Awash Insurance Company (AIC) disclosed it has made a net profit of 91 million Birr during 2015/2016 fiscal year. The profit made by AIC, which is among the biggest insurers in Ethiopia, shows a 41 percent increase in net profits when compared to the 2014/2015 fiscal year.

During the 2015/2016 fiscal year, AIC made 104.6 million Birr of gross profit which is the largest from the entire private insurers in Ethiopia. The insurance company’s earning from written premiums also grew significantly.

According to Capital, the general insurance written premiums went up 19 percent compared with the preceding year while life insurance premiums grew by 13 percent.

AIC has also made a payment of 245 million Birr for net claims made by the customers.

According to Taddese Roba, Corporate Business Development and Marketing Department Manager, AIC has a market share of 8 percent making it the second from the entire insurance industry.

In addition to the insurance business, AIC has made an investment in the banking sector and bought additional shares worth 33.2 million Birr from Awash International Bank, bringing the total amount of shares to 122.08 million Birr. In addition to this, AIC has also invested 25 million birr in shares of the recently established Ethio Reinsurance Company.

The paid up capital of AIC currently stands at 200 million Birr.

Source: Capital