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[Oct 2017] Lion Insurance Company SC Latest Ethiopian News AddisBiz.com | Ethiopian Business Directory & Portal - Addis Biz

Inflated Profit Puts Lion Insurance in Loss Trap, Again

The National Bank of Ethiopia (NBE) has discovered that the account of Lion Insurance Company was overstated by 13 million Br in 2015/16 owing to the understatement of the Firm’s legal provision during the same period, resulting in a loss in the just-ended budget year.

This is a major setback for the 10-year-old company that declared 15 million Br of net profit during the 2015/16 fiscal year – 13pc lower than the previous year. Although the management of the Bank refrained from disclosing the amount of loss, this will

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