[Mar 2017] National Insurance Company of Ethiopia (NICE) S.C Profit Latest Ethiopian News - AddisBiz.Com | Ethiopian Business Guide
National Insurance Company of Ethiopia S.C (NICE) has suffered a decline in both profits and its market share despite a growth in premium production.
NICE’s board of directors disclosed at the company’s annual meeting that its profits plummeted by 32pc to a little over 21 million Br for the recently concluded fiscal year.
“Our legal provisions were very high due to the amendment of the old directive,” said...
National Insurance Company of Ethiopia (NICE) S.C., increased its earnings per share (EPS) to 547 Br in the 2014/15 fiscal year up from 439 Br the previous year; the year has saw its profits soaring by 76.3pc to 28.03 million Br.
This is the first reporting year under the new CEO Tesfaye Debella, successor to Habtemariam Shumgizaw, who had been the boss for 20 years, until October 2014.
NICE, which engages in general insurance only, also reported increasing its paid-up capital to 54.9 million Br, up by 21.3pc from the...