Ethiopian Reinsurance (Ethio-Re) netted 194 million Br in profits in the fiscal year ended June 2021, marking the third consecutive year the firm has enjoyed a positive performance. The figure shows a 15.5pc increase from the previous year. The majority of the profit was attained from the general insurance business, accounting for over 90pc. The firm's earnings per share (EPS) also saw growth to 22.52pc from 21.3pc registered in the previous year. The reinsurer's gross premiums grew by 1.1 billion Br, a 30pc jump from the previous year. It paid out close to 300 million Br in claims over the reporting period. Ethio-Re, which has 1.2 billion Br in equity, has seven banks, 12 insurance firms, and 80 individuals and associations as shareholders.
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