Bunna Insurance S.C has earned 26.8ml Br profit for the 2019 / 2018, registering a small increase of 6pc compared to last year. Bunna’s paidup capital increased to 112.6 million Br. Political unrest and high competition were listed as the main challenges for the year.

Underwriting surplus for the year increased by 28pc to 34.5ml br while claims paid reached 84.3 million Br. Interest income increased by to 16.2 million br, while dividend income increased to more than 8 ml birr.

Earnings from commission declined by 2pc to 15.3 million Br. Administrative expenses including salaries and benefits increased to 31 million Br while direct operating expenses increased by 16pc to 21ml Br.

The rise in expenses increased since Bunna insurance purchased a five-storey building in the back of the African Union for 126ml Br. The company has also contributed money to the internally displaced people and for the under construction riverside development project.

The company’s total assets increased to 420.8 million.