Nyala Insurance Company S.C. has reported total assets exceeding 7 billion Birr and paid-up capital of more than 2 billion Birr as it marks its 30th anniversary and launches a rebranding initiative aimed at strengthening its competitiveness and modernizing operations.
The company also announced that it recorded more than 1 billion Birr in profit during the last financial year, although this figure remains subject to confirmation via an audited report.
According to Yared Molla, CEO of Nyala Insurance, the anniversary celebration marked the unveiling of a new corporate logo under the initiative “NISCO Reimagined.” The company describes this as a broader transformation strategy extending beyond visual identity to encompass customer service, technology, workforce development, and core business operations.
Established three decades ago with an initial paid-up capital of 7 million Birr, Nyala Insurance has expanded to more than 50 branches nationwide, which it now designates as “customer experience hubs.” The company was originally founded by investors seeking to contribute to Ethiopia’s financial sector following the opening of the economy to private investment.
Yared noted that the company’s growth has been driven by customer trust, shareholder support, and employee commitment, despite evolving market conditions, rapid technological developments, and increasing competition in the insurance industry.
Over the years, Nyala has introduced innovative products and updated existing policies to align with changing customer needs. Its latest strategy places a strong emphasis on the customer experience, introducing a claims concierge service designed to streamline processing and alleviate frustrations with complex procedures.
As part of this shift, the company is moving away from traditional branch-based service models, aiming to make its locations more accessible and client-focused.
Digitalization is another core pillar of the new strategy. Nyala plans to modernize its digital infrastructure and service delivery to keep pace with shifting customer expectations and industry trends.
To address skill shortages in the sector, Nyala has also invested heavily in workforce development. Through its Graduate Trainee Program—launched nine years ago—the company has trained over 200 insurance professionals, many of whom have gone on to serve the broader financial industry.
Nyala’s workforce now exceeds 400 employees. According to the CEO’s address, the company has built key partnerships with international insurers and reinsurers and acquired strategic ownership stakes in several businesses.
Additionally, the company reported paying more than 1.7 billion Birr in taxes to the government over the past 15 years.
This strategic refresh comes at a time when Ethiopia’s insurance industry faces mounting pressure to enhance service delivery, boost operational efficiency, and accelerate tech adoption.
Looking ahead, Yared emphasized that the next phase will focus on improving service quality, strengthening financial capacity, and expanding the brand’s footprint in both domestic and international markets.
He added that the new logo is only one aspect of the transformation; the company’s long-term success will ultimately depend on delivering measurable improvements in customer satisfaction, operational efficiency, and contributions to the broader economy.
