Nyala Insurance S.C., one of the privately owned insurance firms in Ethiopia, declared a gross profit of 77 million Birr for 2015/2016 fiscal year. The performance is 24.2 percent lower than the preceding fiscal year.

In the last fiscal year, Nyala earned 400 million Birr from written gross premiums for general and long term insurance businesses. The performance shows 7 percent increment when compared to preceding year.

According to Fortune, as of June 30, 2016, the company’s capital has reached almost 327 million Birr. This is the highest of all insurance companies registered and operating in Ethiopia.

In the last fiscal year, more than half of the insurance companies operating in Ethiopia, saw their profit slumping.

Source: Fortune