Ethiopian Insurance Corporation conducts the first six months (2018/2019)  performance Evaluation

Ethiopian Insurance Corporation conducted the first six months budget year performance evaluation, of 2018/2019  on January 26/2019 at Bahir Dar.

 The meeting was attended by process council members, Head office’s Directors, as well as District A&B’s Directors.

Ato Netsanet Lemessa, Chief Executive Officer of the corporation opened the meeting by delivering a introductory speech.

Ato Netsanet Lemessa delivering an Introductory speech

Following the CEO’s speech Mr. Molla Birhane the Marketing & strategic management Directorate Director presented detail report of the first semi-annual of the fiscal year. The details are :-

Cover

• The Corporation has given a cover that worth Birr 1.7 Trillion for life, property & liability insurance. The cover increases from last year’s same period performance by Birr 151.6 Billion or 9.6%.

 Issued Policies

• A total number of 68,077 policies have been issued. The actual performance has exhibited an increase from last year’s same period performance by 3,964 policies or 6.2%.

 Gross written Premium

• The gross written Premium income of the Corporation has reached Birr 2.46 Billion and higher from last year’s similar period performance by Birr 24.2 Million or1%. Out of the total generated premium, sales force’s (Sales Agents, Brokers and banks) production has reached Birr 180.3Million that took 7.3% share of the total gross written premium.

Claims payment

• The corporation settled a gross claims payment of Birr 507.9 Million to its customers who suffered damage or loss of property, life and legal liablity.

Investment and other income

• During the first six months performance the corporation generated Birr 177.1 Million from investment and other income; which is higher than last year’s same period performance by Birr 49.6 Million or 38.9%.

 Underwriting result

• Realized Birr 420.8 Million underwriting result which is higher than the projection as well as last year’s same period performance by Birr 14.3 Million or 3.3% and Birr 72.1 Million or 24.6% respectively.

In his conclusion remark, Ato Netsanet Lemessa, Chief Executive officer of Ethiopian Insurance Corporation stated that all Offices, Directorates, Districts & branches should strive to be more productive and try to register a better result at the end of the  fiscal year 2018/19.

Finally the hosting (coordination) responsibility of  the 2019 /2020 budget year semi annual performance evaluation programme is given to mekele district .

From right to left Mr. Zemenu Hiruy  Bahir Dar District

Manager and Mr. Mulubirhan Melese  Mekele District manager