Nyala Insurance S.C, Ethiopia earned 56.1 million birr in net profit during the previous financial year according to the company
report.
The insurer was able to gross 66.3 million birr in underwriting in the financial year setting a new company record it was noted. Earnings per share were said to stand at 1,233 birr according to the financial statement presented to shareholders at the company’s annual assembly held at the Sheraton Addis Hotel.
The insurance company’s earnings for the fiscal year showed a notable increase from the 35.8 million birr gross and 34.2 million birr net profit it had earned in the previous year.
The insurance sector is benefiting from the large infrastructural program in the country including the construction of roads and bridges contributing to the import and export sector in the country said Tegegne Masresga, Executive Officer for Marketing and Customer Service with Nyala.The launch of mandatory third party vehicle insurance in the last year has also played a significant role in the increased income of the company with an estimated 10 thousand customers signed up for third party insurance coverage in the last year noted Tegegne.
Nyala Insurance Currently has 22 branch offices and 13 contact offices across the country. The insurer launched three new branches in Addis Ababa in the last financial year and had plans to open two more this year as well as upgrading contact offices in Wolayta Sodo and DJijiga to branch offices explained Tegegne.
Source: The Reporter
