Zemen Insurance Earns 45.9 million birr Profit for 2023/2022 fiscal year, increasing by more than 1,700%

Zemen Insurance Share Company (ZISC) earned 45.9 million birr profit before and after tax for 2023/2022 fiscal year, increasing it’s Earning per share (EPS) from 1.8% to to 31.74%

ZISC managed to collect total Gross written premium (GWP) of 325 million birr which is an increase of 316% compared to the  previous year’s 78 million birr amount. Out of the total premium income of the General Insurance Business, Motor class of business took the major share (73.60 %), followed by Bond (5.34%), Political violence and terrorism (5.25%) Fire 3.21%. Marine (2.04%) . All other classes of business combined constitute 10.56 % of the total premium income from General Insurance Business.

In the budget year under review claims incurred and benefit payable stood at Birr 80 million whilst claim recoverable from reinsurance was  Birr 12.5 million. Therefore, net claims incurred for the period under review stood at Birr 68.2 million.

Zemen Insurance registered an underwriting surplus of Birr 40.9 million for 2023/2022 fiscal year. This showed 1668% increase compared to the previous year’s amount of 2.4 million.

The company’s total asset and total equity, for the period under review, increased to Birr 526.3 million and Birr 197.8 million respectively which is an increase of 110% and 29% compared to the preceding year. The total liability of the Company reached Birr 328.4 million during the reporting period, which when compared with that of previous year, showed an increase of 239%.

At the end of the budget year the company’s paid-up capital reached birr 149.3 million which grew by 14% when compared to the previous year’s amount of 131 million.

Apart from its insurance business, ZISC was able to register Birr 29 million interest income from deposit of government saving Bond, Private Banks; and also Dividend income from Zemen Bank and Global Ethiopia Bank.

The total General and Administrative Expenses of the company stood at Birr 24.6 million which showed an increase of Birr 9.3 million (62%) from that of last year.

Zemen Insurance opened 4 new branches in the year under review and reached a total of 21 branches. Total number of ZISC employees reached 116 showing a growth of 80% from the preceding year (81).