The Ethiopian Insurance Corporation, a state owned company, said that it made a 148.6 million birr profit 
before tax for the fiscal year to 7 July 2011. It was 15 percent higher than the profit made the previous fiscal year.
The overall asset of the corporation also rose to some 1.5 billion birr by the end of the same period, Wondwossen Iteffa, CEO of the corporation, said.
Revenue from premium stood at 1.1 billion birr in the period, up by 27.4 percent from last years' income. On the other hand, income from other investments such as dividend on investments elsewhere, rental income from buildings the corporation owns and others yielded 67.6 million birr.
As far as expenses go, it was indicated in the corporation's annual performance report that the Ethiopian Insurance spent 137 million birr on administrative expenses, which is 1.6 million birr less than the budget set aside for the year. Nevertheless, the expense was 40 million birr higher than that of last year.According to the Wondwossen, premium collection grew by 15 percent during the reporting period while profit on the premium also increased by 10 percent. On the other hand, the corporation has given insurance coverage worth 202.9 million birr.
Wondwossen said that the Ethiopian Insurance Corporation was diversifying its investment. The corporation is preparing to build a 30-storey high-rise building and has allocated about 40 million birr for the project.
Source: The Reporter
