Abay Insurance S.C., one of the private insurance companies in Ethiopia, disclosed it has made 44 million Birr profit during 2015/2016. The profit is 52 percent higher than the company’s profit during 2014/2015. Nonetheless, earnings per share has declined.

Abay has managed to make a gross premium income of 192 million Birr while paying 93 million Birr for claims.

The paid up capital of the insurer has also increased by 45 percent reaching 100 million Birr. This has enabled the company to exceed the 74.7 million Birr minimum paid up capital requirement set by the National Bank of Ethiopia.

According to Fortune, the amount of premium income in the Ethiopian insurance market is 6.1 billion Birr. And Abay has a 3.2 percent market share in the Ethiopian economy.

It was back in 2012 that Abay Insurance S.C. was established among 12 shareholders. Currently the company has 143 employees and 22 branches among which 55 percent of them are situated in Addis Ababa.

Source: Fortune