Ethiopia: Awash Insurance Reports 81m Br Profit

Awash Insurance Company has reported an 81 million Birr profit, after provisions for tax and other deductions. This is a 41pc increase from last year's profit of 64.33 million Br. In the company's 22nd shareholders meeting, it was decided that the net profit of the year should be declared as dividend. Shareholders will be at liberty to collect their dividends in cash or reinvest the dividends. The paid up capital of the company, according to the report of the Board of Directors, has reached 190.3mill Br, a 37.9pc increase from last year's 118.13mill Br.

Earnings per share of the company decreased to 239 Br from last year's 272 Br. The company has opened two new branches in Addis Ababa in the 2015/16 fiscal year and its branches grew to 41. "The amount of net claims sustained was over 218.7mill Br, an increase by 15.4pc. Its impact would have been vast, had it not been for vigorous increase in premiums written," said Kanna Daba, chairman of the board of directors. spoke.

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