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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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Tsehay Insurance has reported that it has earned a gross written premium of 323 million birr. This amount is an increase of 23 million birr or 8% compared to the previous budget year. The net profit of the bank reached 30.2 million birr.
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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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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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Nile Insurance, one of the few insurance companies in Ethiopia which has been operating for 25 or more years, has reported that it earned a gross profit of 128.8 million birr. It’s earning per share (EPS) dropped from 325 birr for the 2019/2018 budget year to 296 birr for the current year.
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United Insurance Company (UNIC) has reported that it gross written premium reached 597.4 million birr for the 2020 / 2019 budget year. The company’s profit has increased by 22%. The company’s profit before tax increased to 147.8 million birr while it’s earning per share decreased from 337 birr for the 2019/2018 fiscal year to 299 birr for the current year.
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| Currency (Code) | Buying Rate | Selling Rate |
|---|---|---|
 US Dollar(USD) | 43.3324 | 44.1990 |
 Euro(EUR) | 52.7312 | 53.7858 |
 Pound Sterling(GBP) | 61.0857 | 62.3074 |
 UAE Dirham(AED) | 11.7959 | 12.0318 |
 Saudi Riyal(SAR) | 11.5538 | 11.7849 |
