Copyright addisfortune
Awash Insurance S.C., during its 31st annual general assembly at the Addis Abeba Hilton on Menelik II Avenue, announced a historic milestone, the company has become the first private insurer in Ethiopia to surpass the one-billion-birr pre-tax profit mark for the 2024/25 fiscal year. Net profit surged 27pc year-on-year, reflecting strong performance across all business segments. Gross written premium climbed to 4.53 billion Br, fueled by widespread growth. General insurance premiums rose 43pc to 3.73 billion Br, life assurance expanded 48pc to 656.3 million Br, and Takaful jumped 124pc to 156 million Br, a segment in which Awash has remained the market leader for 13 consecutive years. Paid-up capital increased 38pc to 2.65 billion Br. The company's branch network now includes 71 offices, supported by over 300 agents serving more than 100,000 policyholders. This year also saw the launch of a crop insurance product, providing farmers with protection against drought and unpredictable rainfall. Awash invested fresh capital in six local firms, acquired 107.6 million Br in GERD bonds, and another 120.3 million Br in Development Bank instruments. The insurer has a total of 2,168 shareholders, underscoring its broad-based ownership and market reach.
