Abay Insurance Company, one of the mid age insurer, surpasses projected profit targets for the 2021/22 financial year.
In its annual report, the insurer highlighted it attracted massive success in its operation despite slight reduction in the life business sector, which more often than not is performed poorly in the sector.
In the financial year, the firm’s total premium production expanded to 424 million birr drawing increments of 17 percent in comparison to 362 million birr of the preceding year.
From the total gross written premium, 11.3 million birr was secured from long term insurance business, while the rest went to general insurance class of business; and of that, the motor class took the largest chunk as is the norm in the sector.
Regarding claims, during the 2021/22 financial year, the total net claim incurred of general insurance was 134.3 million birr which increased by almost 19 percent in contrast to the year prior.
Similarly, the net claim paid in the year has increased by 12.5 percent to reach 102.4 million birr from 91 million birr a year ago.
In the year, the overall claim ration dropped by 3.6 percent to stand at 53.7 percent. The report stated that in the reporting period the net earned premium with respect to non-life insurance business for the year 2021/22 was over 250 million birr.
Similarly, the underwriting surplus attained almost 149.5 million birr, which in retrospect of the year prior is an expansion of almost a third.
“This achievement is due to the implementation of prudent underwriting practice and utmost professionalism,” the report of Abay Insurance cited acknowledging the success.
For the year, the company also grasped massive success in connection with investments aligned with different involvements including interests secured from time deposit. The insurer’s investment return was 70 million birr which is a 50 percent growth from last financial year’s performance.

The non-life insurance business continues to thrive as almost 114 million birr in gross profit was recorded, which is a 50 percent increase from 75.5 million birr in the 2020/2021 financial year. The gross profit has also surpassed by 15.4 percent in comparison to the targets set by the insurer.
The company projected to secure almost 99 million birr in gross profit for the year from the specific business wing, which is the most profitable sector in the industry in Ethiopia.
In general for the year, the company has secured 105 million birr profit after tax which is a 54.4 percent boost in contrast to 68 million birr in profits of June 30, 2021.
The profit increment has allowed the insurance company to secured 24 percent higher earnings per share (EPS) growth for the year under review. According to the annual report, the year’s EPS stood at 31 percent from 25 percent a year ago.
The growth in asset has also been the other success that the company secured for the year. In the year ended last June, the company’s asset expanded by almost 41 percent to cap at 1.5 trillion birr with the general insurance assets constituting 64 percent, followed by fixed asset and share investment.
At the end of the reporting period, the company’s paid up capital reached 361.2 million birr with 29 percent increment. However, the total shareholders’ funds at the period have surpassed half a billion birr to stand at 505 million birr.

The 7th edition of Afri Print and Packaging Expo to be held from 20 – 22 December is gearing up to promote the advertising value chain.
Over 3,000 trade visitors are expected to have valuable discussions with exhibiting companies.
Organized by the leading trade fair organizer Prana events and its partner Expo Team for Service Co. Ltd, the Expo show cases; premier paper, commercial printing, packaging technology, inputs, and international solutions in its tradeshow.
A sign and graphics expo (SGE) will also be held concurrently to promote the advertising value chain for the first time in the East African Sub-region.
The three-day show will be held from December 20 to 22 at the Ethiopian Skylight hotel gathering key stakeholders, leading industry experts, renowned sector professionals, valuable buyers, concerned government officials, and start-ups.

“As the premier event in Ethiopia, APPEx and SGE 2022 will serve as an excellent platform for companies to connect with potential clients and give exceptional access to an audience ready to equip themselves with knowledge and solutions to move their business forward,” said the organizers.
The signs business is expanding tremendously in the East African sub-region due to an increase in demand for outdoor signs and digital displays. The graphics business has also been booming because it allows companies to create customized images that represent their brand identity.
“Our company has seen the great need in the sector for a platform to interact, meet and do business. Due to the fast growth of the sector, now more than ever, companies in the industry need to get together and discuss ways to take the whole sector to the next level,” the organizing firm explained.
The rising domestic economies-particularly those in East and West Africa, growing disposable income, and expanding population drive increased markets for consumer products that push the printing and packaging industry’s rapid development in Africa. With increased urbanization and mobility becoming the norm in societies, the move towards small packs and multipacks is becoming more important. For manufacturers, this trend will create opportunities to encourage brand switching. Merchants will adopt these products as they save shelf space and rely on attractive packaging to boost sales.
With an annual growth rate of 14.4% from 2016 to 2020, Ethiopia is Africa‘s fastest-growing importing country for printing & paper-converting technology. Ethiopia is also East & Central Africa’s largest and fastest-growing importer of packaging technology. With an average annual growth rate of 11.2% between 2015 and 2020, Ethiopia is also one of Africa’s fastest-growing importers of packaging technology.

Arifpay Financial Technologies officially starts its operation of Point of Sale (PoS) and payment gateway after the approval of a commercial license by the National Bank of Ethiopia (NBE).
Arifpay is said to be the first PoS payment system operator with payment solutions for various payment terminals smartphone, POS and quick response.
As indicated it is also licensed to provide various payment gateway solutions including utility bills, airtime payment, Ecommerce, school fee process and so on.
Arif pay will prove to integral in the digital finance space as it provides innovative, secure and simple digital payment solution for Micro, small and medium business merchants, as well as customers.

Arifpay 1.0 was developed by Ethiopians and includes products such as POs and Arif mobile PoS designed to enhance digital payment infrastructure by allowing customers to purchase products and services using their mobile POS device.
On an event held on December 15, 2022 with the presence of Belete Mola, Minister of Innovation, Nigusu Tilahun, State Minister of Labor and Skills, and Yilebes Addis CEO of EthSwitch, the financial technology company announced its official operation.
“Arifpay is promoting digital business across Ethiopia using new digital payment systems,” said Bernand Laurendeau, CEO of Arifpay, adding, “What makes Arifpay is not only technology or the service made available, but also how Arifpay approaches the market through channel partners such as training agencies value added resellers, system integrator and implementers and others.”
The financial sector in Ethiopia is being properly regulated by the national bank regulations with prudential requirements and restrictions. A sustainable and well regulated digital payment ecosystem will ensure Ethiopia’s transition to a middle income economy. Also digital payment system plays key role in ensuring Ethiopia’s digital strategy 2025 as digital payments ensure payment service delivery, transparency, economic participation financial inclusion and encouraging innovation in the bank system.
ArifPay has raised 130 million birr in funding from 31 individual investors to support its early stages of rollout and growth.

The International Rescue Committee (IRC) released its annual Emergency Watchlist, highlighting the 20 countries most at risk of deteriorating humanitarian crises in 2023.
This year, Somalia, Ethiopia and Afghanistan top the Watchlist, as East Africa faces the worst drought in decades and economic turmoil continues to compound needs in Afghanistan.
With over a third of a billion people in humanitarian need around the world and 100 million people displaced, IRC expert analysis clearly shows that the guardrails designed to prevent humanitarian crises from spiraling out of control – from diplomatic agreements and law-of-war tribunals to climate early warning systems and humanitarian aid itself – are being dismantled. Beyond the individual crises to watch, the report dives deep into the three major accelerators of humanitarian crises – armed conflict, climate change, and economic turmoil – and highlights what can be done to rebuild guardrails against a runaway world.
David Miliband, President and CEO of the IRC said, “the Emergency Watchlist shows record levels of humanitarian need in 2022 and real peril ahead for 2023. A year ago we diagnosed a global ‘System Failure’ – deficits in respect of state actions, diplomacy, legal rights and humanitarian operations that are driving the increased numbers of people in humanitarian need. Yet humanitarian need, forced displacement and food insecurity have all worsened since then. This system failure can be seen in this year’s figures: humanitarian need has jumped by 65 million people since last year, displacement has ballooned to over 100 million people.”
He further added “in this year’s Watchlist, we address the spiraling humanitarian need at ground level. The evidence we present shows that the guardrails that protect people from humanitarian catastrophe are being weakened in fragile and conflict states around the world. These guardrails are local, national and international systems designed to limit the impact of humanitarian crises on affected communities and to prevent crises from spiraling out of control. But the scale and nature of conflict, climate change and economic turmoil left unchecked in too many places is over-loading these systems. One need only look to the war in Ukraine to understand the impact of the unraveling of global guardrails against conflict, and the close association with humanitarian crises.”