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[Oct 2017] Insurance Companies in Ethiopia Latest Ethiopian News | Ethiopian Business Directory & Portal - Addis Biz

Ethiopian Insurance Company (EIC) earns 700 million birr gross profit for the 2017 / 2016 fiscal year

The largest insurance firm, Ethiopian Insurance Company (EIC), grossed a record-high profit in the past fiscal year, despite all the noise surrounding the infant insurance industry of the country.

The profits of the firm have surged more than 25.2pc on the back of last year’s hike and a better return on investments.

Gross profit for the past fiscal year rose to almost 700 million Br whereas annual investment yield reached one billion Birr.

Sentayehu Woldemichael (PhD) (Left), director of Public Financial

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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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Insurance Premium production hits Three-Year High

Premium production across the insurance industry has risen at its strongest rate in three years to 7.4 billion Br during the just-ended fiscal year amid price war among insurers.

The latest reports of the insurance industry reveal that all insurers have seen good improvements in collecting gross written premium (GWP) from general and life insurance businesses. The latter has gone up by 6.6pc to 366.4 million Br whereas the former grew by 17pc to seven million Br.

The premium has shown growth despite the intense competition

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National Insurance Company of Ethiopia S.C (NICE) Profits 21 ml. br for 2016 / 2015 fiscal year

nice insuranceNational Insurance Company of Ethiopia S.C (NICE) has suffered a decline in both profits and its market share despite a growth in premium production.

NICE’s board of directors disclosed at the company’s annual meeting that its profits plummeted by 32pc to a little over 21 million Br for the recently concluded fiscal year.

“Our legal provisions were very high due to the amendment of the old directive,” said

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Awash Insurance Company earns 90 ml Br profit for 2016 fiscal year

The profit after tax of the Awash Insurance Company (AIC) has increased to over 90 million Br. At the same time, its earnings per share has declined by 66 Br to 478 Br. The variation in the increase and decrease of the two was justified by the capitalisation of the companys earnings. Currently, it has hit 190 million Br in paid up capital.

The revenue growth was mainly driven by the huge amount of money earned from life insurance policies. Last year, the AIC earned close to 110 million

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United Insurance (UNIC) earns 60.8 million br net profit for 2016 / 2016 Year

United Insurance Company S.C (UNIC) has reported a stagnant net profit as earnings per share contracted and income from insurance units slumped.

The company reported a slight increase in net profits after tax by less than one percent to 60.8 million Br. However earnings per shares (EPS) declined from 384.8 Br to 312.6 Br.

UNIC’s underwriting surplus, which accounts for 66pc of its income, sank to 70.8 million Br in twelve months from 92.1 million Br a year earlier. Smaller rivals, like Lucy Insurance separately

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Tsehay Insurance Profits 11.6 mln birr for 2015 fiscal year

Tsehay Insurance S.C. has ended its third year with 11.6 million Br profit after tax, a massive increase from last budget year by 185.7pc. In line with this, earnings per share (EPS) have almost doubled to 32 Br.

The massive growth in profit is attributed to the parallel expansion in all income items. The report indicated that underwriting surplus has increased by 57.6pc to 21.1 million Br, which came due to the expansion in gross written premium. It has increased from 80.3 million Br to 121 million Br. Moreover, the increased

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Abay Insurance profits 29.2 mln birr for 2014 / 2015 fiscal year

Abay Insurance reported a nine per cent profit rise to 29.2 million Br, although tripling its capital meant a whopping 63.5pc decrease in earnings per share to nearly 13,000 Br.
The par value of Abay’s shares is 25,000 Br.
The past fiscal year has seen it increasing its capital from just 23.6 million Br to 69.2 million Br by the end of the reporting year. The company’s June 2015 report indicated that its capital was six million Birr short of the 75 million Br capital the central bank required insurers to attain by December 2015.

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EthiopiaRe 40m Br Short Before Establishment

The formation of the Ethiopian reinsurance company faces delay as it falls short by 40 million Br of the 500 million Br in paid-up capital required by the National Bank of Ethiopia.

Organisers are hoping to raise the money by selling the remaining shares to banks before opening the sale to the public. Even then the manner of premium collection proposed for the would-be reinsurer is expected to become a thorny subject, as it could have a share of all premiums collected, and not just from the premium for reinsured

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Lucy Insurance Profits 8.5 Million Br for 2014 / 2015 Fiscal Year

Lucy Insurance SC has recorded a 300pc increase in paid up capital, amounting to 62 million Br, and a doubled its profit after tax to eight and a half million birr.

The former was a result of having sold 46.7 million birr worth of shares in the past fiscal year alone. However, the quadrupling of the number of shares has come at the expense of a 12pc decrease in Earnings Per Share (EPS).

Although Lucy’s annual report puts their capital as of June 2015 at 62 million Br, additional sale of shares to the tune of 13million Br

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