Nile Insurance, one of the few insurance companies in Ethiopia which has been operating for 25 or more years, has reported that it earned a gross profit of 128.8 million birr. It’s earning per share (EPS) dropped from 325 birr for the 2019/2018 budget year to 296 birr for the current year.
The company’s profit showed an very small increase of only 3.4 million birr compared to the previous year. According to the company’s financial report, gross written premium for life and other sectors reached 446.6 million birr. Life insurance accounts for 48.1 million birr while the remaining is from non-life insurance sectors.
Claims reached 195 million birr which showed a slight increase from the previous years 188.9 million birr. Motor sector took the largest share of claims accounting 58.2 percent.
Nile Insurance’s assets reached 1.55 billion birr which showed an increase of 170 million birr from the previous budget year.
The company’s capital at the end of the budget year reached 448 million birr, which stood at 366 million birr for the 2019/2018 budget year.
Nile Insurance currently has 49 branches.