Tsehay Insurance, one of the new comers to Ethiopia’s insurance market, made a profit of 14.14 million Birr during the 2015/2016 fiscal year. The performance shows a 22 percent increase when compared to the year previous to it.

The company’s expense also shows increase of 37 percent and has reached 22 million Birr.

On the other hand the paid up capital rose by 49 percent and reached 63.3 million Birr. The increase is attributed mainly to income earned from short term investments. During the period, the Ethiopian insurance market saw a premium income of 6.1 billion Birr out of which Tsehay took 2.5 percent of the pie.

The assets of the firm has also increased by 68 percent and reached 236 million Birr. Its liabilities also grew to 74 million Birr from 43 million Birr.

Tsehay Insurance was established in 2012 and it now has 13 branches and 117 employees.

Source: Fortune