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Nyala Insurance S.C. is considering operating in foreign markets. During a press conference, the company’s executive team said it was time to explore new markets so that the company can build its capacity and learn from larger companies in the same sector.
“We are looking at the regulatory laws and working with the regulatory body to see how we could expand to new markets and we hope we will be able to do that in the near future,” stated Yared Mola, CEO of Nyala.
During the 23rd Annual General and the 16th Extraordinary Meeting of the shareholders it was stated that NISCO has registered a net profit of birr 122.2 million in the 2016/17 fiscal year, a massive profit margin since the company’s establishment.
According to a report presented at the meeting, the company registered a gross profit of birr 137 million, up from birr 77.4 million in the previous fiscal period.
According to the company, it was able to secure a high amount of gross profit margin due to appropriate risk management techniques that have been put in place to attract more customers.
The company’s assets have reached birr 1.22 billion, an increase by 28.4 over the previous year and the company’s paid up capital rose to birr 359 in the 2016/17 fiscal year. The differentiated and value adding services extended to the customer are among some of the reasons for the boost in profitability.
Speaking about challenges, it was stated that a shortage of skilled manpower as well as lack of dynamism are some of the major constraints.
“We have been crawling too long and fighting tooth and nail on the domestic market frontier while our East African counterparts have outrun us by a long mile. We need to reboot our business philosophy and rethink beyond short term plans which are heavily seen in the Ethiopian financial industry,” said Yared.
Chairman of the Board Kemal Mohammed underlined that, while the performance of the company is really good compared to the local market, it is still very small and has a long way to go. He further stated that the regulatory body should stay ahead of the sector by putting forward new regulations that pave the way for insurance companies to become more capable and fast moving in front of international markets.