Zemen Insurance Profits Soar Despite Turbulent Market

Oct 14 , 2023


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.


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