Nyala Posts Drop in Profit

Nyala Insurance S.C registered a gross profit of 77 million Br for the recently ended fiscal year, 24.2pc lower than the preceding fiscal year.

The latest performance didn’t include an estimated profit of 10 million Br earned from life insurance.

The firm has written gross premiums of 400 million Br from general and long-term insurance businesses. This is seven percent higher compared with 2014/15 and represents close to seven percent of the industry gross premium.

As of June 30 2016, Nyala’s capital reached around 327 million Br, which is the highest of all insurance companies in the country.

Last year, more than half of the country’s 16 insurance companies saw a profit slump. The industry generated close to one billion Br in profits in 2016.

Established in 1995, Nyala has a network of over 40 service outlets.


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