Nib insurance Company S.C. had another successful year and made a gross profit of 80 Million Birr in the last fiscal year.

The Firm managed to collect a total of 352.2 Million Birr from premiums during the 2013/2014 fiscal year and earned 337 Million Birr from general insurance (non life insurance). When compared to the 2012/2013 fiscal year, this figure reveals an increase in the Insurer’s performance by 20 Million Birr which is 6.3 percent.

The total premium registered by the company during the fiscal year gave it a market share of 7.2 percent.

Out of the total 80 Million Birr Nib made, 74 Million of it came from general insurance. This led to the earning per share of the company to be 240 Birr for a 500 Birr share.

The premium raked by Nib from life insurance is 15.6 Million Birr. Nonetheless, this is 2.2 percent less than what the company aimed for the fiscal year. Yet the performance of the company has still increased by 15 percent.

The 2013/2014 fiscal year saw Nib Insurance paying 147.5 Million Birr as a settlement for general insurance while the firm also made a 6 Million Birr payment for life insurance claims.

Shareholders of Nib during their annual general assembly decided to expand the firms paid up capital to 195 Million Birr. Currently the insurers paid up capital stands at 135 Million Birr which is among the highest in the industry.

The general assembly also approved the request by the board of directors to provide 1.07 Million Birr worth share to its employees.

Source: Capital