Nib Insurance: Pre-tax profits of nearly 4.2 million USD

Nib Insurance has posted 80 million ETB (4.2 million USD) in profits during the 2013/2014 fiscal year. Its turnover amounted to 352.2 million ETB (18.5 million USD), 337 million ETB (17.7 million USD) of which derive from non life insurance, up by 6.3%.

Life business decreased by 2.2% at 15.6 million ETB (821 028 USD). The market share of Nib Insurance is of 7.2%. The recent general meeting of the company approved a capital increase of 135 to 195 ETB (7.1 to 10.2 million USD). This amount is one of the highest in the Ethiopian insurance market.