During 2020/2019 budget year, Bunna Insurance has earned a net profit of 20.05 million birr which is 68% of the planned 29.62 million birr. The current year’s profit is also 28% lower than last year’s profit of Birr 27.92 million. The Earning per share (EPS) of the company has decrease from 26.96 for the 2019 / 2018 budget year to 15.96 birr for the 2020 / 2019 budget year.
During the budget year, the company has underwritten a Gross Written Premium of 249.35 million birr which is 22% increase from last year’s 204.08 million birr.
During 2020/2019 budget year, Bunna Insurance paid a gross of 127.64 million birr worth of claims which is 7% above the planned 119.42 million birr claims payment. As at June 30, 2020, outstanding claims of the company reached 90.93 birr million which is 73% higher than the planned Birr 57.76 million outstanding claims. At the end of the budgeted year, actual gross claim incurred was 142.83 million birr which is 8% increase over the planned claim of 131.70 million birr.
The company utilized 100% of its budget held for general and administration expense during the budget year, spending 65.72 million birr with a budget of 65.61 million birr.
During 2020/2019 budget year, 34.48 million birr was collected as other Income which is 22% over the planned Birr 28.30 million. Main sources of other income are Interest income on time deposit and government bond, interest on saving deposit, dividend income, rent income, and other miscellaneous incomes.
As at June 30, 2020 total assets and total liability of the Company reached 562.72 million and 393.21 million birr, respectively. Total liability of the company primarily includes outstanding claims, provision for unearned premium, payables due to re-insurers, reserves for unexpired risk and other Technical Reserves.
The company’s paid up capital has increased from 112.6 million birr to 145.14 million birr as at June 30, 2020. The company has invested additional short term investment of 63.3 million birr on time deposit and 32.53 million birr worth of investment on shares.
The company has opened three branches, One in Addis Ababa and Two in regional cities of Jimma and Debre Berhan- which brings the total branch network of the company to twenty four (24) and two contact offices.