The Ethiopian Insurance Corporation (EIC) announced a pre-tax profit of over Birr 1.6 billion for the 2023/24 fiscal year. The corporation revealed its achievement during its 37th annual meeting with senior management.
The profit marks a 7.5% increase compared to the company’s projections and a 15% rise from the previous year’s results. EIC also recorded Birr 8.6 billion in premium income, achieving 92.4% of its target. The company’s share of the total industry premium stood at 30.4%.
Additionally, EIC handled and renewed 178,970 contracts, a 10.9% growth from the previous year, accomplishing 96.4% of its goal. The total guarantee coverage for these contracts reached Birr 6.4 trillion, reflecting a 43.9% increase from last year.
Source: Ethiopian News Agency
