Africa Insurance Company is one of the first insurance companies in the country to celebrate its twenty years.
On its anniversary, the company is posting after tax profits up by 42% at 37 million ETB (1.8 million USD) for the 2013-2014 fiscal year. This figure is however overshadowed by a rather disappointing year with technical results going down sharply compared to the previous year from 24.6 million ETB (1.3 million USD) to a loss of 0.9 million ETB (44 928 USD).
African Insurance justifies this poor performance by the higher management fees which jumped by 51.2% at 39.5 million ETB (1.97 million USD).
The final result of the current year will entirely depend on income from investments.
The loss ratio of the insurer is of 89.5% while almost 95% of the claims are accounted for by motor insurance.