14th Ordinary Annual General Meeting & 2nd Extra-ordinary Meeting of Shareholders


The 14th Ordinary Annual General Meeting (AGM) & 2nd Extra-ordinary Meeting of the Shareholders of National Insurance Corporation of Eritrea Share Company was held at Selam Conference Hall in Hotel Asmara Palace on Saturday 2nd June 2018.

The opening ceremony of the 2nd Extra-ordinary and 14th Ordinary Annual General Meeting began at 8:30 a.m. in the presence of Shareholders, observers and invited guests with a total number of 470 participants. Members of “NICE” band composing children aged 6 to 14 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 and following a brief explanation for the need of the 2nd Extra-ordinary Meeting by the General Manager, the 2nd Extra-ordinary Meeting was conducted from 09:00-10:00 hours. Then the Shareholders proceeded to conduct their 14th AGM at 10:40 hours.

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 2017, the Shareholders approved the Annual Report and Financial Statements of the Corporation for the financial year ended 31st December 2017; and in accordance with the recommendation of the Board of Directors decided the surplus realized to be distributed as follows:-


  • Nakfa 4,592,463 to Special Reserve
  • Nakfa 9,184,925 to Technical Reserve
  • Nakfa 83,752,685 to be paid as dividend to shareholders at the rate of Nakfa 8.001094(2016 was Nakfa 7.264890) for a fully paid up share capital (inclusive of bonus shares).

The Chairman thanked all the participants for taking time to attend the 14th 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 2017