13th Ordinary Annual General Meeting of Shareholders


13th Ordinary Annual General Meeting (AGM) of the Shareholders of National Insurance Corporation of Eritrea Share Company was held at Selam Conference Hall in Hotel Asmara Palace on Saturday 3rd June 2017.

The opening ceremony of the 13th Ordinary Annual General Meeting began at 8:30 a.m. in the presence of Shareholders, observers and invited guests with a total number of 460 participants. Members of “NICE” band composing children aged 5 to 13 years, who are the fruits of NICE Day Care, entertained the participants with a special performance on the stage with songs, dramas and poems focused in increasing the participants’ awareness on life insurance.

After hearing welcoming speech by Mr. Girmai Ghebremeskel, the Chairman of the Board of Directors and Mr. Zeru Woldemichael the General Manager (CEO) of the Company, the Shareholders proceeded to conduct their AGM.


Finally, considering the recommendation of the Board of Directors and after having heard the Report of the Corporation’s External Auditors for the financial year ended 31st December 2016, the Shareholders approved the Annual Report and Financial Statements of the Corporation for the financial year ended 31st December 2016; and in accordance with the recommendation of the Board of Directors decided the surplus realized to be distributed as follows:-

  • Nakfa 4,139,149 to Special Reserve
  • Nakfa 8,278,299 to Technical Reserve
  • Nakfa 76,046,357 to be paid as dividend to shareholders at the rate of Nakfa 8.001094(2015 was Nakfa 6.756169) for a fully paid up share capital (inclusive of bonus shares).

The Shareholders also elected three members and the Ministry of Finance, the Martyrs’ Fund and Mahber Wenenti Mekayn White nominated their respective directors as outlined under Art. 11 of the Memorandum of Association. The Seven Board members will serve for a term of three years until the end of the 16th Annual Ordinary General Meeting in mid 2020.
The nominated and elected Directors are:-

  1. Mr. Girmai Ghebremeskel
  2. Mr. Ghebreberhan Mehretab
  3. Mr. Woldeyesus Elisa
  4. Mr. Elias Tesfai
  5. Mr. Abraha Tuccue
  6. Mr. Ghebrengus Zere
  7. Mrs. Almaz Lijam

The Chairman thanked all the participants for taking time to attend the 13th Ordinary Annual General Meeting and expressed his gratitude for their valuable contribution.

The meeting was adjourned at 13:00 hrs

For more information and clarification please send your queries to our email address - nice@niceritrea.com.

You can download the Annual report and financial statement by clicking the button below.

Finance Statement 2016