The 19^th Ordinary Annual General Meeting (AGM) of the Shareholders of the National Insurance Corporation of Eritrea Share Company was held at the Hotel Asmara Palace, Selam Conference Hall on Saturday 3^rd June 2023. This meeting was conducted after the complete lifting of the COVID-19 restrictions. The AGM was held, as usual, by inviting shareholders, guests and observers numbering around 380 participants. The Meeting began at 8:00 Hrs in the presence of invited Shareholders.

When the meeting was officially opened by the Master of Ceremony, Mrs. Emnet Mebrahtu, and traditional music and dance, the participants heard a brief presentation by Senait Habtemicael from the Life Department regarding the newly introduced Group Term Life Insurance Scheme that is gaining momentum in the country. Then the Chairman of the Board of Directors Mr. Ghebreberhan Mehretab gave a welcoming speech and remembered the late Mr. Zeru Woldemichael and others who paased away during and after the COVID-19 incident. After hearing an opening speech by Mr. Paulos Tecleab, the Acting General Manager (CEO) of the Company, the Shareholders proceeded to conduct their AGM.

After confirming the quorum, the Meeting approved the Agenda, as shown below.

Adopted Agenda:-

• Adoption of the Agenda
• Appointment of the Resolution Committee
• Approval of the Minutes of the 18^th Ordinary Annual General Meeting
• Matters Arising from the 18^th Ordinary Annual General Meetings
• Management’s Report on the Activities of the Corporation
• Report on the 2022 Accounts and the Appropriation of Profits
  - Report of the Board of Directors
  - Report of the External Auditors
• Appointment of External Auditors
• Any Other Business
• Date and Venue of the 20^th Ordinary Annual General Meeting

As a result, the Meeting approved the Minutes of the 18^th Ordinary Annual General Meeting held on 4^th July 2022 as a true record of the proceedings of that meeting. As there were no matters that needed to be discussed raised in the previous meetings, the Meeting addressed the next Agenda items, namely, the report of the Management, report of the Board of Directors, and report of the External Auditors presented consecutively by Mr. Paulos Tecleab, Mr. Ghebreberhan Mehretab (Chairman of the Board) and Mr. Yemane Araya (General Manager of the Audit Services Corporation) respectively. The reports included highlights on the overall operational activities of the Company and the other affiliated Companies during the year under review; Corporate Governance, the recommendation of the Board on the distribution of the surplus realized in 2022, and whether the financial position of the National Insurance Corporation of Eritrea Share Company as at 31^st December 2022 was in conformity with International Financial Reporting Standards and comply with the Commercial Code of the State of Eritrea.

Accordingly, 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 31^st December 2022, the Shareholders approved the Annual Report and Financial Statements of the Corporation for the financial year ended 31^st December 2022; and in accordance with the recommendation of the Board of Directors decided the surplus realized to be distributed as follows:-

• Nakfa 4,415,228 to Special Reserve
• Nakfa 8,830,455 to Technical Reserve
• Nakfa 80,739,686 to be paid as dividend to shareholders at Nakfa 7.713255 for a fully paid up share capital (inclusive of bonus shares)

The Chairman opened the floor of open discussion and various questions were raised and discussed at the meeting.

Before the meeting was concluded, the Chairman of the Board thanked all the participants for taking the time to attend the 19^th 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.