Abay Insurance generates 2 million USD in profits
Abay Insurance Company has reported a 51% increase of its after-tax net result which rose from 29 221 679 ETB (1.4 million USD) on June 30, 2015 to 44 104 005 ETB (2 million USD) twelve months later. During the 2015/2016 year, the Ethiopian company also posted a 31.9% growth of its written premiums at 198 million ETB (9 million USD) compared to 150 million ETB (7 million USD) in 2015.
The motor class of business accounts for 49.3% of the company’s portfolio. It is worth noting that Abay Insurance has proceeded to several capital increases in the course of the recent three years. Set at 23.6 million ETB (1.2 million USD) in 2014, the capital rose to 69 million ETB (3.3 million USD) in 2015. Finally, on June 30, 2016, the Ethiopian insurer posted 100 million ETB (4.7 million USD) in paid-up capital, a figure above the minimum required set at 75 million ETB (3.6 million USD).
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