The General Assembly has made the decision to increase the capital by Birr 1.08 Billion
By our staff reporter
Nyala Insurance S.C. (NISCO) has announced that its gross written premium exceeded Birr 1.3 billion, showing a 47% growth compared to previous achievements.
During the 29th General and 22nd Extraordinary General Meeting held on November 11, 2023, at the Sheraton Addis, Dr. Sara, the Chair of the Board of Directors, presented the company’s annual performance report to the shareholders.
She mentioned that despite the numerous challenges faced by the nation, NISCO has achieved outstanding results compared to the previous fiscal year.
The company’s total assets also reached Birr 3.8 billion, marking a 28.7% increase over the previous fiscal year.
Dr. Sara also noted that the company’s general and long-term insurance operations have generated a gross profit of Birr 303.6 million, marking a 15.4% increase from the previous fiscal year.
On the other hand, the shareholders have unanimously agreed to retain Birr 254.5 million from the net profit in order to increase the company’s paid-up capital to over Birr 1.08 billion. This move will make the company highly competitive in the industry.
Conversely, the company’s net claims saw a significant increase from 209.4 million to Birr 370.8 million. Consequently, the loss ratio for general insurance rose from 37% to 49% compared to the previous production period.
The chair of the board attributed the remarkable achievements in premium income to the company’s prudent underwriting practices and implementation of business innovations based on customer needs and demands.
Yared Mola, CEO of Nyala Insurance S.C., highlighted the company’s commitment to digital insurance services and introduced a groundbreaking five-year strategic plan called “DigiLeap”. The strategy primarily focuses on customer centricity, operational excellence, digital transformation, profitable growth, and blue ocean move as its core themes.
The company aims to streamline processes, enhance customer experience, and carve out a new market space, with a specific focus on underserved and un-served market segments.
