Awash insurance collects premium of over 1.28 bln Birr

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Awash Insurance Company S.C said Saturday that it has collected a premium of over 1.28 billion Birr in 2020/21 budget year.

The company has collected over 962.2 million Birr premium from the general insurance services, which registered a 23 percent growth from the previous year.

Awash Insurance had also received 332.6 million Birr premium from life insurance services, which signaled an enormous growth rate of 173 percent compared to the previous budget year performance, according to the statement the company unveiled on Saturday.

The total premium which Awash Insurance collected as of July 2021 registered a growth of 44 percent from the previous budget year, the company stated.

As of July 2021, the company has managed to open 51 full-fledged branches and eight contact offices across the country.

Despite the macroeconomic challenges experienced in 2020/21 fiscal year, the Ethiopian insurance industry registered a market of Gross Written Premiums (GWP) in non-life insurance grew significantly by 22 percent, according to the National Bank of Ethiopia.

Awash Insurance’s paid up capital reached 754.88 million Birr until July 2021. Its growth over the fiscal year 2019/20 was 226.3 million which was close to 43 percent hike in capital. Earnings Per Share (EPS) reached 178.90 Birr at the stated fiscal year.

Awash Insurance Company S.C has 1670 shareholders.

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