Nile Insurance's Profits Tide High


Nile Insurance's Profits Tide High

Nile Insurance has registered another growth year, earning 329.7 million Br in gross profit as it marked its 29th general assembly last week. Board Chairman Mehari Alemayehu highlighted the Company's success amidst fierce competition while addressing shareholders at the Insurance's headquarters nearing completion on Egypt St. He revealed to shareholders that the year involved several unexpected twists, which the management has steered through successfully and announced plans to digitise its data processing capacities in the coming year. The Insurance Company has paid out around 379.2 million Br in gross claims, a 27.9pc increase in a year at which its administrative expenses rose by nearly the same percentage at 28.6pc to 207.3 million Br. Total assets have also increased significantly by 38.5pc, reaching 3.6 billion Br, a 29pc increment from last year, with its total liabilities also going through a marked increase of 41.1pc to 2.3 billion Br. The Company has increased the number of its branches, adding four locations across Addis Abeba during the year, reaching 62 in total. Its performance reflects the industry pattern, with general insurance accounting for the bulk of its earnings and double-digit growth in premiums.

[ssba-buttons]

Radar

Ethiopia, IFAD Sign 69.2m Dollar Deal to Promote Lowland Resilience

The Ethiopian Government and the International Fund for Agricultural Development (IFAD) have signed a 69.2 million dollar grant agreement to implement Phase II of the Lowland Livelihoods Resilience Project (LLRP II). The grant agreement was signed by Finance Minister Ahmed Shide and IFAD President Alvaro Lario. The project targets climate resilience and improved livelihoods for three million people in pastoral and agro-pastoral communities. Co-financed by the World Bank, LLRP II covers eight reg...


Radar

NBE Expands Diaspora Warning Over Unlicensed Remittance Firms

The National Bank of Ethiopia (NBE) has issued an expanded public warning targeting unlicensed remittance operators abroad, flagging four U.S.-based companies it says are undermining Ethiopia's financial regulations. The warning includes newly disclosed findings and specific cases that underscore growing concerns about illicit cross-border financial activity. Remittance flows remain a vital lifeline for Ethiopia's economy, supporting households and supplying critical foreign currency. But as...


Radar

Stricter Standards Unveiled for Public Auditors, Accounting Firms

The Accounting & Auditing Board of Ethiopia (AABE) has issued a new directive aimed at strengthening oversight and professional standards in the accounting and auditing sector. Grounded in the Financial Reporting Proclamation, the directive addresses long-standing regulatory gaps while preparing the sector for the country's emerging capital market. Key provisions introduce stricter licensing standards for public auditors, professionals permitted to audit public interest entities. Applican...