Awash Insurance S.C. posted 69.23 million Ethiopian birr profit after tax for the 2012/13 fiscal year, Fortune reported.

The company's profit jumped 114 percent from the previous year. Awash Insurance has also reported Earning per Share of birr 433 birr. Awash Insurance registered a 7.3 percent increase in underwritten gross premium, reaching 346.47 million birr.

The company retained 88.29 percent of the total premium written, far higher than the industry average of 67 percent and its previous year rate of 72.97 percent, according to Fortune.

Net claims incurred by the company has increased by 7.34 percent, amounting to 161.37 million birr. This accounts for 52.75 percent of net premiums, compared to 63.8 percent in the previous year.

Awash Insurance's paid-up capital has 80 million birr, an increment of 15.27 percent from the previous year.

Awash have 34 branches throughout Ethiopia, with plans for opening of additional two branches in the current fiscal year.

Source: Fortune