State Insurer Grosses 946m Br Profit

The state-owned insurer Ethiopian Insurance Company registered 946.3 million Br in gross profits in the past fiscal year.

Ethiopian Insurance provided 2.2 trillion Br worth of insurance coverage and three billion Birr in underwriting, with 96pc of the profit coming from general insurance services.

The company paid over one billion Birr for claims while registering net underwriting of 1.1 billion Br.

The company also earned 299 million Br from time deposits, rental income and additional investments.

The company achieved 91pc of its goal for underwriting results.

“Foreign currency, the country’s political and economic instability, the slow down in business transactions, the decrease in the importation of products are the major reasons for the deficit of the underwriting result,” said Netsanet Lemessa, CEO of the company.

Published on Aug 25,2018 [ Vol 19 ,No 956]



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