Oromia Insurance’s Profit Declined
Oromia Insurance Company S.C., one of the private insurance firms in Ethiopia, bagged a net profit of 33.4 million Birr. However, the performance shows a 38 percent decline when compared to the year previous to it.
The decline is also reflected in the earnings per share and underwriting surplus; which stood at 204 Birr and 27 million Birr respectively.
The insurance company’s expense shows a 1 million Birr increase. The company’s revenue on the other hand declined by 22.6 percent.
Gross premiums on the other hand made 12 percent and landed at 333.9 million Birr. Another positive indicator is the paid up capital. Oromia’s paid up capital has reached 115.2 million Birr – a 35.6 percent increase.
Claims paid have increased by 7 percent. The company made a total claim payment of 170.7 million Birr.