Nib Insurance Company has registered a 53% higher level of profit in the last financial year. The company earned 42 million birr in profits as compared to just 27.5 million birr in the previous financial year.
The per share earnings also grew by 35% with Nib share holders, who had earned 180 birr in the previous year earning 243 birr this year.
The company earned 336 million birr in premium from non-life insurance which showed a 54.8% increase as compared to the 217 million birr it earned in the previous fiscal year. The insurer also registered 10.7 million birr in premiums from the life insurance showing an increase of 26.4%. The market share of Nib insurance has reached to 9.1%.
Nib insurance paid a significant percent of claims for motor (traffic accidents) insurance claims, with such claims making up 69.5% of the total non-life insurance.Claims paid for health insurance made up 82% of what the company paid out for life insurance.Nib insurance now has 866 share holders and the company’s total assets have reached 265.7 million birr. The company paid up capital is 64 million birr.
The company has earned 34.1 million birr from September 2007 up to the last fiscal year from life insurance premiums and has paid 15 million birr in insurance claims.
Source: Capital
