Nyala Insurance, one of private insurance companies in Ethiopia said it has secured 86.9 million Birr profit in the 2014-2015 budget year, Ethiopian Herald reported.

At the opening of the 21st Regular and 14th Urgent Meeting at Sheraton Addis on November 26, 2015, Nyala Insurance Company Board Chairperson Kemal Mohamed said it has made 86.9 million Birr net profit, exceeding the previous year by 32 percent.

Yared Mola, Chief Executive Officer at the Company said, in the 2015 fiscal year Nyala Insurance has paid 104.3 billion Birr for life and property insurance, surpassing the previous year by six percent. Its total sells of contract increased to 37,136, exceeding the past year by nine percent.

He also noted that the Company’s annual premium increased to 334, exceeding the past year by 21.1 percent.

He furthered, Nyala’s total asset increased to 833.2 million Birr, surpassing the previous amount by 215.2 million Birr or by 35 percent. Its total paid up capital also increased from 125 million to 168 million Birr.

Source: Ethiopian Herald