Nov 5 , 2022
Awash Insurance has changed its corporate brand incorporating a motto, "We follow with you". Brand Integrated Consulting, a strategic brand and business advisory firm headquartered in Nairobi, Kenya, was contracted last year to work on the rebranding project. The insurance firm officially launched its new logo at the annual shareholders' meeting held at the Hilton Hotel last week. Its directors have announced a robust year for the oldest private insurance firm in the market, whose paid-up capital is inching to a billion Birr. Awash Insurance collected over 1.77 billion Br in premiums. Its revenues from general insurance services have registered a 32pc growth, reaching 1.25 billion Br. However, life risk coverage brought Awash the most significant growth at 59pc last year. The annual net claims ratio has risen by 61pc leading its General Manager, Gudina Legesse, to warn the industry experienced the highest claim last year than in previous years. Incorporated in 1995, Awash Insurance provides general and life insurance for over 150,000 customers. It has registered a net profit of close to 334 million Br, an increase of 22pc from the previous year's operation. Awash's earnings per share (EPS) has also advanced by 11pc to 175 Br. Shareholders have approved the proposal to raise the subscribed capital by 70pc to four billion Birr. The Insurance's total assets reached over four billion Birr.
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