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Awash Insurance Company (AIC), one of the oldest private financial firms after the re-liberalization of the financial sector in the beginning of 1990s, registered 65 percent less earning per share in the 2013/14 fiscal year compared with the preceding yearís achievement.
The past fiscal year was not a good year for almost all financial firms, although most of them earned high profits.
This was unexpected since they earned a high profit the preceding year. Based on the annual report of AIC, which is known for being a strong institution with a large amount of capital, their gross income, before tax was about 65 million birr from both life and general insurance sales, while the profit after tax for the year stood at 58.2 million birr, which was 69.2 million birr in 2012/13 fiscal year.
In addition to the slight decline in net profits, the company also experienced a dramatic decrease in earnings per share last year.
According to the report, the earning per share for the 2013/14 fiscal year stood at 262 birr for a 500 birr single share value, while it was 433 birr in the 2012/13 fiscal year.
The gross underwriting of the year exceeded the preceding year by 2.5 percent. The non-life gross underwriting for the year was 355.1 million birr, while the total amount, which includes life insurance was 391.5 million birr.
The report mentioned that even though life insurance sales continued to be profitable during the 2013/14 fiscal year, restrictions on labour movement to the Gulf countries was a setback for the company.
The net claims incurred during the year reached 175 million birr, which is an increase of 8.4 percent compared with the 2012/13 yearís performance. The 2013/14 fiscal yearís net claim ratio stood at 58 percent.
According to the insurance firmís report, the increase in the ratio of claims owes much to the ever soaring costs of motor claims, maintenance and spare parts.
The insurance firm report claimed that the problem of rate cutting against the escalation of business running costs, claims cost in particular, the prevalence of unethical practices and the scramble for qualified and experienced insurance professionals were some of the most outstanding challenges that the company faced.
ìThe imbalance in the business mix, where motor took the top share of the gross written premium, collection of outstanding debts before the deadline were also challenges during the year,î the report further states.
The paid up capital has reached 111 million birr with a growth of almost 31 million birr compared with the preceding yearís amount. The subscribed capital of AIC is 120 million birr?