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Awash Insurance Company (AIC) continues to see increasing profits from written premiums. A press statement AIC sent to Capital indicated that the insurance company has registered 41 percent growth in net profits after tax in the 2015/16 financial year compared with the 2014/15 period.
The report indicated that in the stated period the company amassed 91 million birr. During the previous year that amount was 64.3 million birr. When compared with private insurance firms in Ethiopia, the company’s profit is among the highest.
The report stated that during the specific period the company collected 104.6 million birr gross profits before tax, which is also the largest amount in the private insurance industry. The company’s written premiums also grew significantly, earning 524 million birr, according to the report. AIC wrote 479 birr for the general insurance sector and the balance for life insurance.
The general insurance written premiums went up 19 percent compared with the preceding year while life insurance premiums grew by 13 percent.
In the stated period the insurance firm has settled 245 million birr in net claims for its customers.
In the past fiscal year AIC opened a ten floor building around Urael Church. The insurance company now has 41 branches throughout the country including new ones in Addis.
This fiscal year they have already opened three branches, according to Taddese Roba, corporate business development and marketing department manager.
Taddese told Capital that his company has an 8 percent market share in the insurance industry making it a leader in the private insurance business.
The company also signed a 3.3 million birr agreement with the Indian IT firm Infosion Software Limited to develop enterprise resource planning software. Previously this company developed another software for the insurance company.
The Insurance firm also bought additional shares from Awash International Bank worth 33.2 million birr, and owns 25 million birr in shares of the recently formed Ethio Reinsurance Company.
AIC that is one of the oldest private insurance companies in the country. It has 122.08 million birr worth of shares in Awash International Bank, which is considered one of their strategic partners.
The paid up capital of the insurance firm has reached 200 million birr.
AIC was established in 1994 by 456 shareholders and now has 1209 shareholders.