Nyala Insurance Share Company
3rd Quarter Financial Data (01/07/23-31/03/24)
S/N Financial Data Q4 Q3 Q2 Q1
1 Admitted Asset 2,758,842,200 2,422,727,500 2,410,000,900 2,365,226,500
2 Admitted Liability/Adjusted liability 1,408,685,000 1,408,685,000 1,390,216,000 1,503,338,000
3 Statutary Equity (1-2) 1,350,157,200 1,014,042,500 1,019,784,900 861,888,500
4 Paid-up Capital 739,843,219 739,843,219 730,000,000 730,000,000
5 Trade Debtors 22,757,000 22,757,000 22,757,000 22,757,000
6 Provision for Trade Debtors 22,757,000 22,757,000 22,757,000 22,757,000
7 Net Trade Debtors Balance (5-6) - - - -
8 Receivables from Reinsurers 10,533,000 10,533,000 10,533,000 10,533,000
9 Staff Debtors (G1.2.5) - - - -
10 Accrued Interest Receivables 57,217,000 57,217,000 74,814,000 84,052,000
11 Total Debtors Balance (8+9+10) 67,750,000 67,750,000 85,347,000 94,585,000
12 Cash and Bank Balance 432,351,000 432,351,000 435,850,000 510,977,000
13 Total Current Asset (11+12+15) 1,306,108,000 1,306,108,000 1,288,687,000 1,276,937,000
14 statutary Deposit 109,500,000 109,500,000 117,001,000 117,001,000
15 Fixed Time Deposit 806,007,000 806,007,000 767,490,000 671,375,000
16 Investment in Real state 106,841,000 106,841,000 107,482,000 108,122,000
17 Investment in Equity share 608,398,000 608,398,000 600,000,000 492,088,000
18 Work in Progress (Other Investment) 283,023,000 283,023,000 282,809,000 282,595,000
19 Government Bond 33,100,000 33,100,000 33,100,000 33,100,000
20 Total Investment (15+16+17+19) 1,663,846,000 1,663,846,000 1,625,073,000 1,421,686,000
21 All Expenses (Including mgt + Commission) 49,295,000 49,295,000 52,172,000 38,436,000
0 Reserve for Outstanding Claims 282,177,000 282,177,000 277,847,000 365,989,000
1 Reserve for Unexpired Risks 388,134,000 388,134,000 440,328,000 423,329,000
2 Other Current Liabilities 715,491,000 715,491,000 648,974,000 692,187,000
Total Current Liabilities 1,385,802,000 1,385,802,000 1,367,149,000 1,481,505,000
25 Long term Liabilities 22,883,000 22,883,000 23,067,000 21,833,000
26 Total Liabilities (22+23+24+25) 1,408,685,000 1,408,685,000 1,390,216,000 1,503,338,000
27 Gross Premium Written Current 295,448,000 295,448,000 252,014,000 336,327,000
28 Gross Premium Written Preceding Yr 237,478,000 237,478,000 247,755,000 227,547,000
29 Net Premium Written Current year this quarter 179,656,000 179,656,000 168,755,000 237,350,000
30 Net Premium Written Preceding yr same qrt. 137,368,000 137,368,000 186,258,000 143,402,000
31 Net Earned Premium 234,569,000 234,569,000 141,200,000 156,231,000
32 Net Claims Incurred 93,300,000 93,300,000 (3,500,000) 103,382,000
33 Income From Underwriting 134,890,000 134,890,000 135,052,000 49,151,000
34 Income from Rent 7,685,000 7,685,000 11,718,000 5,484,000
35 Income from Interest (13,041,000) (13,041,000) 56,729,000 25,906,000
36 Total Investment Income 31,026,000 31,026,000 168,478,000 33,240,000
37 Net Profit Before Tax (NPBT) 123,001,000 123,001,000 261,005,000 47,652,000
38 Net Profit After Tax (NPAT) 83,259,000 83,259,000 225,761,000 41,885,000
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0.116819989
42.46361333
0.103674112
0.018647158
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Nyala Insurance Share Company
Ratio Analysis (01/07/23-31/03/24)
S/N Inherent Rate Standard Q3 Q2 Q1 Remark
A Credit Risk
1 Net Trade Debtor to Statutory Equity (6/3) Max of 50 - - -
2 Total Receivables to Statutory Equity'(11/3) Max of 50 7% 8% 11%
3 Due from re-insurer to Statutory Equity'(8/3) Max of 50 1% 1% 1%
B Market Risk
4 Total Investment in Common share to Admitted Asset (17/1) Max of 20 25% 25% 21%
5 Total Investment in Real state to Admitted Asset (16/1) Max of 10 4% 4% 5%
6 Investment Yield Ratio (36/20) Market 7% 2% 10% 2%
C Liquidity Risk
7 Liquidity Ratio (26/13) Max of 1.05 106% 106% 116%
8 Receivables to Equity Ratio (11/3) Max 50% 7% 8% 11%
9 Claim Ratio (32/31) Max 70% 40% -2% 66%
D Underwriting Risk
10 Change in Net Premium (29-30/30)*100 -33% to +33% 31% -9% 66%
11 Change in Gross Premium (27-28/28)*100 -33% to +33% 24% 2% 48%
12 Expense Ratio (21/31) max 35% 21% 37% 25%
13 Claims Ratio (32/31) 70% 40% -2% 66%
14 Combined Ratio (12+13) 105% 61% 34% 91%
E Technical Provisions Risks
15 Safety Ratio (Claims Outstanding to equity ratio) (22/3) Max of 2.5 0.3 0.3 0.4
Solvency ratio >=1 6.1 5.7 4.4
16 Equity to Liability Ratio (3/2) ³20% 72% 73% 57%
F Operations & Technology Risks
17 Gross Risk* (Last Yr/3) < 7 Times 1.05 1.05 1.24
18 Net Risk*(Last yr/3) < 2.5 Times 0.56 0.55 0.65
19 Expense Rate (21/31) <35% 21% 37% 25%
20 Change in Surpluses (Statutory) - - - -
21 ROE Before Tax (37/3) ³10% 12% 26% 6%
22 Combined Ratio (12+13) 105% 61% 34% 91%
23 Dividend Payout Ratio - - - -
G Reinsurance Risk
24 Due from Reinsurer to Statutory Equity (8/3) Max 50% 1% 1% 1%
25 Net Risk*(Last yr/3) Max of 2.5 0.6 0.6 0.7
26 Retention Ratio (29/27) 70-80% 61% 67% 71%
H Capital Adequacy
27 Equity to Liability Ratio (3/2) >20% 72% 73% 57%
29 Overall Score for Inherent Risk
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Gross Risk risk rate
1st q 353,467,000 237,478,000 247,755,000 227,547,000 1,066,247,000 1.24 Err:509
2nd q 1.05
3rd q 1.05
Net Risk risk rate
1st q 97,317,000 137,368,000 186,258,000 143,402,000 564,345,000 0.65 Err:509
2nd q 0.55
3rd q 0.56
Err:509 Err:509
Err:509 Err:509
Solvency Margin & Admitted Asset determination of Nyala Insurance Company as at 31/03/24
Descriptions 1st Q In '000 2nd Q In '000 3rd Q In '000 4rd Q In '000
Admitted Asset: Birr Birr Birr Birr Birr Birr Birr Birr
Total Asset 2,766,809 2,873,865 2,980,656 3,229,062
Less:
Prepayments 3,757 3,340 4,342 125
Deferred Charges 25,077 16,674 17,936 22,150
Lease hold Lands 1,393 1,383 1,373 1,363
Right-of-Use-Asset 12,392 9,174 9,144 10,127
Staff Debtor 111,607 114,841 118,686 124,966
Furniture & Fixture 5,475 6,456 6,605 8,365
Computer Software & hardware 25,726 22,993 23,579 21,875
Sundary & Stocks 166,067 165,421 249,646 230,397
Sub-Total 351,494 351,494 340,282 340,282 431,311 431,311 419,368 419,368
Net Asset 2,415,315 2,533,583 2,549,345 2,809,694
*Less: Over Investement
a) Over Investement in Share Company
Actual Investement in Share Company, 492,088 (9,025) 600,848 (94,131) 608,398 (98,529) 618,398 (56,459)
Max. Invt. As per Directive @20% of Adm.Asset 483,063 506,717 509,869 561,939
b) Over Deposite in a Single Bank
Actual Deposit in Single Bank Dashen Bank 271,000 - 245,000 274,000 358,000
Max. Invt. As per Directive @15% of Adm.Asset 362,297 380,037 382,402 421,454
C) Over Investement in Real Estate - -
Actual investement in Real Estate, 108,122 107,482 106,841 106,028
Maximum Investment Directive @10% of Ad. Asset 241,532 253,358 254,935 280,969
d) Over Investement in Workin progress (41,064) (29,451) (28,089) 5,607
Actual investement in others, 282,595 282,809 283,023 275,362
Maximum Investment as per Directive @10% of Ad. Asset 241,532 253,358 254,935 280,969
Amount Exceeding the Limit set in Directive (50,089) (123,582) (126,618) (50,852)
Admitted Asset: 2,365,227 2,410,001 2,422,728 2,758,842
Adjusted Liability 1,503,338 1,390,216 1,408,685 1,509,158
Admitted Capital(Statutory Equity) 861,889 1,019,785 1,014,043 1,249,684
Equity as a percent of Liability 57% 73% 72% 83%
20% of previous year net written premium 564,345 112,869 564,345 112,869 564,346 112,869 564,346 112,869
25% of Technical provision 789,318 197,330 718,175 179,544 670,311 167,578 760,913 190,228
Minimum required statutory paid up capital 60,000 60,000 60,000 60,000 60,000 60,000 60,000 60,000
Solvency Margin Ratio 437% 568% 605% 657%
Balance sheet strength Strong Strong Strong Strong
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8365
21875 48558 26683 21875
5842 2297 3545
25420
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