Ethiopian Insurance Corporation Secures a Profit of birr 698.6 million before tax
Ethiopian Insurance Corporation has registered a record profit of Birr 698.6 Million before tax in 2016/17 fiscal year. The Corporation has conducted its 31st Annual General Management Meeting from 25 – 26 August, 2017 at Intercontinental Hotel, in the presence of His Excellency Dr. Sintayehu Wolde Mikael, General Director, Public Financial Enterprises Agency, members of Corporate Board of Management, Mr. Natsannet Lammessa, CEO of Ethiopian Insurance Corporation and all Management Member of the Corporation.
His Excellency Dr. Sintayehu Wolde Mikael delivering opening speech
His Excellency Dr. Sintayehu Woldemikael, deliver his message by congratulating the management and employees of EIC for the result registered in the year 2016/17. His Excellency said that, EIC should give due attention to Long Term and Micro Insurance as they are largely vital for the large public and their insurance penetration level is very low.
Mr. Netsanet Lemessa delivering an opening speech
On the other hand, Mr. Netsanet Lemessa, Chief Executive Officer of Ethiopian Insurance Corporation has also presented the corporate performance report for year of 2016/17. In his report, Mr. Netsanet Lemessa announced that EIC has realized a profit of Birr 698.6 Million before tax which is higher from last year%u2019s same period performance by 25.2 percent.
As per his report, EICs current total asset has reached Birr 4.1billion.The corporation has able to underwire a gross premium of Birr 2.7 Billion for risks property, Life and Liability that worth Birr 1.7 Trillion.
Moreover, performance report of different work units offices, directorates, districts and branches has been presented and detailed discussion on the existing challenges and the way forward have been conducted for two consecutive days.
Finally, the meeting has been concluded by reaching collective consensus to take the lesson from the challenges experienced earlier and to exert maximum effort in the upcoming budget year for the realization of corporate objectives set in its strategic plan, GTP II.
Integrated communication team