Magazine date:
Jan 2014 Oromia Insurance, one of the most recently established and privately owned insurance companies, has posted an after tax profit of 22.4 million ETB (1.2 million USD) for the year 2012/2013, that is an increase of 100% compared to the previous year. Operating result, which also went twofold, amounts to 32.1 million ETB (1.72 million USD).
The company has reported a turnover of 193.4 million ETB (10 million USD), an increase of 23.6% in one year. The directive prohibiting the purchase of an insurance policy without immediate payment has had a positive impact on the Company's liquidity. Oromia’s premium retention is of 85.6%, well above the market average value set at 67%.