Nyala Insurance S.C. reported that it has amassed a gross profit of 194.3 million Birr in the concluded fiscal year in June 2021.
Nyala Insurance conducted its 27th regular and 20th extraordinary general meeting on Thursday at Sheraton Addis Hotel. During the meeting, Getachew Birbo, Chairperson of the Board Directors said: “The profit in the concluded fiscal year has increased by 30 percent compared to the prior fiscal year due to the fact that Nyala Insurance has pursued fresh strategies and implemented activities such as providing services based on the customers’ needs.”
The insurance company also disclosed that it has decided to boost its paid-up capital to 704 million Birr through allocating 104 million Birr from the net profit of the company.
Meanwhile, the insurance company has collected a premium of 678 million Birr, which has registered a 20 percent increase from the year 2019/2020, according to Getachew. From that income, 565.2 million Birr (83 percent) has been garnered from general insurance services.
From long-term insurance services the company also garnered 112.9 million Birr, which is higher than the previous year performance, according to the statement issued by Nyala Insurance.
The total asset of Nyala Insurance also reached 2.5 billion Birr from 2.2 billion Birr in the previous year.
Yared Molla, CEO of Nyala Insurance for his part said that his company has been exerting efforts to implement providing services through digital insurance mechanism, which is the first of its kind in Ethiopia.
“Insurance company’s success can be gauged through providing services to its customers through digital systems,” he said, adding, “Without a need to visit the company, customers can get insurance services such as entering into new insurance agreements and they can also receive indemnity payments via insure-tech platform.”
Established in 1995 with 7 million Birr paid-up capital, Nyala Insurance has recently started implementing mobile insurance payments for the loss and damage of smart-phones. Thousands of customers have been beneficiaries of this unique service, which has so far been providing exclusively by the Insurance company.