16th Ordinary Annual General Meeting of Shareholders


The 16th Ordinary Annual General Meeting (AGM) of the Shareholders of National Insurance Corporation of Eritrea Share Company was held at NICE Head Office on Saturday 6th June 2020. The AGM was conducted by invitation at NICE Building for the first time due to the COVID-19 pandemic. The Meeting began at 9:30 hrs in the presence of invited Shareholders and observers with strict social distancing measures and other precautions.


After hearing welcoming speech by Mr. Ghirmai 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 2019, the Shareholders approved the Annual Report and Financial Statements of the Corporation for the financial year ended 31st December 2019; and in accordance with the recommendation of the Board of Directors decided the surplus realized to be distributed as follows:-


  • Nakfa 4,774,419 to Special Reserve.
  • Nakfa 9,548,839 to Technical Reserve.
  • Nakfa 86,845,951 to be paid as dividend to shareholders at the rate of Nakfa 8.296601 for a fully paid up share capital, inclusive of bonus shares.

The Chairman thanked all the participants for taking time to attend the 16th 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 2019