AIC Earns a Premium of 267 Million in the Mid-Year.
Posted by admin • September 07, 2016
Awash Insurance Earns a Premium of 267 Million in the Mid-Year
· AIC staff became shareholders.
The mid-year performance review Meeting of Awash Insurance Company for the year 2015 - 16 was held at Sodere Resort Hotel, from February 5 - 7, 2016.
Mr. Tsegaye Kemsi, Chief Executive Officer of AIC elucidated that Birr 246 million Gross Written Premium in the general insurance was registered, demonstrating a satisfactory performance when compared with the target for the period and when seen in light of the actual production of last year same period.
Regarding performance in life business, a total of Birr 21 million was written in the mid-year, which was 13% above last year same period. In aggregate, both life and non-life underwriting reached Birr 267 million as at December 31, 2015.
The CEO admired the BoD for the resolute stance demonstrated by same to enable the Company’s staff become shareholders. He also underscored the importance of making staff shareholders of AIC stating that it has multiple benefits as it contributes to reducing the rate of staff turnover.
Moreover, the commitment of the staff and executive management in realizing market leadership from among private insurers for three and half years in a row was highly appreciated.
Finally, he reminded the meeting that AIC’s vision demands continued perseverance instead of complacency.
The total number of staff reached 450 at December 31, 2015 while it was 411 last year same time. The gross claims ratio of the half-year exhibited a slight improvement over last year similar period by 0.73% as it stood at 57.16% this time.
The three-day review meeting was closed with recognition of best performing branches during the period spanning from July 1, 2015 to December 31, 2015.
Accordingly, Finfinne branch, Gotera branch, Dil Gebeya branch and Ghimbi branch were given letter of appreciation for their performance of the review period in the Main Branch, Branch III, Branch II and Branch I categories respectively.
Moreover, Life and Health branch was given a letter of recognition for its encouraging performance in life business during the mid-year.
Furthermore, Kolfe Branch, Bole Grand Main and Lideta branches were recognized for their significant contributions to the life business in the Mid-Year from July 1, 2015 to December 31, 2015.