Ethiopian Insurance Companies Profit Latest News

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Most profitable Ethiopian Private Insurance Companies for 2021/2020 budget year

A number of private insurance companies in Ethiopia have reported their unaudited gross profits for the 2021 / 2020 G.C (2013 E.C) budget year which ended on June 30, 2021 G.C (ሰኔ 2013). We have estimated the profit of the remaining insurance companies by carefully analyzing previous year growth, current year’s performance as well as other key factors. The following table will be adjusted whenever new and verified information is available.

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Nib Insurance Nets 145ml br profit for 2020/2019 budget year

Nib Insurance, an 18-year-old firm, registered a remarkable leap in profit growth last fiscal year, netting 145.2 million Br, a 38.8pc increase from the previous year.

The massive expansion in profit pushed Nib’s earnings per share (EPS), net profit divided by the total outstanding shares, to grow by eight percent to 177 Br.

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Lucy Insurance Earns 9.5ml birr net profit for 2020/2019 f.y

Lucy Insurance reversed the profit decline it faced two years ago and netted 9.5 million Br in profits over the last fiscal year, a 51pc growth from the previous year. Its earnings per share (EPS) have also risen by 47pc to 75 Br.

Two years ago, the firm’s profit and EPS dwindled due to stagnant gross written premium, an increase in commission payments, a surge in claims and rising expenses. During the period in question, Lucy’s profits dropped by almost 20 million Br to 6.3 million Br.

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Zemen Insurance Earns 18.3 million birr profit in it’s first year of operation (2020/2019 budget year)

Zemen Insurance Company, the latest company to enter the Ethiopian insurance sector has reported that it earned a profit of 18.3 million birr. In it’s 6 months of operation, the company only managed to collect an income of 161,840 birr while it’s profit was 18.3 million birr. Out of the 161,840 birr the company collected, 138,518 was for motor insurance while 23,322 is for marine insurance related activities.

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Bunna Insurance Earns 20 million birr net profit for 2020 / 2019 budget year

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.

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Products and Services in Ethiopia

Date: Nov 29, 2021
Currency (Code)Buying RateSelling Rate
US DollarUS Dollar(USD)47.847648.8046
EuroEuro(EUR)53.996055.0759
Pound SterlingPound Sterling(GBP)60.938262.1570
UAE DirhamUAE Dirham(AED)11.787712.0235
Saudi RiyalSaudi Riyal(SAR)11.542611.7735
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