Nyala Insurance S.C (NISCO), reported a 32.4 percent rise in net profit in the 2012/13 fiscal year, Capital reported.

NISCO grossed 70.2 million Ethiopian birr and earned 57.5 million birr net profit after tax, a 2.7 million birr increase compared with its performance a year earlier.

The company also reported earning per share of 1,634 birr, total written premium was 270.1 million birr with the general insurance business taking the largest share, registering about 243 million birr.

NISCO's net claims to premium earned ratio stood at 46 percent for the reported period.

At a press conference held on Thursday November 21, Tegegne Masresha, executive officer of Marketing and Customers Service, said the company has replace its entire board of directors with new ones. The six-member board was chaired by Marduf S. Bazaham.

The company will announce members of the board of directors to the public following the approval of National Bank of Ethiopia.

NISCO's 17 shareholders has greed to increase the company’s capital to 120 million birr from 35 million birr, during the 19th general assembly and the 12th extraordinary meeting.

With 26 branches and 12 contact offices, Nyala's total assets, as of the end of the past fiscal year has reached 476 million birr, a growth of 30.4% compared with the end of the 2011/12 fiscal year.

Source: Capital