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Ethiopian Insurance Corporation conducts the first six months 2017/2018 performance Evaluation
2018-04-02

  • The Corporation has generated Birr 615.8 Million.
  • The Corporation has registered Birr 254.2 Million profit before tax.

Ethiopian Insurance Corporation conducted the first six months of 2017/2018th budget year performance evaluation, on March 03/2018 at Hilton Hotel. The meeting was attended by process council members, Directors, managers as well as team leaders.
Ato Netsanet Lemessa, Chief Executive Officer of the corporation opened the meeting by delivering a remark. Ato Netsanet Lemessa, in his speech stated that the corporation has secured a profit of Birr 254.2 million before tax during the frist semiannual performance of 2017/18 budget year.

         Ato Netsanet Lemessa delivering an opening speech
The Chief Executive Officer also presented the corporate report about the past six months performance of the Corporation.
Following the CEO%u2019s Corporate report the Marketing & strategic management Directorate presented detail report of the same period. The details are :-
Cover

  • The Corporation has given a cover that worth Birr 1.6 Trillion showing an increase from last year%u2019s same period performance by Birr 97.7 Billion or 6.6%.

 

Issued Policies 

  • A total number of 64,111 policies have been issued. The actual performance has exhibited an increase from last year%u2019s same period performance by 2,911 policies or 4.8%.

Gross written Premium

  • The gross written Premium income of the Corporation has reached Birr 2.1 Billion and higher from last year%u2019s similar period performance by Birr 234.9 Million or 12.7%. Out of the total generated premium, sales forces Sales Agents, Brokers and banks production has reached Birr 199.2 Million that took 9.5% share of the total gross premium.

Collection

  • The corporation collected Birr 1.1 Billion which is  slightly higher than  last year%u2019s same period performance by Birr 2.2 Million or 0.2% respectively.

Claims payment

  • The corporation settled a gross claims payment of Birr 543.7 Million to its customers.

Investment and other income

  •  During the frist six months performance the corporation generated Birr 122.9 Million from investment and other income which is higher than the last year%u2019s same period performance by Birr 22.1 Million or 21.9%.

Underwriting result

  •  Realized Birr 492.9 Million underwriting result which is higher than the projection as well as last year%u2019s same period performance by Birr 71.3 Million or 16.9% and by Birr 106.5 Million or 27.6% respectively.

Profit  

  • The Corporation has generated Birr 615.8 Million  from operational activities, and investment and other income. Out of which, the Corporation has registered Birr 254.2 Million profit before tax, and higher from last year%u2019s similar period performance by Birr 65.1 Million or 34.4%.

 In his conclusion remark, Ato Netsanet Lemessa, Chief Executive officer of Ethiopian Insurance Corporation stated that all Offices, Directorates, Districts & branches should strive to be more productive and try to register a better result at the end of the  fiscal year 2017/18.


 


Source :
Integrated communication team

   


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