due to higher provision made for money insurance, engineering and motor total loss.
Accordingly, the provision for outstanding claims rose by 32.4% to Birr 176,783,373 compared to Birr 133,505,018 in the previous year.
Deposits increased by 7.8% to Birr 376,491,469 from the previous year’s record of Birr 349,313,932.
The Board of Directors proposed 70,514,420, (38.2% of the weighted average shares) be distributed to shareholders proportionate to their respective paid up shares.
Mekdes Aklilu, Chairman, Board of Director of Nile insurance said the company plans to work harder.
“The period underreport was the most challenging not only from the usual unjustifiable price based competition within the insurance industry, economic activity slowdown during the brief period of instability in some parts of the country and other external factors, but also from the unprecedented leadership changes we made to salvage the company from the persistent negative impact of the resistance to change and complacence to act on the part of the old executive management team. On the later, the Board had no choice but to make swift and fundamental changes in the executive leadership of the Company which in the end paid off as records witness in terms of improving the Company’s annual profits as well as its overall posture and future prospects,” she said.
“The Board and the incumbent management team is actively engaged in making necessary changes on existing company policies and procedures and introducing new ones to support future activities at all levels. Major decisions taken to increase the pace of property development project implementation that has started to contribute towards generating more sustainable income to the company. With such changes, we trust, we will further strengthen our profitability and the financial position of the company in the years ahead.”