African Insurance Company, one of the oldest insurers in the country, concludes its financial year with net profit growth; despite its total income showing slight reduction.
The annual report of the company which was formed in 1994 indicated that in the 2020/21 financial year it has amassed almost 51 million birr in net profit after tax with the increment of over five million birr compared with the preceding year.
A year ago the company earned 45.7 million birr which has now increased by almost 11.5 percent to stand at 51 million birr.
The total comprehensive income for the year stood at 51.9 million birr up from the 50.4 million birr in the 2019/20 financial year.
According to the annual report, the company’s gross profit before tax for the reported year stood at 59.4 million birr showing increase from 58 million birr, a year ago.
As of June 30, 2021, the insurance company, which is one of the strongest insurers, saw its total asset reaching 1.44 billion birr. The company which has two high rise buildings in the capital city at South Africa Avenue of Bisrate Gabriel and Africa Avenue, Japan Bole (HQ), is one of the biggest firms in terms of asset.
The report of Africa Insurance indicated that at the end of the financial year the company’s paid up capital has expanded by 24 percent to reach 224 million birr up from 180 million birr a year ago, while its total capital and reserves stood at 366 million birr.
According to the annual report the company’s total income stood at 581 million birr showing decrease from 604 million birr in the 2019/20 financial year. Similarly for the year the net claims incurred in the 2020/21 financial year has reduced by almost 13.5 percent.
Gross claims amounting to 380.5 million birr was paid during the financial year with respect to the general insurance business and 8.9 million birr for life insurance beneficiaries.
According to the annual report, the net claims paid in the 2020/21 fiscal year, show that it is 10 percent lower than the preceding year for general insurance business, and the life business payment has also dropped by 18 percent.
During the financial year, the gross written premium income stood at 602.4 million birr from both life and general insurance businesses, while the general insurance share was 584 million birr.
The annual report indicated that the total premium generated was higher than last year’s same period by almost 29 million birr or 5 percent.
In total the company expenses stood at the 513 million birr with almost six percent reduction compared with the preceding year of 544 million birr.
The reduction on net claim incurred and the total expense in general shall support the company to register profit growth though the net earned premium and investment and other incomes reduced.
For the year, the net earned premium has stood at 445 million birr with 5.9 percent reduction compared with 471 million birr of a year ago.
African Insurance nets 51 mln birr in profit
PEDIATRIC CARDIOLOGY
As scientific research shows, about one in every 100 children have a heart problem, which may also be called a heart defect or congenital (present from birth) heart disease. Heart defects can usually be treated with medicine, surgery, or other medical procedures.
Most tests for heart problems are simple, quick, and not painful. Most children with heart defects live a normal and full life with very few or no restrictions. However, the burden of this illness weighs heavy in Low- and Middle-income countries where access to the best professional care might not be fully attainable.
Cognizant of this, Woong-Han Kim, M.D., Ph.D., Professor from the Seoul National University Children’s Hospital, embarked on a journey several years back to help train medical professionals to help save lives of children with heart-related issues through modern and international best standards in surgical practices.
Dr.Woong-Han, who is a seasoned cardiothoracic surgeon alongside his team has been partnering with the South Korean government and recently with EKOS Steel Mill PLC to ensure that Ethiopian medical doctors obtain a wealth of much-needed experience to provide their patients with better health for years to come. Capital caught up with Dr.Woong-Han for insights on their initiative that seeks to empower medical doctors in Ethiopia. Excerpts;
Capital: Would you please introduce yourself and tell us why you are here?
Dr. Woong-han: My name is Professor Woong-han Kim. I am a medical doctor with a specialty in thoracic and cardiovascular surgery from the Seoul National University College of Medicine in South Korea. I am also a member of the JW Lee center for global medicine, chairman of the national academy of medicine of Korea, and the Korean society for thoracic and cardiovascular surgery.
We are here in Ethiopia for two related purposes; the first one being, to perform surgeries for heart-related issues for children whilst the other one is to offer training and share our experience with the medical doctors and students working on heart surgery.
We share our expertise firsthand, by allowing the medical doctors to perform the surgeries alongside us to improve their knowledge and experience on the field. Since we cannot be available all the time within the country, we do this to translate best international practices to promote better health. We have been doing this for 6 years now.
Capital: The medical industry in the country is old, and not as advanced as other first-world countries. Do you consider it difficult to perform these surgeries within the country?
Dr. Woong-han: It is not that difficult. Most of the trainers or the medical doctors we meet are ready to see new things and apply them. We are working to make an African cardiac center to increase heart treatments in the continent in order to help those who go through the struggle of going abroad to seek surgical help because of the lack of treatments here.
Capital: What are some of the challenges you have been facing in the past six years?
Dr. Woong-han: Each year when I come for a visit, there are always changes and improvements. Even if there are some challenges and difficulties, they do not outweigh the improvements. Every year the zeal, readiness, and openness of the doctors here to be trained and learn new techniques is nothing short of remarkable. We aim to produce many Ethiopian specialists who will help Ethiopia to be no longer regarded as a medically underserved country, and I think training after training, we are on track to achieve this.
Capital: Have you ever visited the Ethiopian children’s heart center?
Dr. Woong-han: I have had the pleasure of visiting the center. I have also observed that most of the medical workers do lack experience. Despite foreign volunteer surgeons coming in to provide services, they do not share their wealth of experience first-hand with the doctors. Thus, that does not fully empower the doctors here and although the volunteer work is remarkable, I believe that continuity and supporting local doctors is key for longevity in providing medical services.
So that is why I am doing this experience-sharing trend. I want to create a team of qualified Ethiopian surgeons who are capable of proving the services by themselves, which in long term is beneficial to the medical industry and the country as a whole.
Capital: What kind of support do you get from the Korean government?
Dr. Woong-han: For the first five rounds, we received all of the support and sponsorship from the Korean government. The government gives support for a maximum of 5 chances to which we have already exhausted our chances in a positive light. For this sixth edition, we have come without the support of the government having covered all our expenses. We have also partnered with some of our Korean partners here such as the EKOS steel Mill company who have helped our initiative.
We have come for our sixth round because we believe that there are still some things we can improve on. Moreover, we have follow-up progress appointments with the children who we performed surgeries on.
Capital: Do you have plans to continue with this initiative?
Dr. Woong-han: We haven’t fully decided on this yet. However, we have hope, and we will try to continue with this initiative to continually improve medical care in the country.
Capital: What does your medical team comprise of?
Dr. Woong-han: We are a team of 21, including doctors or surgeons, nurses, and other medical workers. For the past six years, we have performed 56 heart-related surgeries, and this year we have done 11 surgeries of which all of them are children under 11.
Capital: Do you follow up on the children whom you had performed these surgeries on?
Dr. Woong-han: Yes, they do come for a second check-up, and l am pleased to say that they are all in good condition after the surgery.
Chernet Wale
Name: Chernet Wale
Education: 10+2
Company name: Chere fast food and drinks
Title: Owner
Founded in: 2019
What it does: Serves different kinds of fast foods and drinks
HQ: Addis Ababa around Mexico Square
Number of employees: 1
Startup Capital: 15,000 birr
Current Capital: Growing
Reasons for starting the business: My experience
Biggest perk of ownership: Being my own boss
Biggest strength: Am not afraid to take risks
Biggest challenging: Working place (Environment)
Plan: Opening my own restaurant
First career: Chef
Most interested in meeting: PM Abiy Ahmed
Most admired person: My wife
Stress reducer: Praying
Favorite past time: Working
Favorite book: None
Favorite destination: Any place, because I love to travel
Favorite automobile: Jeep
Focus on ability Film festival
The first short film festival honoring disability awareness has been held in Addis Ababa from December 11th to 12th at Vamdas cinema by Focus on Ability.
The festival screened a selection of local and international films that tells the stories and realities of persons with disability. 33 local short films from young Ethiopian film makers and 14 international films were screened. Beside the film screening the festival has hosted a bazaar where designers, artist and creative sector personals can network with each other.
Focus on ability film festival is headquartered in Australia and has been running for the past 13 years screening over 1400 film in 168 countries across the world. The festival ask film makers to focus on the ability of people with a disability and tells a story on film for the world to view this international film festival which has grown its reach making Ethiopia its 3rd destination next to United States and Malawi.
Focus on Ability Ethiopia has set tremendous outcome for persons with disability by providing a platform where they get the opportunity to tell their stories by being a voice to the majority of the marginalized group to express them through media and art.
