Ethio Life's Net Profit Soars 91pc, Eyes Billion Birr Premium Target


Ethio Life's Net Profit Soars 91pc, Eyes Billion Birr Premium Target

Ethio Life and General Insurance held its annual meeting at the Inter Luxury Hotel last week with gross written premiums growing by 39pc to reach 734 million Br. The majority of its premium income came from the general business, accounting for 71pc. The company also experienced a rise in net claims which rose by 42pc to 293.5 million Br. Ethio Life declared earning per share of 33.71pc. Hailu Alemu, board chairperson, pointed to the automation of core insurance operations as the company’s key achievements. With a market share of 2.6pc, the insurer plans to exceed one billion Birr in premium income this year. With 282 employees, the company's expenses increased by 48pc from last year, reaching 169.8 million birr due to inflation and salary increases. Net profit rose 90.5pc to reach 93.96 million Br.   Editor's Note: This article was updated from its original form on November 26, 2024.

[ssba-buttons]

Radar

State-Owned Enterprises Deliver, But Fund Seeks More from Underperformers

Ethiopian Investment Holdings (EIH), the country's sovereign wealth fund, closed its annual performance review with a mix of strong gains and lingering concerns across its portfolio of state-owned enterprises. Ethiopian Shipping & Logistics led the year with 4.5 million tons of cargo, driving revenues up 90pc and doubling pre-tax profit. Sugar production from Wonji Shoa, Metehara, and Fincha climbed 34.8pc to 163,290 tons, nearly doubling revenues to 15.6 billion Br, though EIH flagged ch...


Radar

MIDROC Cocoa Drive, Local Production Focus on Value Addition

MIDROC Investment Group is placing a bold wager on cocoa in the lowlands of Sheka. Building on extensive trials at the Bebeka Coffee State Farm, the company has introduced globally prized Forastero, Trinitario, and Criollo varieties alongside coffee. "The results are astonishing," said General Manager Beshada Worku, pointing to international prices that range from 8,200 to 14,000 dollars a ton. The project's first phase covers 50 hectares, with 44,000 seedlings already planted. Expansion to ...


Radar

Bureau Maps Out 1,700 Land Rights in a Month

The Rights Registration & Holding Service Directorate under the Bureau of Land Development & Administration prepared over 1,700 landholding certification maps in a single month. The update came during the bureau's July performance review, which measured progress against the upcoming fiscal year's targets. Director Tesfamichael Endale said efforts are being scaled up to give farmers secure land rights and quicker certification. Deputy Head WendwossenBanjaw added that the priority ahead...