The Ethiopian Insurance Corporation (EIC) generated 9.34 billion Br in written gross premiums, marking a considerable 51.7pc increase compared to the same period last year. The Corporation's profit reached 1.2 billion Br, exceeding its planned target by 15pc and increasing by 62.7pc from last year's corresponding period. Executives of Ethiopian Investment Holdings (EIH), Ethiopia's sovereign fund that owns state enterprises, commended EIC for its achievements and provided strategic guidance to enhance operational efficiency, expand market reach, improve customer experience, and ensure long-term sustainability. With the appointment of a new CEO, Abel Tadesse, EIC is anticipated to experience renewed growth. Another state-owned firm, the Ethiopian Engineering Corporation (EEC), reported a profit before tax of 914 million Br, an increase of 152pc. During a mid-year performance conference with EIH officials, EEC executives disclosed a revenue reaching 3.8 billion Br, achieving a 62pc year-on-year (YoY) growth. The Corporation manages 86 design projects, 250 supervision assignments, and 42 construction projects, boasting a physical performance rate of 91pc and a financial performance rate of 109pc. EIH, managed by Brook Taye (PhD), praised EEC for committing to innovation, effective leadership, and positioning itself as a contributor to national infrastructure and economic development. They urged the Corporation's executives to concentrate on long-term investments, explore diverse financial sources, and enhance foreign market expansion to diversify their customer base.
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