NIB’s profits on decline in the 2015/2016 year

NIB Insurance has posted before-adjustment profits on a 25% decrease at 42 million ETB (1.9 million USD) over the last fiscal year. The insurer’s profits have gone down for a second year in a row. This contraction has been accounted for by the almost stagnation of turnover.

The increase in the premiums written did not exceed 1% at 366.8 million ETB (17.3 million USD). Moreover, loss experience has risen by 14% at 215 million ETB (10 million USD) while domestic costs have increased especially because of the rise in the number of staff members.

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