Nyala Insurance S.C. has reported unaudited profit exceeding Br1 billion for the latest fiscal year, as the company’s paid-up capital surpassed Br2 billion after three decades of operation.

The insurer announced the figures on Tuesday during a ceremony in Addis Ababa, where it launched a new corporate identity as part of a broader modernization strategy dubbed “Nyala Reimagined.”

Yared Molla (PhD), chief executive officer of Nyala Insurance, said the company began operations 30 years ago with paid-up capital of Br7 million. Its founding shareholders included Mohammed Al Amoudi, his family and affiliated enterprises.

The company’s paid-up capital has since increased to more than Br2 billion, while total assets have grown to over Br7 billion, according to Yared. He added that Nyala has remained profitable over the years and contributed more than Br1.7 billion in taxes to the government over the past 15 years.

Nyala has also insured major infrastructure projects, including the electromechanical works of the Grand Ethiopian Renaissance Dam and the civil works of the Koysha Hydroelectric Power Plant.

Beyond the new logo, the rebranding initiative seeks to improve customer experience, strengthen employee capabilities and expand the company’s capacity to compete in Ethiopia’s changing insurance market.

As part of the strategy, Nyala has established more than 50 outlets nationwide under its “Customer Homes” model, replacing the conventional branch concept with customer-focused service centres. The company has also introduced a Claims Concierge Service to simplify the handling of complex claims and adopted digital tools to improve service delivery.

The reported profit remains unaudited, according to the company.