Ethiopian Insurance Corporation (EIC) recorded 12.9 billion birr in general insurance premiums for the 2017 fiscal year, contributing to total revenue of 13.3 billion birr, including 428 million birr from life insurance. During the same period, the company paid 6.56 billion birr in taxes, representing a 137.9 percent increase from the previous year.

Abel Tadesse, who took the helm as Chief Executive Officer recently, framed the surge as part of the company’s growing role in Ethiopia’s economic transformation. “The insurance sector has its own distinct contribution to this change,” he said, highlighting the firm’s expanding reach across both general and life insurance segments.

The company also renewed and managed 178,970 contracts, a 10.9 percent increase from the previous year, meeting 96.4 percent of its goal. Total guarantee coverage for these contracts surged 43.9 percent to 6.4 trillion birr, reflecting both the expansion of client portfolios and rising policy values.

The corporation reported a pre-tax profit exceeding 1.6 billion birr, a 7.5 percent rise above projections and 15 percent higher than the prior year in 2023/24 fiscal year. Premium income reached 8.6 billion birr, achieving 92.4 percent of the target and representing 30.4 percent of the industry’s total premiums.