Nyala Insurance Share Company has begun preliminary efforts to establish an Ethiopian re-insurance company. The company
is carrying out initial studies to be presented to the board of directors according to Eyob Meherette CEO of the insurance company.
A local re-insurer will save Ethiopia the large amounts of foreign currency required by insurance companies to purchase policies from international re-insurers, said Eyob.
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.
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.
Nyala Insurance, one of private insurance companies in Ethiopia said it has secured 86.9 million Birr profit in the 2014-2015 budget year, Ethiopian Herald reported.
Nyala Insurance registered 10,000 vehicles for mandatory third party insurance policies. The insurer has equipped one of its branches to facilitate third party insurance coverage.
The insurance company has trained personnel to handle third party registration process at additional cost said Eyob Meherette CEO of Nyala Insurance. The Insurers specialized set up is to be found at its Africa Avenue Branch and is expected to speed up the registration process he explained.
