Awash Insurance S.C. (AIC) has announced a remarkable financial performance for the 2024/25 fiscal year, solidifying its position as the leading private insurance company in Ethiopia by a wide margin. The company reported collecting premiums exceeding 4.5 billion birr across its general, life, and health insurance sectors, marking a significant growth in revenue and market share.
According to the company’s latest report, AIC generated more than 3.74 billion birr in gross premiums from its general insurance operations, reflecting a 44% increase compared to the previous fiscal year. The life and health insurance segment also showed robust growth, with premiums rising by 48% to over 656 million birr. In addition, the Sharia-compliant Salam Takaful Insurance Service, managed by Awash Insurance, achieved an impressive 120% growth, collecting premiums exceeding 150 million birr.
The company’s total premium collection surpassed 4.5 billion birr, representing a 46% increase over the prior year and maintaining its leadership position among 17 private insurance firms in the Ethiopian market. This performance underscores AIC’s dominance and its ability to expand its customer base and product offerings amid a competitive landscape.
In terms of claims, AIC paid out over 1.5 billion birr in compensation during the fiscal year, with vehicle insurance claims accounting for more than 930 million birr. The company’s extensive network includes over 300 sales agents, serving more than 100,000 customers with efficient and reliable insurance services nationwide.
AIC’s commitment to innovation and community-oriented services was further demonstrated by the launch of crop insurance products aimed at supporting Ethiopia’s agricultural sector. This initiative seeks to protect smallholder farmers from natural disasters and climate-related risks, reflecting the company’s broader role in contributing to economic resilience and social welfare.
Financially, the company’s paid-up capital reached 2.6 billion birr by June 30, 2025, while total assets exceeded 10.2 billion birr. AIC has invested heavily in modern information technology systems to enhance service delivery, including the development of new digital platforms designed to make insurance products more accessible and convenient for customers.
Beyond its commercial success, Awash Insurance has actively engaged in social, economic, and environmental initiatives, providing financial, material, and professional support to various government agencies and non-governmental organizations. This reinforces the company’s position as a responsible corporate citizen contributing to Ethiopia’s sustainable development.
AIC’s recent achievements build on its longstanding reputation as a pioneer in Ethiopia’s insurance sector. Established as one of the first private insurers following the liberalization of the financial sector, the company has steadily expanded its market share and product portfolio. Its strategic vision and dynamic leadership have been key drivers of its sustained growth and resilience in a challenging economic environment.
With its record-breaking premium collections, growing capital base, and innovative product offerings, Awash Insurance continues to set the benchmark for private insurance companies in Ethiopia. As the sector evolves, AIC’s focus on customer-centric services and technological advancement positions it well to maintain its leadership and contribute meaningfully to the country’s financial sector development.
