[Jun 2023] Insurance Companies in Ethiopia Latest Ethiopian News

Bunna Insurance Earns 45.8mln birr for 2022/2021 G.C (2014 E.C) budget year, Raises Capital to 1bln Birr

Nov 26, 2022 | 0

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.

Best Insurance Companies in Ethiopia for 2022/2021 Budget Year

Nov 21, 2022 | 1

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.

Minimum Insurance Premium Implemented for Insurance Companies

Nov 19, 2022 | 0

The 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.

Minimum Capital Requirement for Insurance Companies Raised to 500mln birr

Nov 2, 2022 | 1

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.

Nib Insurance Earns 172.9 mln birr Profit before Tax for 2022/2021 f.y

Nov 2, 2022 | 0

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%.

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

Nov 28, 2021 | 0

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.

Bunna Insurance Grosses 36.2mln br profit for the 2021 / 2020 fiscal year

Nov 28, 2021 | 0

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.

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

Mar 21, 2021 | 0

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.

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

Mar 21, 2021 | 0

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.