The sole reinsurance company in the country, Ethiopian Reinsurance, has reported two billion Birr in premiums for the year at its shareholder meeting at the Hilton Hotel last week. The shareholding company comprised of seven banks, 17 insurers, 28 individuals and one workers association managed to net profits of 234.1 million Br which was a 4.7pc increment from the prior year's performance. Of the total gross premium earnings, 44.7pc was due to Treaty, while 49pc was from Policy Cessions, and 3pc arose from the Facultative sector. Ethiopian Reinsurance had increased its investment earnings by 41.39pc to 269.2 million Br. The reinsurer also has outstanding claims of 691.3 million Br of which bond insurance for Tekleberhan Ambaye Acer and AfroTsion constructions are 115.3 million 65.7 million and 96.1 million Br respectively with the Orchid Group's share at 21.8 million Br. Board Chairwoman Meseret Bezabih revealed to shareholders that a headquarters office was nearly complete while she requested continued cooperation from shareholding members to realise further long-term objectives.
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