Friday, June 14, 2024

Oromia Insurance rise continues


Oromia Insurance Company (OIC) has secured over 92-million-birr gross profit for the 2018/19 financial year, while its asset surpassed one billion birr.
The profit registered for the year has increased over 13 percent compared with the 2017/18 year.
A year ago the gross profit before tax of the insurance company was 81.5 million birr. According to the annual financial report of OIC in the 2018/19 financial year it has amassed 87.3 million birr net profit after tax with increment of 20 percent compared with a year ago.
The total gross claims paid as at June 30, 2019, which is the end of the financial year, was 181.8 million birr while that of the last year’s corresponding period was 178.1 million birr. The annual report indicated that the net claims paid for the period under consideration was 158.5 million birr out of which claims paid for motor class of business constitutes 92.7 percent. High claim settlement for motor class is common on the sector.
At the same time the report indicated that the Company’s net claims incurred during the period under review were 206.7 million birr that is lifted by 12 percent or 22.2 million birr compared with the previous year.
For the stated period OIC has collected over 434 million birr gross written premium with 12.4 percent increment compared with the 2017/18 financial year. A year ago the gross written premium was 386 million birr.
Gross written premium income of life insurance business as at June 30 this year has reached 8.3 million birr, with the growth of 32.2 percent as compared with a year ago.
As of June 30 the company gross written premium that includes all classes of insurance like life an micro reached 452.4 million birr.
The paid up capital of the company has reached at quarter a billion birr with the increment of 53.6 million birr or over 27 percent compared with the preceding year.
As investment is one of the business directions for the insurance business OIC has been also expanded its investment on non insurance businesses. For the closed budget year the company investment has reached at 117.4 million birr with the increment of 24 million birr.
The total asset of OIC has reached at 1.14 billion birr that has increased by almost quarter a billion birr or 30 percent compared with a year ago performance. The company that expanded its capital to 250 million birr has registered the earning per share of 390 birr per a single share that is 1,000 birr. Despite the net profit registered increment and at the same time it has boosted its capital the earning per share has showed slight decrement compared with 410 birr of a year ago that it 4.9 percent higher than the reported period.
The company has totally 47 outlets including 6 contact offices throughout the country.

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