Awash Insurance has successfully reconfirmed its position as the market leader among private insurance companies in Ethiopia, despite facing various challenges throughout the year. The company reported a remarkable gross premium revenue of over 3.1 billion birr for the 2023/24 financial year, solidifying its status in the competitive insurance landscape.
Having entered the insurance sector three decades ago, Awash Insurance has consistently demonstrated resilience. In the non-life insurance segment, the company led the market significantly among 17 private insurers, while in the life insurance sector, it collected 443.7 million birr in premium revenue, surpassing all 18 companies operating in Ethiopia.
In its latest report, Awash Insurance highlighted that it made substantial investments exceeding 387.9 million birr across various companies, increasing its total equity capital to 1.25 billion birr. As of June 30, 2024, the company’s total assets reached over 7.7 billion birr.
The company also owns multiple properties, including a G+16 operational building and several other structures in strategic locations. Furthermore, groundwork has been completed for a new headquarters building featuring four basements and 35 floors.
During the fiscal year, Awash Insurance announced over 1 billion birr in compensation payments across all sectors and recorded a pre-tax profit of more than 902.6 million birr. The company expanded its operations by opening three additional branches, bringing its total to 70 branch and liaison offices and creating new jobs for 114 individuals. This growth increased the total number of regular employees to 756.
From its inception with just 456 founding investors, Awash Insurance has seen its investor base grow to 2,035 as of June 30, 2024. This impressive growth reflects the company’s commitment to excellence and leadership in Ethiopia’s insurance industry as it continues to navigate challenges and seize opportunities for expansion.
