Ethiopian Insurance Corporation (EIC), a state owned enterprise, reported 203.5 million birr profit during the first quarter of the fiscal year, Walta Information Center reported.

The companies earning includes general and life insurance services as well as other investments, according to Fikru Tsehaye, EIC’s Marketing and Strategic Management Directorate Team Leader.

EIC collected 872.7 million birr in premiums during the reported period, out of which 852.4 million birr is obtained from general insurance coverage while the remaining 20.3 million birr is from life insurance coverage, Fikru told Walta.

EIC has incurred 124.3 million birr in compensation to its customers during the period, according to Fikru.

About 60 percent of EIC’s customers are public enterprises. Private sector and individuals customers make up a little over 24 percent while government and financial institutions take up nearly 16 percent of EIC’s customers, according to EIC’s first quarter performance report.

Established in 1976, Ethiopian Insurance Corporation have over 50 percent market share of the Ethiopian insurance sector. The corporation currently have 64 branches across Ethiopia.

Source: Walta Information Center