Insurance Companies in Ethiopia Latest News

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

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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Best Insurance Companies in Ethiopia for 2022/2021 Budget Year

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.

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Minimum Insurance Premium Implemented for Insurance Companies

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.

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Minimum Capital Requirement for Insurance Companies Raised to 500mln birr

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 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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Products and Services in Ethiopia

Date: Nov 23, 2022
Currency (Code) Buying Rate Selling Rate
US DollarUS Dollar(USD)53.000054.0600
EuroEuro(EUR)54.473455.5629
Pound SterlingPound Sterling(GBP)60.009161.2093
UAE DirhamUAE Dirham(AED)13.058413.3196
Saudi RiyalSaudi Riyal(SAR)12.761813.0170
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