Hibret Insurance reported a gross written premium of 1.96 billion Br for the fiscal year, a 23.72pc increase from the previous period. Established in 1994 and celebrating 30 years of operations, the insurer pointed to a growth in customers and expansion of its market share. Hibret also saw its underwriting (operational) profit reach 635.3 million Br, a 46.59pc increase, indicating effective policy pricing and risk management, even though consolidated net claims incurred increased by almost 50pc to reach 693.3 million Br. The insurer, in line with the industry, dealt majorly in motor insurance, accounting for 63.1pc of its portfolio. Earnings per share (EPS) reached 527,290 Br, exhibiting a 10pc increase from the previous year. Hibret increased its paid-up capital to one billion Birr, double the Central Bank’s minimum threshold, while its profit came in at 519.72 million Br, up by 59pc from last year’s 327.02 million.
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