Zemen Insurance Profits Soar Despite Turbulent Market

Oct 14 , 2023


[ssba-buttons]

Executives of Zemen Insurance heralded remarkable growth during the annual general assembly at the Grand Eliana Hotel, Churchill Road. The three-year-old Company amassed a 45 million Br gross profit and a 325 million Br gross written premium collection, with motor insurance making up three-quarters. The CEO, Endalkachew Zeleke, hinted that management is developing new policies to meet the ever-changing needs of their customers. Zemen was established with a paid-up capital of 79 million Br and grew by 14pc to reach 149 million Br. During the year, the workforce grew by 24 employees to a total of 118 across 21 branches, and net claims jumped to 68.2 million Br from 15.4 million Br last year. While assuring shareholders that the company's management team is developing strategies to ensure that Zemen remains competitive, Melaku Azezew, the board chairman, cautioned shareholders that the opening of the financial sector to the global market was a concern that needed constant attention. Meanwhile, Girma Seyefu, vice chairman of the board of directors, commended the company's management team for their remarkable leadership, which had seen significant growth despite numerous challenges. He noted the upcoming fiscal year includes drafting a strategic plan, acquiring a headquarters building, and expanding the branch network.


Radar

Korenti, Agelegel Microfinance Ink EV Financing Deal

Korenti Auto Trading PLC has signed a strategic agreement with Agelegel Microfinance to provide accessible financing options for electric vehicle (EV) buyers. The partnership seeks to ease EV ownership by offering fair pricing and loan packages with affordable rates. The initiative supports Ethiopia's push for clean transport and aligns with national sustainability goals. Korenti's managing director said the move reflects the company's commitment to expanding electric mobility. Customers can now...


Radar

NBE Leads Week-Long Bank Supervision Application Forum

The National Bank of Ethiopia (NBE) is hosting a week-long Bank Supervision Application (BSA) User Group meeting that began on July 7, 2025. The BSA system, developed by a pan-African consortium of central banks including the NBE, automates supervisory work for financial regulators. NBE will take over the rotating BSA chairmanship in September. Opening the session, Frezer Ayalew, Director of Bank Supervision, stressed the need for modern tools to handle growing regulatory demands amid cyberse...


Radar

Six Fuel Companies Banned, Seven Warned, Authority Noted Illicit Activity

The Ethiopian Petroleum & Energy Authority has taken disciplinary action against 13 fuel distribution companies for illegally trading 2.8 million litres of fuel outside the digital system in the past two months. Six firms face a one-month suspension from the fuel import and trading market, while seven others received final warnings and must rectify their operations within a month. Director General Destawe Mekwanant (PhD) said the companies failed to monitor fuel stations and ensure proper...