Bunna Insurance Company’s Gross Written Premium (GWP) reached Birr 880.20 million from general insurance Business which shows 88% growth from last year amount of Birr 468.74 million and 67% above the targeted premium of Birr 527.16 million. Life Insurance business had registered a total premium income of Birr 22.54 million which showed 75.51% over the targeted of Birr 12.84 million and 98.4% growth from last year’s 11.36 million birr.
During the budget year under review, the Company paid net claim of Birr 295.37 million which is 30.52% over the targeted amount of Birr 226.31 million. As of June 30, 2023 net outstanding claims of the company reached Birr 189.34 million which is 67.42% over the planned Birr 113.9 million. At the end of the budgeted year, Actual gross claim incurred reached Birr 313.93 million which is 20.59% over the planned amount of Birr 260.32 million.
Underwriting surplus of Birr 81.63 million was registered during 2023/22 fiscal year which is 10% under the targeted amount of Birr 89.44 million. 65.33 million birr was collected as other income which is 3.2% over the planned Birr 63.3 million. Sources of other income were Interest income on time deposit and government bond, interest on saving deposit, dividend income, rent income, and other miscellaneous incomes.
During 2022/23 fiscal year, the company registered a gross profit of Birr 59.39 million; of which Birr 52.07 million was contributed by general business; the remaining amount of Birr 7.32 million is from life business. This profit amount is 14.43% under the targeted Birr 69.4 million profit and 31.7% over last year profit of Birr 45.08 million. The total assets and total liability of the Company reached Birr 2.07 Billion and Birr 1.69 billion, respectively. Total liability of the company primarily includes Insurance contract liabilities, provision for unearned premium, insurance payables, differed commission income.
The Net profit of the bank reached 57.4 million birr which raised the Earning per share (EPS) from last year’s amount of 20.13 to 26.34%.
The company’s paid up capital increased to Birr 302 million as of June 30, 2023 up from last year’s amount of Birr 197.91 million. The company invested additional short term investment of Birr 98.90 million on time deposit and investment on share of Birr 65.15 million during the budget year which makes total time deposit balance of the company Birr 321.04 million and total investment on share of Birr 214.55 million.
Bunna Insurance’s number of branches reached 33 out of which 20 are located in Addis Ababa and the remaining 13 in regional towns.
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