15th Ordinary Annual General Meeting & 3rd Extra-ordinary Meeting of Shareholders


The 3rd Extra-ordinary and 15th 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 1st June 2019.

The opening ceremony of the 3rd Extra-ordinary and 15th Ordinary Annual General Meeting began at 8:30 a.m. in the presence of Shareholders, observers and invited guests with a total number of 450 participants. Members of “NICE” band composing children aged 7 to 15 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 3rd Extra-ordinary Meeting by the Secretary of the Board, the 3rd Extra-ordinary Meeting was conducted from 08:30-09:15 hours. Then the Shareholders proceeded to conduct their 15th AGM at 10:00 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 2018, the Shareholders approved the Annual Report and Financial Statements of the Corporation for the financial year ended 31st December 2018; and in accordance with the recommendation of the Board of Directors decided the surplus realized to be distributed as follows:-

  • Nakfa 4,833,578 to Special Reserve.
  • Nakfa 9,667,156 to Technical Reserve.
  • Nakfa 87,851,646 to be paid as dividend to shareholders at the rate of Nakfa 8.392677(2017 was Nakfa 8.001094) for a fully paid up share capital (inclusive of bonus shares).


The Chairman thanked all the participants for taking time to attend the 15th Ordinary Annual General Meeting and expressed his gratitude for their valuable contribution.

The meeting was adjourned at 12:15 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 2018