Lucy Insurance S.C., one of Ethiopia’s private insurance companies, has registered a net profit of 13.3 million Birr. The insurance company’s performance shows a 57 percent increase but earning per shares have declined to 166 Birr from 247 Birr when compared to 2014/2015 fiscal year.

Lucy has also increased its paid up capital to 82.2 million Birr during the 2015/2016 fiscal year. This has enabled the company to surpass the National Bank of Ethiopia’s requirement for insurers to have a minimum paid up capital of 75 million Birr.

During 2015/2016 Lucy generated a gross written premium income of 6.1 billion Birr. This gave Lucy a 1.22 percent market share.

Lucy was established 4 years ago with a paid up capital of 8 million Birr. It was the 16th company to join the Ethiopian insurance industry.

Source: Fortune