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International

Ethiopia: Nile Insurance buoyed by 55% profit increase

November 20, 2014 Reprints

Ethiopia-based Nile Insurance Co. S.C. has recorded a post-tax profit of 65 million Ethiopian birr ($3.2 million) for the 2013/2014 fiscal year, up 55% year on year, reports Addis Fortune.

The insurer recorded a 17% year-on-year increase in gross written premium, which totaled ETB 300.4 million. Nile’s paid-up capital increased to ETB 100 million during the period. The insurer’s chief executive said Nile plans to increase its paid-up capital within two years to ETB 200 million.

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Ethiopia: Nile Insurance buoyed by 55% profit increase

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