Global Insurance Company’s (Ethiopia) profit before tax for 2023/2022 fiscal year stood at 85.3 million birr while it’s net profit reached 67.1 million birr, increasing by 19 million birr. The earning per share (EPS) showed a small increment increasing from 145 to 150. The company managed to increase it’s assets to 821.1 million birr. Global Insurance Company’s paid up capital reached 196 million birr.
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The Profit before income tax for United Insurance Company (UNIC) showed a growth of 89% to reach Birr 390.7 million. Earnings per share (EPS) grew from 37% to 47.9%, showing a respectable growth. The Company’s Paid-up Capital had grown by 68%, from Birr 499.2 million to Birr 840.5 million.
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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%. Paid-up capital reached birr149.3 million which grew by 14%.
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During 2022/23 fiscal year, the company registered a gross profit of Birr 59.39 million. 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 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%.
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Bunna Insurance, one of the private insurance companies that started it’s operation 10 years ago reported that it has earned 45.8 million birr in profit before tax for the 2022/2021 G.C (2014 E.C) budget year, which is 24.36% higher than the previous year. In it’s annual general assembly meeting held recently, the company’s shareholders agreed to raise the insurance company’s capital from 200 million birr to 1 billion birr.
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Top Insurance Companies in Ethiopia Ranking for 2022/2021 G.C (2014 E.C) Budget Year in terms of Assets, Gross premiums, Capital, Profit before and after tax and Earning per share (EPS). Compare Ethiopian Insurance Companies Annual Financial Performance Report for 2022/2021 G.C (2014 E.C) fiscal year.
Read MoreThe month of November 2022 will live on in the memories of those who work in the insurance sector. Their painstaking labor finally paid off this month. The central bank granted the insurance managers’ long-standing request to implement a minimum insurance premium. It became effective this week.
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The new capital requirement to obtain a general insurance license is 400 million birr, up from 60 million birr. The minimum capital for long-term insurance licenses was also raised from 15 million to 100 million birr. A company needs to deposit 500 million birr in a closed account to obtain a license for both, which was 75 million birr under the old directive.
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Nib Insurance managed to earn 172.9 million birr gross profit after collecting a gross written premium of 709.4 million birr for the 2022/2011 budget year. Compared to the previous year, the company gross written premium grew by 24% while the company’s profit grew by 6.1 million birr or by 3.7%.
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Private Insurance companies in Ethiopia have reported their gross and net profits, earning per share and other key financial performance indicators for the 2021 / 2020 G.C (2013 E.C) budget year which ended on June 2021 G.C (ሰኔ 2013). We have compiled the insurance companies’ annual financial report for the stated year below.
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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.
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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 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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As per the annual reports of insurance companies in Ethiopia, here is a list of the top profitable insurance companies in Ethiopia.
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The company earned 33.7 million birr before tax for the 2020/2019 budget year which is an increase of 9.4 million birr compared to previous year. Berhan Insurance has reported that it has earned a gross written premium of 139.8 million birr for the 2020/2019 budget year which is a 15% increase from the previous year.
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Africa Insurance, one of the first insurance companies in Ethiopia has reported that it has earned more than 45 million birr for the 2020/2019 budget year. The company reported a loss of 2.8 million birr for the previous budget year.
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| Currency (Code) | Buying Rate | Selling Rate |
|---|---|---|
 US Dollar(USD) | 57.4895 | 58.6393 |
 Euro(EUR) | 62.3359 | 63.5826 |
 Pound Sterling(GBP) | 70.6759 | 72.0894 |
 UAE Dirham(AED) | 14.1646 | 14.4479 |
 Saudi Riyal(SAR) | 13.8682 | 14.1456 |
