Oromia Insurance boosts its gross profit
Oromia Insurance S.C. has boosted its gross profit to 141 million Birr in the concluded fiscal year last June 30, 2021. The gross profit performance in the previous year was 73.16 million Birr.
As of June 30, 2021 the total assets of the Company reached more than 1.94 billion Birr, which show a 33.58 percent increment from previous year performance of 1.42 billion Birr.
The company’s total net paid claim from July 1, 2020 to June 30, 2021 reached over 192,344 million.
Meanwhile, the total outstanding claims reserve as of June 30, 2021 reached over 553,468 million Birr, according to annual report of the company.
Related to life insurance services, the total amount of life insurance claim incurred during the period under review reached close to 7.6 million Birr out of which 5.1 million Birr was paid.
Oromia Insurance S.C. generated a gross written premium income of over 13,311 million Birr from life insurance businesses during the reported period.