Oromia Insurance Company (OIC) reported a 239% rise in gross profit in the 2012/13 fiscal year, Capital reported.

OIC, established about four years ago, earned 28.1 million birr profit before tax in the reported period. The company's report presented to the general assembly indicated that, the insurance company earned 20.2 million birr net profit after tax and legal reserve.

The company’s gross written premium grew from 156.5 million birr in the 2011/12 fiscal year to 193.4 million birr in the 2012/13 fiscal year. The net earning premium also grew to 142.4 million birr in the reporting year.

According to the company's report, net incurred claims rose by 23% to 91.7 million birr. With a growth of 97%, the underwriting result for the year ending 30 June 2013 was a total surplus of 32 million birr, according to Capital.

As of June 30 2013 the total number of OIC shareholders was 565 and the authorized and subscribed capital of the company was 200 million birr and 85.3 million birr respectively. OIC’s market share has remained 4.3%. The company has 24 branches and three contact offices.

Source: Capital