Ethiopia: Africa Insurance Bagged 406.8 Million Birr

Africa Insurance Company, one of the private insurance companies in Ethiopia, made 406.8 million Birr in the last fiscal year. The performance is 16 percent or 56 million Birr higher than the company’s profit in 2014/2015.

The insurance company collected 351 million Birr from written premiums during the period. The company has also managed to take the paid up capital to highest in the industry, 162.4 million Birr.

2015/2016 year also saw the company’s payment to claims rising to 281.2 million Birr, which is a 37 percent increase.
During the same period the company’s profit from general insurance stood at 41.6 million Birr before tax. Such was a slight decrease compared to the 2014/2015 fiscal year performance which saw 42.9 million Birr gross profit from general insurance.

During the period Africa Insurance, paid 205 million Birr in claims to its customers. This was an increase of 76 million Birr over the year. Out of the entire payment made by the company, 94 percent of it was made for vehicle insurance customers. The rest 6 percent went for 8 other types of insurances.

Motor vehicle claims have increase by 77.2 million Birr during the period and reached 264.1 million Birr.

It was 21 years ago Africa Insurance was established. As of June 30, 2016 the company operates 26 branches.

Source: Capital

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