Ethiopian Insurance Corporation (EIC), the state-owned insurer has collected premiums of 2.1 billion Ethiopian birr, in the just ended fiscal year, Fortune reported citing the corporation's annual report released on Friday, August 30, 2013.

EIC has missed by 1.2 percent of its target of collecting 2.5 billion birr. However, the corporation's premium collection has grew by 46.3 percent compared to the previous year.

The premium collected by EIC is only 12.5pc lower than the combined gross premiums of 2.4 billion birr collected from general insurance by the 16 privately owned insurance companies, during the reporting period, enabling the corporation's market share to reach 44 percent from the previous 41 percent, the performance report stated.

Ethiopian Insurance corporation was established in 1976, after the merger of 13 expropriated insurance firms during the Derg regime.

Source: Fortune