Ethiopian Insurance Company, which is a state-owned company, said it earned a gross profit of Birr 946.3 million in 2017/18 fiscal year. General insurance services contributed to 96 percent of the profits while the company’s insurance coverage worth birr 2.2 trillion. It also registered net underwriting of 1.1 billion and paid Birr one billion for claims.

The company also generated Birr 299 million from time deposits, rental income, and additional investments. Netsanet Lemessa, CEO of the company, said, “ Foreign Currency, the country’s political and economic instability, the slowdown in business transactions, the decrease in the importation of products are the major reasons for the deficit of the underlying result.”

Source: Addis Fortune