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In a year of growth for some and slower growth for many in the insurance sector, Awash Insurance Company (AIC) has registered the highest premium in the country. Net profits for the firm are also on the rise, by about 10.5 percent, 64.3 million birr.
In the 2014/15 fiscal year the AIC’s gross written premium from general insurance stood at 404.3 million birr, topping earnings registered in the insurance business by a private insurer. This achievement was made despite the exclusion of written premium from life insurance calculated every three years, which has grown by 14 percent.
The life insurance sector premium has also registered growth, while it has stood at 40 million birr, which is the second biggest premium amount that collected in the private insurance industry.
A year ago the amount was 10 percent lower than the current year performance.
Claims rose by a steady 12.3% to189.6 million birr, while the net claims ratio for the year stood at 62.6 percent.
Unlike its counterparts, veterans in the insurance sector, AIC stood out as the only private insurance company to register growth in share earnings of 6.5 percent. According to the audit report, AIC has registered 272 birr earnings per share per 500 birr share.
The company is investing heavily in property with a newly acquired seven floors building in Bole and a 13 million birr, 2107 square meter of land at Kality. In the 2014/15 fiscal year the company also purchased nine million birr in Grand Ethiopian Renaissance Dam bonds, bringing its total stake in the bonds to 27 million birr. The company’s paid up capital is now at 118.13 million birr as of June 30, 2015.
AIC was established in 1994 by 456 shareholders and now has 791 shareholders.