Addis Fortune (Addis Ababa)

2 December 2012

Ethiopia: Lion Insurance Doubles Its Profit After Tax

The lion insurance company secured 9.7 million Br profit after tax in 2011/12 fiscal year, which is 132pc higher than the previous year. The major driver behind this improved performance is an increase in total income by 123pc to 22.8 million Br during the operating year.

The company's performance in both streams of income, insurance business and investment activities, improved significantly. Underwriting surplus from general insurance business has gone up by 12.5pc to 20.8 million Br while interest income increased to 1.7 million Br, an increase of 92.2pc and dividend income soared by 622pc to 420,000Br.

The total operating cost of the company also increased by 76pc to 10.7 million Br in 2011/12 fiscal year. While general administrative expense has gone up by 47pc to 7.3 million Br, directors' remunerations have increased by 622pc to 740,000Br. Lion Insurance Company also maintained 2.6 million Br provision for doubtful debts, an increase of 168pc when compared with the previous year.

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