Awash Insurance Company S.C. Profit, June 30,2017.
Posted by admin • October 26, 2017
Awash Insurance Company S.C. has secured its market leadership from all private insurance companies by registering a net profit of birr 88 million during the fiscal year that ended June 30, 2017.
Operating through its 44 branches, AIC has witnessed an outstanding performance during the year under report by making a Gross Written Premium (GWP) of birr 544.65 million in General Insurance and birr 51.1 million in Life Assurance.
On the other hand, the net claims incurred during the fiscal year amounted to birr 238.6 million. AIC’s paid up capital is currently 246.6 million and its asset reached 1.2 billion birr at the turn of the fiscal year.
During the fiscal year ended June 30, 2017, AIC made additional investment efforts to maximize shareholders benefits.
Experience justifies that the profitability of insurance business can be enhanced and sustained through investment diversification. Cognizant of the contemporary investment landscape in Ethiopia, the Board of Directors of AIC was examining the viability of project proposals submitted to it. In an effort to maximize the shareholders’ benefits, an additional investment of Birr 27,417,000 was made in bank shares and Birr 3.5 million was invested in Oda S.C. during the year under report. Our Company also made additional investment of Birr 409,000 in Addis Africa International Convention and Exhibition Centre during the period.