Lion Insurance Company (LIC) surpasses a billion birr in assets in the recently concluded financial year.
The insurance company during its general assembly stated that its asset surged by 35 percent to reach 1.3 billion birr in the 2021/22 financial year from 978 million birr a year ago.
Similarly, its liability has increased by 42 percent peaking at 989 million birr.
According to the annual report of LIC, the insurance firm’s paid up capital has now capped at 195 million birr from 166 million birr at the end of the 2020/21 financial year whilst the subscribed capital stood at 300 million birr.
The gross written premium of the bank has shown an increment of 69 million birr or 17.4 percent and is now at 464 million birr. Based on its performance, LIC’s gross written premium market share now stands at over 3 percent as of June 2022.
As the norm, the motor class of business production portfolio took the lion’s share to stand at 53 percent followed by pecuniary and liability at 11 percent and 8.6 percent respectively.
According to the annual report of LIC, from the total gross written premium, the company retained 345 million birr and ceded a balance of 119 million birr to reinsurance, “the company retention rate stands at 74 percent.”
In the financial year, gross claims of 165.6 million birr have been settled exhibiting a decrease of 4.6 percent, which is uncommon in the sector.
Similarly, the net claims incurred shrank by 13 percent compared to the preceding year to stand at 162.1 million birr, while the company claim ration stood at 53 percent; which was 61 percent in the year that ended on June 30, 2021.
As a result, the underwriting result attained a surplus of 145.2 million birr with 22 percent increment compared to 119 million birr from a year back.
Regarding other incomes, the insurance firm has secured a total of 74.2 million birr, which is 17 percent higher than the preceding year, that is, non operational income like investment and fixed time deposit.
In the year under review, the firm’s gross profit has increased by 8.1 percent reaching almost 64 million birr.
Profit after tax during the reporting period now stands at 61.3 million birr up from 57 million birr, from the previous fiscal year.
Lion Insurance’s assets roar past the billion birr mark
The Do’s and Don’ts of Online Dating According to the Experts
You’re probably considering online dating if you’re single and looking for love. It’s a great way to meet new people, and you can do it from the comfort of your own home. But there are some things you should keep in mind to make sure your online dating experience is a positive one. Here are the dos and don’ts of online dating that will make it more likely you find the love of your life rather than the dud of your life!
Don’t Go Into It Blindly
Online dating is far more convenient than traditional courting and can save you serious amounts of time and money. However, if you go into the process blindly, the results will not be good. If you’re looking for casual affairs yet sign up for a website for people seeking long-term relationships, you won’t be successful. Moreover, you might even be banned for soliciting things that violate the app’s terms and conditions. Therefore, don’t rush into things and make sure you get it right the first time.
Do Choose The Right App
Choosing the right dating app is a difficult decision. It all depends on what you are looking for in a partner. If you are looking for someone who shares your interests and values, try a niche-specific dating app based on religion, culture, or a common interest, you can try Russian escort. Moreover, if your sexual preferences are oriented towards the same sex, you should search for apps that cater to your preferences.
Don’t Give Up Too Quickly
The internet has made it so much easier for people to meet and find new relationships, but it has also made it so much easier for us to get frustrated and give up when things don’t work out. You must remember that online dating is not an exact science, and if you can learn from your mistakes, you will eventually find a perfect match. If you are serious about finding your ideal match, you need to take the time to culture your profile and chat with prospective partners.
Do Take Time To Complete Your Profile
By now, you are probably well aware that dating apps are a great way to meet new people. However, you must create a profile and account before using these apps. Your profile should contain information about yourself as well as a high-quality photo of yourself. The more details you provide about yourself, the more likely someone will be interested in getting to know you better.
Don’t Fake It Until You Make It
As you have learned from the previous point, you must complete your profile so that others can assess you and see whether you are a good match. However, trying to reinvent yourself as someone you want to be can be disastrous. If you pretend to be someone you’re not, any matches you will likely receive will be based on false assumptions. This will inevitably doom any relationship before it has even truly begun.
Do Be Open And Honest About What You Want
Being open and honest about your intentions is essential when using a dating app. Doing so will ensure you are not wasting your time on people who are not looking for what you are looking for. You can avoid wasting time with people who aren’t interested in what you’re looking for while also ensuring that the person you’re interested in is actually interested in what you want. Moreover, being upfront about your expectations when using a dating app is vital. Before meeting up with someone, you should know what you are looking for in a partner and what you want out of the relationship.
Don’t Be Generic Or Overly Serious
Online dating is a complicated process. You have to find a match that shares the same interests as you, has similar values, and is at the same level of maturity. The problem is that there are so many people out there it’s hard to know who’s right for you. This can lead to being too generic when using an online dating app. However, if you are too generic, it is unlikely that you will find someone who matches your interests and values.
Ethiopian steers to fly high in e-commerce cargo
With operations geared to begin soon, Ethiopian Airlines commences the construction of a modern e-commerce cargo service center worth USD 50 million; in line with the group’s vision to become a logistics hub for Africa’s growing e-commerce market.
Girma Wake, Chairman of the Board of Ethiopian Airlines Group noted that the airline is the largest in Africa in terms of cargo services and follows a modern system to maintain its competitiveness in the world. He underscored that with digital marketing in the world diminishing the demand for regular cargo service, a world of opportunism in e-commerce freight provision has become a trend in which the airline will align itself in.
According to Girma, the new cargo operation could take up to 7 days less than the previous system did. The 15,000 square meters platform will reportedly start providing services in the middle of the coming year, 2023.
Ethiopian Airlines Group will ramp up investment in cargo services and infrastructure and is looking to become a logistics hub for Africa’s growing e-commerce market.
The continent’s largest airline has order for about five Boeing Co. 777 freighters.
“We are building a new e-commerce warehouse in the cargo terminal,” the chairman said, adding, “E-commerce is growing especially between China and Africa and we want to continue the leadership on that front.”
While Ethiopian has long been a major operator in freight, the Covid-19 pandemic has elevated demand as stay-at-home rules triggered a boom in online retail. Carrying goods during the past two years helped many airlines stay afloat, as border closures hammered demand for air travel.
“The normal Cargo is in the process of transmuting into E-Cargo system following the change in working system from international e-commerce giants such as Amazon and Alibaba,” Girma highlights.
Meanwhile, Ethiopian Airlines announced Monday that construction of its e-commerce Hub has reached 44 percent of completion.
“We’re aiming to perform better in e-commerce and construction of our E-Commerce facility has reached 44 percent of completion,” Abel Alemu, Managing Director of Ethiopian Cargo and Logistics Services elaborated during his presentation on a panel discussion, which focused on “Embracing Ethiopia’s E-Commerce Logistics: Challenges and Opportunities” at the Ethiopian Skylight Hotel.
“The new e-commerce facility is being built on 15,000 square meter land, and is capable of handling 150,000 tons of cargos in a year,” Abel explained.
“We’ve identified infrastructural development as a basic requirement to implement the e-cargo system compared to the international dynamics,” the logistics head affirmed.
“Ethiopian Airlines has also crafted an e-commerce strategy,” Girma on his part complemented.
By the end 2030, 755 of air cargo shipments will be e-commerce parcels, estimates show.
Progress on TB can be achieved in Africa
By Morounfolu (Folu) Olugbosi
The news in many parts of the world is that tuberculosis (TB) is reclaiming the title of the world’s most deadly infection, even as the COVID-19 pandemic continues to kill an estimated 1,450 people daily around the world. But this is not news to African countries, which are home to one third of the people globally who die from TB, even though they have less than one fifth of the world’s population.
And on our continent, the real burden might be worse: only 60% of the estimated cases have been diagnosed. All the other infections are hidden by poverty and so the disease continues to spread.
Consider Zanyiwe’s story, who is recovering from TB a fifth time. Her son-in-law died from the disease, and her 18-month old granddaughter has it currently. TB has hammered her family and her community in Cape Town, South Africa—but this story could be set in Nigeria, Kenya, or just about anywhere, as TB has never been contained in Africa.
Four years ago, there was hope that TB might be receiving the attention it deserves. The United Nations held a High-Level Meeting with heads of state in September 2018 where more than half of the world’s nations convened to rally support to tackle TB. Many pledges were made; fulfillment of these pledges got off to a slow start and then the COVID-19 pandemic derailed things completely.
The first commitment was to find and treat 40 million people with TB between 2018 and 2022, including 3.5 million children and 1.5 million people with drug-resistant TB. We’re 19% behind that overall goal, but 32% behind with children and 46% behind with drug-resistant TB. We now have new and shorter treatment regimens for TB and drug-resistant TB; using these new technologies could make next year, when another UN high level meeting on TB will convene, a different story.
The second commitment was to provide preventive treatment for 30 million people at risk for TB infections. We’re 48% behind here; while we already exceeded the sub-target of reaching 6 million people with HIV with preventive treatment, from 2018-2021 we’ve only provided preventive treatment to 2.2 million household contacts of people with TB, 11.5% of the goal. Once again, we now have new, more effective and shorter preventive regimens to deploy—but we need the outreach capacity and willingness of countries to get the treatment into the hands of the people who need it.
The third and fourth commitments are about funding. Leaders pledged to spend a total of US$13 billion annually on prevention, diagnosis and treatment by 2022; in 2021 only 42% of that yearly goal was spent. For TB research, US$2 billion annually was pledged by 2022 but in 2021 research spending reached less than half that amount (46%). Rolling out the new treatments and developing even better ones will require a stronger embrace of these commitments; the status quo simply will not get us there.
While we have yet to finish 2022, it is obvious that we will not meet these goals. With that being said, there have been signs of progress worth drawing attention to.
First, Gabon, Kenya, Liberia, Namibia, Republic of Congo, Sierra Leone, and Uganda all made progress in finding more cases of TB last year. And Central African Republic, Democratic Republic of Congo, Mozambique, Nigeria, Tanzania, and Zambia have all made progress throughout the pandemic—showing the political will needed to keep their people healthier. Overall, Africa found 4% more TB in 2021 than in 2020. It’s a start—and we can do better.
New TB medicines are being supported by the World Health Organization (WHO). Six-month therapy for drug-resistant TB has been approved in more than 20 countries, including the Democratic Republic of Congo, Mozambique, South Africa, and Zimbabwe. And Ethiopia, Ghana, Kenya, Malawi, Mozambique, South Africa, Tanzania, and Zimbabwe are working to roll out a new TB prevention treatment.
In Africa, we will not mistake these initial signs of progress for anything more significant. Yet, at the same time, it is still progress to be respected and built upon. Next year, the world will consider their long-ignored pledges. We need to show the world that it is time to move forward; all that’s been missing is the same thing that’s been missing for far too many years: political will.
Morounfolu (Folu) Olugbosi, M.D. is the Senior Director, Clinical Development, TB Alliance. He works with the clinical development of products in the TB Alliance portfolio and helps to oversee clinical trials in TB endemic countries and heads the South Africa office.
