Nyala Insurance nets 172 million Br profit during the last fiscal year, the two-decades old firm announced. This is 23 percent higher than what the firm registered during 2019/20 financial year.
Nyala is among few financial institutions established in the aftermath of the introduction of mixed economy during early 1990s. Three years ago, it was the most profitable insurance firm in Ethiopia, before the top spot overtaken by Awash Insurance.
"Regardless of the frequent challenges and difficulties happened to the nation, Nyala has realized outstanding achievements as compared against the preceding fiscal year," said Getachew Birbo, the Chairman of the Board of Directors.
Nyala wrote a gross premium of 678 million Br in the last fiscal year, upped by 20 percent from the preceding reporting period. It is also the fourth highest in the industry, just next to Awash, Oromia and United insurance companies.
Nyala also saw a jump in underwriting surplus, which has increased from 209 million Br to almost a quarter of a billion Br. Apart from operational activities, Nyala also secured a substantial amount of money from investment.
The firm's investment income soars from 130.3 million Br to 146 million Br. This, coupled with its lukewarm performance in its core business, helped Nyala increase earnings per share paid to shareholders from 295 Br to 303 Br.
