About us

An overview

 

Nyala Insurance S.C. (NISCO) is one of the leading Insurance Companies in Ethiopia in terms of performance growth and financial position.

It was established in 1995 to engage in general insurance business pursuant to the enactment of the Insurance Business Proclamation 86/1994 with a subscribed capital of Birr 25 million and paid-up capital of Birr 7 million. In 2005, NISCO turned into a composite insurer by adding life business and increasing its paid-up capital to Birr 35 million. During the last five years, NISCO has grown very quickly and currently, its Paid-up capital reached Birr 416 million.

With a head quarter in Addis Ababa, Nyala Insurance S.C. operates in almost all regional states in Ethiopia through a networkof 46 service outlets (35Service Centers and 11 Contact Offices)distributed all over the country.

In 2019, NISCO wrote Birr 492 million of premium income and realized a gross profit of Birr 184 million. Its shareholders’ equity reached Birr 842 million while its total assets were Birr 2.1 billion. 

NISCO has profoundly revised its previous course of business situation, and keenly formulated a forward-looking Strategic Plan that would help the Company efficiently deploy its financial, physical and human resources towards achieving higher growth.

 

 

Registered Office 
Protection House, Mickey Leland Street 
P.O.Box 12753, Addis Ababa, Ethiopia 
Tel. 251-11-6626667 
Fax 251-116626706 
e-mail nisco@ethionet.et
Website www.nyalainsurancesc.com  

 

VISION

 

To be the preferred provider of insurance solutions in all markets we serve .

 

MISSION

 

To help our customers manage their risks, recover from the unexpected, and achieve peace of mind.

 

VALUES

 

PROTRCTION WITH CARE:- We add care to our main duty of providing protection. We give due emphasis to care in our relationship with customers and fellow employees.

PROFESSIONALISM:-We engage ourselves at all times, in a professional manner paying due attention to the code of ethics required in professional insurance service.

ACCOUNTABLITY:- We are always accountable for what we say and do, and:

To our customers:-We provide peace of mind, full confidence and assurance. 

To our shareholders:- We protect our shareholders’ investment and work for profitable growth of their company.

To our employees:-We treat all employees fairly and impartially by applying transparent procedures in promotion, conflict resolution, and assignments.

To our competitors:- We will compete in the market fairly and ethically and will not prevent others from competing freely.

To society at large: - We carry out our business in due observance and fulfillment of all applicable laws, giving due regard to, and, in participation of safety, health, environmental standards, and societal values.

INTEGRITY: -We commit ourselves to conduct our business honestly, ethically and consistently.

EXCELLENCE: - We set and strive to achieve stretched goals, work constantly to improve, and deliver what we promise and beyond whenever possible. All our endeavors are geared to achieve excellence through innovation,  learning, and agility.

TEAM WORK: -We believe that the best solutions come from working together with our colleagues and customers.

INNOVATION: - We promote innovation and creativity. We will be a learning organization by embracing change. We will continuously improve our process and product features to meet and exceed our customers’ expectation.

 

LOGO

 

The Nyala HEAD superimposed on the traditional Ethiopian SHIELD is chosen as the company's LOGO for the following reasons: In recognition of the role the Ethiopian patriots and the conservationists played in "Caring" and "Protecting" Ethiopia and its resources, human as well as natural, and in declaration of our pledge to give deserving "Care and Protection" to our customers, their dependents and their hard-earned assets.

The Head:

The Mountain Nyala, once known as "Queen of Sheba's Antelope, was some 40 years ago dangerously close to extinction. Thanks to the "CARE and PROTECTION" both National and International friends of wild life, the risk was averted and presently the Nyalas are proliferating. The Head, therefore, signifies the commitment our staff have to always give "CARE and PROTECTION" to their business partners.

The Shield:

History tells us that Ethiopia's gallant people "protected" Ethiopia and their fellow Ethiopians from the risk of being colonized with heartfelt dedication and hand held "TRADITIONAL ETHIOPIAN SHIELD". The "SHIELD" therefore signifies our colorful history of freedom and no colonial past! It doubly signifies our commitment of "CARE and PROTECTION" to our business partners.

 

MOTTO

 

 ”አለኝታዎ” in Amharic

“PROTECTION WITH CARE” in English    

Board of Directors

 

Ato Kemal Mohammed - Chairman

Ato Getachew Birbo - Member

Ato Esayas Kebede - Member

Ato Minassie Tadesse - Member

Ato Dereje Yesuswork - Member

Ato Asfaw Alemu - Member

Ato Yetnayet Tesfaye - Member

Ato Yonas Dugma - Member

Ato Behailu Tamirat - Secretary

Auditors

HST, Chartered Certified Accounts

Management Team

 
 

Chief Executive Officer

Yared Mola

Mobile:+251-911-248820

Tel: +251-11-662-6707

Fax:+251-11-662-6706

Email: yaredm@nyalainsurancesc.com

 

Ato Yared Mola,CEO

 

Executive Officer, Marketing and Business Development

Tegegne Masresha

Mobile:+251-911-255595

Tel: +251-11-662-6680

Fax:+251-11-662-6706

Email: tegegnem@nyalainsurancesc.com

 

 

 

Executive Officer, Finance and Investment

Woineshet Gossaye

Mobile:+251-911-454198

Tel: +251-11-662-6670

Fax:+251-11-662-6706

Email: woineshetg@nyalainsurancesc.com

 

 

 

Executive Officer, Resources Management

Giuliano Ettore

Mobile:+251-913-359335

Tel:+251-11-662-6709

Fax:+251-11-662-6706

Email: giulianoe@nyalainsurancesc.com

 

 

Executive Officer, Claims Management

Astatkie Lulseged

Mobile:+251-911-123530

Tel: 251-11-663-9058/59

Fax:+251-11-662-6700

Email:  astatkiel@nyalainsurancesc.com

 

 

Executive Officer, Underwriting

Ato Zewdu Beyene

Mobile:+251-911-151033

Tel: +251-11-662-6680

Fax:+251-11-662-6706

Email:  zewdub@nyalainsurancesc.com

 

Bankers

 
Dashen Bank
Bank of Abyssinia 
Nib International Bank   
United Bank
Zemen Bank
Commercial Bank of Ethiopia
Wegagen Bank
Awash International Bank
Abay Bank
Bunna International Bank

 

Human Resources

 

Nyala Insurance S.C. has skilled, young, and motivated workforce.  The Company’s Human Resource Policy is to follow “Grow Own Trees” strategy and recruit young and dynamic graduates mostly direct from higher learning institutions. One amongst such endeavors is Nyala Insurance Graduates Trainee Program (NISCO GTP) that is directed towards recruiting and developing exceptional performers in order to ensure the sustainable supply of skilled manpower needed to execute its strategy.

In view of delivering a superior Customer Service, the training and development activity is considered as an investment that is geared towards producing flexible and multi-skilled human resource.  On the job coaching and intensive formal/informal trainings conducted locally and abroad are the Company’s routine staff development programs.  NISCO has a strong stance that promotion always depends on merit and the right person for the job principle only.

The manpower strength of the Company stood at 346 of which 58% are male while the remaining 42% are female.  Out of the total employees, about 76% have 1st Degree & above and about 77% of the employees are below 40 years of age with an immense potential to become future leaders in in the financial Industry. The Company always strives to be a preferred choice where employees are whole heartedly happy and devoted to work.

An overview

Nyala Insurance Share Company (NISCO) was founded in July 1995 following the liberalization of the insurance business to the private sector in 1994 with the Licensing and Supervision of Insurance Business Proclamation No. 85/1994. Read more...

Investments

Apart from its major investments in real estates in the downtowns of Addis Ababa, Bahir Dar and Nazareth, Nyala Insurance selectively invests in various financial institutions like Dashen Bank, which have potentially high investment returns. Read more...

Links

Contact us

Protection House, Mickey Leland Street

Tel: +251-11-6626679/80/76