Oromia Insurance collected total gross premiums of 1.7 billion Br for the ended year, signalling a sizeable market share in Ethiopia's budding insurance sector. The 15-year-old Company has 1,213 shareholders comprised of cooperative unions representing over 1.6 million low-income farmers. The Company has managed to increase its paid-up capital by 28pc to 870 million Br as its total assets soared by 48pc to 3.78 billion Br in tandem with a surge in liabilities of 60pc to 2.4 billion Br Gross profits of the Company have also risen by 64pc from last year to 395 million Br with Earnings Per Share (EPS) increasing by 22.8pc to 430 Br. Ethopia's insurance industry has grown by 40pc in premium production with total gross premiums reaching 21.3 billion Br. Board Chairwoman Merem Chebsa stated that several challenges in the form of macroeconomic imbalances and sociopolitical turmoil in the country were overcome during the reporting year. She suggested that the overall insurance industry has been exhibiting formidable growth despite the low penetration of insurance in the country and the economic challenges brought about by war during the general assembly at Skylight Hotel last week.
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