Bunna Insurance has underwritten a Gross Written Premium (GWP) of 335.1 million birr which is 22% more than the target amount of 274 million birr. The company’s premium has shown an increase of 34% compared to the previous year’s amount of 249.2 million birr.
The company’s gross profit managed to reach 36.23 million birr, showing in increase of 59.2% compared to the targeted 22.75 million birr. The company paid 131.6 million birr gross claims.
Bunna Insurance managed to buy 9.8 million additional shares and increase it’s total investment to 104.7 million birr. It’s total investment has reached 326.9 million birr including a short term investment of 200.7 million on time deposits.
According to the company’s annual report, stiff competition in the sector as well as the covid-19 pandemic have been identified as major challenges for the budget year. Other challenges include the war in northern Ethiopia as well as the rapid price increase of cars and spare parts.
Bunna Insurance has 200 employees and it’s total assets have reached 768.1 million birr showing an increase of 21.8%.