Awash Insurance Company (AIC), one of the private insurance companies in Ethiopia has registered the highest premium in Ethiopia, according to Capital.

AIC has also registered about 10.5 percent, 64.3 million Birr in 2014/15 fiscal year.

AIC’s gross written premium from general insurance stood at 404.3 million Birr in 2014/15 budget year. This achievement was made despite the exclusion of written premium from life insurance calculated every three years, which has grown by 14 percent.

The life insurance sector premium has also registered 40 million Birr, which is the second biggest premium amount collected in the private insurance industry. The previous year’s amount was 10 percent lower than this year’s performance.

The current year claims increased by a steady 12.3% to 189.6 million Birr, meanwhile the net claims ratio for the year stood at 62.3 percent.

AIC has registered 272 Birr earnings per share per 500 Birr share, the audit report states.

Currently, the company’s paid up capital stands at 118.13 million Birr as of June 30, 2015.

AIC was founded in 1994 by 456 shareholders and now has 791 shareholders.

Source: Capital