Nov 24 , 2024
Ethio Life and General Insurance held its annual meeting at the Inter Luxury Hotel last week with gross written premiums growing by 70pc to reach 212.1 million Br. The majority of its premium income came from group health plans, accounting for 73pc. The company also experienced a rise in net claims which rose by 117pc to 149 million Br. The company declared a dividend of 7.6 million Br. 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, Ethio Life plans to exceed one billion Birr in premium income in the year. Having 282 employees, the company's expenses increased by 48pc from last year, reaching 169.8 million birr due to inflation and salary increases. Profit before tax rose 71pc to reach 101.2 million Br.
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