Nile Insurance conducted it’s annual shareholder meeting and announced it has earned 129 million birr gross profit for the 2019 / 2018 fiscal year. Out of the 129 million birr, 69.1 million birr is from vehicle / motor insurance.
This year’s gross profit is 52 million birr higher than that of the previous year, which was 77.9 million birr.
The company earned 77.3 million birr from investments. The insurance company earned 20.8 million birr from investments in Abyssinia bank and Ethiopian re-insurance shares.
The company head office which is under construction could not be finished on time. It was reported design changes to the building and shortage of forex were the main reasons for delay.
Nile Insurance’s paid up capital was 302 million birr in the previous year and showed an increase of 20.9 percent for the current year.