After waiting for 20 months, shareholders of Berhan Insurance Company held their first annual meeting on Saturday, December 15, 2012 at Global Hotel. Maaza Kitaw, (far right), board chairwoman of the insurance company announced the annual report for the year ended June 30, 20112. The insurance company, which was established on October, 2010 reported a 4.2 million Br loss despite challenging tasks associated with the formation and establishment process of the company, Maaza told shareholders at the meeting. After commenting on the company’s ability to expand branch network, the shareholders of the bank approved the report. Together with Maaza, Tasfa Tadesse (right), Temesgen Teklemariam (middle) and Haile Micheal Kumsa (left), vice Chairman of the Board, board member and Managing Director of the company, respectively, announced what the shareholders described as a satisfactory performance.