Ethiopian Business Review

Nyala Insurance Reports Unaudited Profit of Over 1 Billion Birr #EBR_News Oct 28, 2026 Nyala Insurance S.C. said it closed its latest fiscal year with an unaudited profit of more than one billion Birr, as it unveiled a new logo and a wider rebranding drive at a ceremony in Addis Ababa on Tuesday. The private insurer said in a press release that the figure is still pending an audit. Yared Molla (PhD), chief executive officer of the company, said in his speech that Nyala was founded 30 years ago with a paid-up capital of seven million Birr, following the opening of the economy to private investment. The founding shareholders included Mohammed Al Amoudi, his family and affiliated enterprises. According to Yared, paid-up capital has since grown to more than two billion Birr, roughly 285 times the initial amount, while total assets have risen to over seven billion Birr. Yared said Nyala has consistently registered profits year after year, and that it has paid more than 1.7 billion Birr in taxes to the government over the past 15 years. He added that the insurer has provided cover for major national projects, including the electromechanical works of the Grand Ethiopian Renaissance Dam and the civil works of the Koysha Hydroelectric Power Plant. The rebranding, which the company calls "Nyala Reimagined" or "NISCO Reimagined", goes beyond a visual makeover, according to Yared. He described it as an effort to carry the founders' vision into the digital age, with goals that include understanding customers' evolving needs, strengthening employee skills and building financial capacity to compete in what he called a volatile insurance market. Much of the strategy centres on service delivery, an area where the industry often draws criticism. Nyala said it has replaced the traditional "branch" model with what it calls "Customer Homes", with more than 50 outlets nationwide, designed as customer experience hubs. It has also introduced a Claims Concierge Service, which Yared said aims to simplify the settlement of complex claims, and says it has deployed digital tools to improve service. Follow EBR for the latest business news, trends, and expert analysis: Telegram (https://t.me/ebr_news) Facebook (https://www.facebook.com/share/1DAKyvnWSN/?mibextid=wwXIfr) LinkedIn (https://lnkd.in/eAVk65Xv) WhatsApp (https://whatsapp.com/channel/0029Vb7VyjjADTOJXYi7bN35)