Ethio Life and General Insurance held its annual meeting at the Inter Luxury Hotel last week with gross written premiums growing by 39pc to reach 734 million Br. The majority of its premium income came from the general business, accounting for 71pc. The company also experienced a rise in net claims which rose by 42pc to 293.5 million Br. Ethio Life declared earning per share of 33.71pc. Hailu Alemu, board chairperson, pointed to the automation of core insurance operations as the company’s key achievements. With a market share of 2.6pc, the insurer plans to exceed one billion Birr in premium income this year. With 282 employees, the company's expenses increased by 48pc from last year, reaching 169.8 million birr due to inflation and salary increases. Net profit rose 90.5pc to reach 93.96 million Br. Editor's Note: This article was updated from its original form on November 26, 2024.
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