Tsehay Insurance S.C. has reported 11.6 million Birr profit after tax, a 185.7% increase from last financial year, Fortune reported. Accordingly, the company's earnings per share (EPS) have almost doubled to 32 Birr.

The huge jump in profit is owing to the parallel expansion in all income sectors, according to Fortune. The report indicated that underwriting surplus has increased by 57.6% to 21.1 million Birr. Moreover, the increased interest income has moved upward by 146% to 6.2 million Birr as a result of company’s increased investment earning deposits. Tsehay has investments amounting 16.45 million Birr in United Bank S.C., Dynamic Micro Finance, Tsehay Industry S.C., Ethiopian Re and government bond.

Tsehay's total assets have also increased by 67.2% to 140.3 million Birr. Out of the total assets 99.68 million Birr has been invested in shares and time deposits.

The paid up capital of Tsehay has increased by 43% to 42.46 million Birr. However, Tsehay short of the National Bank of Ethiopia’s minimum paid-up capital requirement of 60 million Birr.

Source: Fortune