Annual Report 2023 /2024
“On 30th June 2024, our Company concluded a year that could be termed as one of the best years
in terms of net results.
Despite the continued stiffening of the competition in the industry based preponderantly on
price-cutting, the unfolding of unfortunate circumstances that included the passing of the former
CEO, the late Mr. Guddissa Legesse, the ever-escalating business running costs, that of claims in
particular, and the many unfavorable conditions in the country and the marketplace, our Company
has managed to register combined total revenue growth of 28 % as at the close of business. Our
gross underwriting reached Birr 3.12 billion in all lines. Our Company has, therefore, maintained
its market leadership position in both Non-Life among the private insurance companies and in life
from the entire market. The growth we registered in Non-life and Life premiums were both above
the industry average during the FY 2023/24.
Our Company’s gross profit before tax, excluding profit from Takaful, increased by a laudable
percentage of above 64% and reached Birr 902.6 million and the net profit after tax grew by 56%
over last year 2022/23. Earnings per share (EPS) for the year was 41%. This marvelous EPS amount
was achieved against the paid-up capital base that increased by 36% as at June 30, 2024. These
remarkable net results were achieved in an economic and business environment that was tough
unlike no other time. Our Company proved that it is a Company resilient enough and capable of
facing adverse shocks.
Our Company, together with its sister Company, Awash Bank, celebrates its 30th Anniversary
starting from October 2024. It is a landmark event in our three decades long journey of amazing
history. The twins, Awash Insurance and Awash Bank, have become the dominant market leaders
in their respective industries through hard work, perseverance and able leadership. The journey,
led by their transformative strategic roadmaps, will continue yielding great results. The theme of
30th Anniversary “Honoring success, looking beyond the horizon” is coined to articulate the vision
of the sister companies.”
Tadesse Gemeda
Chairman, Board of Directors
For full annual Report click Awash Insurance AR
