Awash Insurance Earned 333.9 million birr gross profit for the 2022/2021 G.C (2014 E.C). The insurance company’s shareholders raised the capital of the company from 1.2 billion birr to 4 billion birr in order to be more competitive on the market. Out of the 2.8 billion birr worth of new shares available for the market, 220 million birr worth of shares will be sold to employees of the company and to the public. 2.58 billion birr worth of shares have been allocated to existing shareholders where they are expected to be completely sold in 4 years time.
Out of the 220 million birr worth of shares, 20 million have been allocated to the bank’s employees while the remaining 200 million birr worth of shares will be sold to the public with 50% premium.
According to the company’s annual report, Awash Insurance managed to collect 1.76 billion birr gross premium income which is in increase of 470 million birr. The company’s profit reached 350.3 million birr and 333.9 million birr before and after tax respectively. Compared to the previous year, the company’s profit after tax showed an increase of 23.6%.
The company’s total assets have reached 4.1 billion birr while it’s total investments reached 2.2 billion birr. Awash Insurance commenced operations in 1987 E.C with 456 shareholders which has now grown to 1713.