Nyala Insurance, one of the few insurance companies which have been operating in Ethiopia for the past 25 years, has earned a gross profit of 184.3 million birr. This profit is the largest profit recorded from all the private insurance companies in Ethiopia for the year 2019 / 2018.
This year’s profit showed an increase of 24.7 million birr compared to last year, which amounts to a 15.5% increase.
Ato Yared Mola, the company’s CEO stated that the insurance company used various approaches to decrease the amounts of claims paid and that this approach has paid off. Claims paid has reached 131.3 million birr while the life insurance was 30.7 million birr, which brings the total claims paid to 162 million birr which is 6% less than last year’s payments.
The insurance company’s total assets increased from 1.9 to 2.1 billion birr. Shareholders agreed to increase the company’s paid up capital from 416 million to 530.4 million birr.