Ethio-Re Continues Profit Roll

Dec 25 , 2021

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.


Ethiopian Seafarers Contribute $50m Annually in Remittances

Ethiopian Maritime Authority disclosed 50 million dollars in annual remittances from seafarers deployed internationally. Abdulber Shemsu, the director general of the Authority, said Ethiopia's membership in the International Maritime Organisation (IMO), establishes global standards and guidelines for safe, secure, and environmentally sustainable shipping practices. With 176 member countries and three associate member countries, including Ethiopia, the IMO provides a framework for ensuring...


AfDB Launches $1.5m Initiative to Propel Agro-Industrial Parks

A 1.5 million dollar initiative for the development of three Agro-industrial parks was commenced last week. Financed by the African Development Bank (AfDB), the project includes feasibility studies, a master plan, and an environmental and social impact assessment. The Phase Two project, which includes capacity building for stakeholders, was initiated last week with an agreement between Semereta Sewasew, state minister for Finance and Gunther Beger, managing director of UNIDO. Semereta said...


Cabinet Approves Public Service Legislation

Council of Ministers has unanimously approved the legislation that aims to raise the competency and professionalism of public service in the country. The Federal Civil Servants Proclamation is pending ratification from Parliament. The decision was made during the 30th meeting of the Cabinet last week, which follows the ratification of the public service and administrative policy. Currently, the 176 federal agencies within 22 ministries, collectively employ around two million people. The polic...