Addis Ababa — The Ethiopian Insurance Corporation (EIC) disclosed that it earned 78.2 million Birr profit in 2007/08 budget year, a 14 percent increase from the set target.

Encouraging results were registered over the annual and strategic plan through the efforts of its workers and management, said the Board Director on Friday.

EIC's Board Managing Director Messay Girma said at the 22nd annual conferenceof the corporation that in order to maintain the sustainability of the Corporation, the private sector was given special focus that helped to achieve more than 52 percent of the budget and 47 percent of the previous budget year.

Company Acting Managing Director Alemseged Abreham on his part said the profit was earned from the services delivered by the company, interest from deposits, rents and investment activities.

The Corporation worked on the implementation of Business Process Re-engineering (BPR) for the past year that has helped improve efficient and effective provision of insurance services for projects under Ethiopian Electric Power Corporation, Road Authority, water projects, floriculture farming and construction sectors, the officials said.

The company has made a 113 million Birr insurance compensation for transport related cases out of the requested 231.1 million Birr.

The Acting Managing Director said the company is determined to enhance its insurance service coverage and to engage in investment beginning from this Ethiopian budget year.

According to the previous year's report, the Corporation allocated 187.5 million Birr for different investments. At the end of the year total asset reached 1.1 billion Birr showing increase by 115 million Birr. In order to be a world class insurer the Corporation is now working to implement efficient Information Communication Technology.