Oromia Insurance (OIC) has announced impressive financial results for the fiscal year ending June 30, 2024, reinforcing its position as one of Ethiopia’s premier private insurers. Despite the challenges posed by a volatile economic landscape, OIC has made substantial strides in expanding its services, delivering exceptional results, and achieving key milestones throughout the fiscal year ending June 30, 2024, across multiple key indicators.

The company reported a gross written premium of Birr 2.15 billion, marking a robust 28% increase over the same period last year. The company attributes this impressive achievement to strategic market expansion and its diversified portfolio of insurance solutions. From life and health insurance to general insurance, agriculture, and microinsurance, as well as the Takaful offerings, Oromia Insurance has cemented its position as a one-stop solution for clients seeking comprehensive and competitive insurance coverage. By catering to diverse needs across multiple sectors, the company has continued to redefine industry benchmarks while expanding its market footprint.

During the year, the company registered Earnings Per Share (EPS) of 44%, entitling shareholders to a return of Birr 440 for each share with a par value of Birr 1,000. This achievement was driven by a substantial 49% growth in underwriting results, surging from Birr 549 million in the preceding year to Birr 818 million for the budget year. Complementing this underwriting performance, the company also benefited significantly from diverse and well-strategized investments across various investment vehicles, which contributed sizably to its investment income.

In a further demonstration of its strength, OIC’s paid-up capital rose by 39%, reaching Birr 1.2 billion, positioning the company to take on larger risks and expand into new markets. Total assets increased by 32%, reaching Birr 5 billion, showcasing the company’s focus on strategic investments and operational efficiency.

OIC achieved a record gross profit of Birr 603 million, a 53% year-on-year increase, driven primarily by strong performance in its core insurance operations.

As part of its growth strategy, OIC opened six new branches in the financial year expanding to new regions like Somali, Gambela and Benishangul Gumuz which bringing its total branches to 62. This growth underscores OIC’s commitment to expanding insurance coverage throughout the country. The company also expanded its workforce to 542 employees, reflecting significant investments in talent development and training.

In terms of its insurance portfolio, OIC demonstrated diversity and growth. General insurance contributed Birr 1.9 billion with a 19% increase, while Life and Health insurance generated Birr 79 million, surpassing targets with a 67% growth. Takaful insurance exceeded expectations, achieving 246% of its target with premiums reaching Birr 155 million.

OIC has continued a strategic investment in infrastructure and technology, investing Birr 1.25 billion to the construction of its new headquarters a 5B+G+40 storey building under construction around Mexico Square. The company also increased its investment in government bonds, while maintaining strong governance practices that foster transparency and accountability at every level.

Established in 2009, Oromia Insurance has built a legacy of excellence, striving to redefine the insurance landscape in Ethiopia. With a vision to become the nation’s leading private insurer by 2030, the company is setting new benchmarks in service quality, innovation, and customer satisfaction.

Renowned as a trailblazer, Oromia Insurance offers a diverse portfolio that seamlessly integrates General Insurance, Life and Health Insurance, Takaful, and Agricultural and Microinsurance. The company’s agricultural and microinsurance offerings, in particular, have seen unprecedented growth, extending across regional states, including Oromia, Somali, Sidama, Amhara, Afar, South Ethiopia, and Southwest Ethiopia regions.

A standout achievement has been the expansion to cover 200,000 farmers in the Amhara region, a milestone that sets Oromia Insurance apart as a leader in inclusivity and impact within Ethiopia’s insurance sector.

With its relentless drive for innovation and deep commitment to serving diverse communities, Oromia Insurance continues to elevate its reputation as the go-to choice for comprehensive and forward-thinking insurance solutions.