Ethiopian Reinsurance posts gross profit of 220 mln Birr

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Ethiopian Reinsurance Share Company (Ethiopian Re) said Thursday that it has registered a gross profit of 220 million Birr in the concluded fiscal year on June 30, 2021.

The registered profit is higher than previous year’s performance by 34 million Birr, said Hailemariam Assefa, Chairperson of the Board of Directors at Ethiopian Reinsurance Share Company during the 6th annual and 3rd extraordinary general meeting at Hilton Hotel on Thursday.

With regard to its retrocession (retro-program arrangement) for the year 2020/21 that has been finalized during the reporting period, a comprehensive program with wider geographical coverage, covering work in the African markets has been arranged, according to Hailemariam.

The total premiums for the period under review included 45.6 million or 4 percent coming from life class of business. The amount registered was higher than the projection by 8.9 million Birr or 24% and higher than previous year’s similar period income by 40%.

On the other hand, the company has generated a gross premium income of 1.1 billion Birr under the general reinsurance class of business during the period under review.

Ethiopian Re’s shareholder structure is a concoction of partnerships drawn from public and private sectors, where government owns 40%, through stated-owned financial institutions: Commercial Bank of Ethiopia and Ethiopian Insurance Corporation. The company has diverse shareholders, which currently comprise of seven banks, 17 insurance companies, 80 individuals coming from different walks of life and a labor union.

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