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.


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