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Awash Insurance Partners with Safaricom M-PESA to Enhance Digital Payment Solutions for Insurance Services
Addis Ababa, Ethiopia –16 January 2025
Awash Insurance has entered a strategic partnership with Safaricom M-PESA, Ethiopia’s leading insurance providers, to integrate their services into the M-PESA platform. This collaboration will enable Awash Insurance to offer its customers secure, efficient, and convenient mobile payment options for insurance-related transactions.
Through this partnership, Awash Insurance customers will now be able to make premium payments, and other insurance-related transactions directly via M-PESA. This development is set to transform the way Ethiopians engage with insurance services, enhancing the speed, security, and accessibility of payments while contributing to the broader adoption of mobile financial services across the country.
“As the leading Priate insurance company in the country, we are excited to partner with M-PESA to modernize how our customers interact with us and to offer an additional payment option. This collaboration represents a significant milestone in our journey to enhance financial inclusion and provide seamless digital payment solutions to our valued customers. By integrating M-PESA’s trusted mobile payment platform, we are making insurance services more accessible, efficient, and convenient for everyone, as the digital era demands tailored services without complications. Together, we are not just improving transactions; we are also contributing to the realization of Digital Ethiopia by fostering innovation and empowering our customers with the tools to secure their futures in a digitally connected world. This partnership aligns with our company’s strategic transformation plan, which emphasizes the need for our products and services to be accessible, efficient, and real-time. We have been investing in cutting-edge systems and communication technology that save our customers time and money. This collaboration is a testament to our commitment to transforming our services and ensuring our customers can rely on us,” said Mr. Jibat A. Faji, CEO of Awash Insurance.
“This partnership presents a great opportunity for us to collaborate with Awash Insurance, a well-respected player in Ethiopia’s insurance sector. By integrating M-PESA’s secure platform
into the operations of Awash Insurance, we are simplifying the way businesses and customers interact, making mobile payments more accessible, efficient, and time-saving for everyone. We are confident this partnership will enable Awash Insurance to offer its customers a seamless experience for making insurance payments and managing policies and streamline its operations by leveraging M-PESA’s mobile payment solutions,” said Elsa Muzollini , CEO of Safaricom M-PESA.
This partnership further strengthens Safaricom M-PESA’s mission to expand digital financial services across the country. By working closely with local businesses like Awash Insurance, Safaricom M-PESA is empowering Ethiopian consumers and businesses to participate more fully in the digital economy, offering flexible, secure, and convenient payment solutions.
Safaricom M-PESA remains committed to supporting Ethiopia’s digital transformation by leveraging its expertise and collaborating with local partners to deliver tailored digital financial services that meet the evolving needs of Ethiopian businesses and consumers.
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 AIC2024
30th ANNUAL ORDINARY AND 12th EXTRAORDINARY GENERAL MEETINGS OF SHAREHOLDERS
Notice is hereby given to the Shareholders to attend the 30th Annual Ordinary and 12th Extraordinary General Meetings of Awash Insurance S.C. which will be held in accordance with Article 393(1) and Article 400(1) of Commercial Code of Ethiopia, Proclamation Number 1243/2021 as well as Article 8(a) of the Memorandum of Association of the Company. Awash Insurance S.C. has a subscribed capital of Birr 3,850,185,500 and paid-up capital of Birr 1,921,492,300 as at June 30, 2024; Business Registration Certificate Number of the Company is አአ/ገግ-3-1532/87 from the Trade Bureau, Insurance Business License Number 003/94 issued by the National Bank of Ethiopia, and the Company’s Headquarters is at Awash Towers, Addis Ababa, Kirkos Subcity, Woreda 7. The General meetings will be held on Saturday, October 26, 2024 at Addis Ababa Hilton Hotel starting from 8:00 a.m. to transact the following business:
AGENDA FOR 30th ANNUAL ORDINARY GENERAL MEETING
AGENDA FOR 12th EXTRAORDINARY GENERAL MEETING
N.B.
Shareholders who are not able to attend the meetings in person may sign and return the proxy form and give one copy to the designated agent and the second copy along with the copy of renewed identification card of a shareholder to be submitted to the Company’s CEO office, on the 2nd floor of Awash Towers, three days before the meeting date.
By Order of the Board of Directors
የባለአክሲዮኖች 30ኛ ዓመታዊ መደበኛ ጠቅላላ ጉባዔና 12ኛ አስቸኳይ ጠቅላላ ጉባዔ
የአዋሽ ኢንሹራንስ አ.ማ. ባለአክሲዮኖች በኢትዮጵያ ንግድ ህግ አዋጅ ቁጥር 1243/2013 አንቀጽ 393(1) እና አንቀጽ 400(1) እንዲሁም በኩባንያው መመስረቻ ፅሁፍ አንቀጽ 8(ሀ) መሠረት በሚደረገው 30ኛ ዓመታዊ መደበኛና 12ኛ አስቸኳይ ጠቅላላ ጉባዔዎች ላይ እንዲገኙ መስታወቂያ ተሰጥቷል።
ኩባንያው የንግድ ምዝገባ ምስክር ወረቀት ቁጥር አአ/ገግ-3-1532/87 ከንግድ ቢሮ እንዲሁም የመድን ሥራ ፍቃድ ቁጥር 003/94 ከኢትዮጵያ ብሔራዊ ባንክ የተሰጠው ሲሆን እ.ኤ.አ. ሰኔ 30 ቀን 2024 ላይ የኩባንያው የተፈረመ ካፒታል ብር 3,850,185,500፣ የተከፈለ ካፒታል ብር 1,921,492,300 ደርሷል።
የኩባንያው ዋና መስሪያ ቤት በአዲስ አበባ ከተማ ቂርቆስ ክፍለ ከተማ ወረዳ 7 አዋሽ ታወርስ ላይ ይገኛል። ጠቅላላ ጉባዔዎቹ ቅዳሜ ጥቅምት 16 ቀን 2017 ዓ.ም በአዲስ አበባ ሒልተን ሆቴል ከጠዋቱ 2 ሰዓት ጀምሮ የሚካሄዱ ሲሆን የሚከተሉት አጀንዳዎች ላይ ይወያያል፣
የ30ኛ ዓመታዊ መደበኛ ጠቅላላ ጉባዔ አጀንዳ
የ12ኛ አስቸኳይ ጠቅላላ ጉባዔ አጀንዳ
-የአዋሽ ኢንሹራንስ አ.ማ. መመስረቻ ጽሁፍ ማሻሻል።
ማሳሳቢያ
በጉባዔዎቹ ላይ መገኘት የማይችሉ ባለአክሲዮኖች የውክልና ፎርሙን ፈርመው በመመለስ አንድ ኮፒ ለተመደበው ወኪል እንዲሁም 2ኛውን ኮፒ ከታደሰው የባለአክሲዮኑ መታወቂያ ካርድ ጋር በማያያዝ ለጉባዔዎቹ 3 ቀናት ሲቀረው አዋሽ ታወርስ 2ኛ ፎቅ ላይ በሚገኘው የኩባንያው ዋና ሥራ አስፈፃሚ ጽ/ቤት ማስገባት ይችላሉ።
በዲሬክተሮች ቦርድ ትዕዛዝ
Awash Insurance recently organized a Consultative Meeting with insurance brokers to strengthen partnerships and the role of brokers in promoting insurance services. The event was attended by our company’s executive management and insurance brokers. Our CEO, Mr. Jibat Alemneh Faji, welcomed all participants and emphasized the crucial role of insurance brokers in the country’s insurance industry, especially within our company. He pointed out that brokers contributed over 17% of non-life and 46% of life business to our company’s production in the previous fiscal year. The CEO highlighted the importance of strong business relationships and sincerely appreciated the steady support of all insurance brokers during challenging times. Following the presentation, there was a productive discussion about the main challenges and other points in the insurance market. Brokers expressed their appreciation for Awash Insurance for arranging the event and inviting to address common issues. It was also commended our claim services and the significant improvements made to our commission payment system. Additionally, they highlighted the need to focus on preparing the market if the industry is opened for foreign insurance companies.
As a leading private company, Awash has to set the bar higher. The meeting concluded with a promise to work together to address the discussed issues.
The CEO expressed gratitude to all participants for taking the time from their busy schedules to attend the meeting.
ኩባንያችን አዋሽ ኢንሹራንስ በተጠናቀቀው የኤ.አ 2023/24 በጀት አመት ከ3.1 ቢሊየን ብር በላይ አረቦን በመስብሰብ አመርቂ ዉጤት አስመዘገ። ኩባንያችን በበጀት አመቱ ያጋጠሙትን ውሰጣዊና ውጫዊ ተግዳሮቶችን በብቃት ተቋቁሞና እና በዓለም ዓቅፍና በሀገር ኢኮኖሚ ውስጥ የተከሰቱትን ልዩ ልዩ ፈትናዎች ሁሉ በተገቢ መንገድ ተግዳሮቶቹን በሚምጥን ስልቶችና ስትራቴጂዎች በመጠቀም ተወጥቶ ከግል ኢንሹራንስ ኩባንያዎች የኢንደስትሪው መሪነቱን ያስቀጠለበትን የላቀ ዉጤት አስመዝግቧል። ይህ አስደሳች ዉጤት የኩባንያችን መላዉ ሰራተኞች ጠንከራ የስራ መንፈስ፣ ሙያዊ ብቃት፣ የላቀ የቦርድ እገዛ ፣የአመራር ብስለት እና የተለያዩ ባለድርሻ አካላት ድምር ዉጤት በመሆኑ ሁላችሁም እንኳን ደስ አላችሁ ለማለት እንወዳለን።
ባሳለፍነው የበጀት አመት ላሰመዘገብነው አኩሪ ዉጤት መገኘት ያለመታከት የደከማችሁትንና የበኩላችሁን አስተዋጽዎ ያበርክታችሁትን ሁሉ እንኳን ደስ አላችሁ፣እንኳን ደስ አለን እያልን፣ በጀመርነው አዲስ የበጀት አመትም በየእኔነትና የባለቤትነት ስሜት በጋራ በመንቀሳቀስ ዕስክዛሬው በበለጠ ስኬታማ አንጸባራቂ ውጤት ለማስመዝገብ እንደሁልጊዜው በአንድነትና የሕብረት መንፈስ እንረባረብ።
አዋሽ ኢንሹራንስ
Once again, Awash Insurance is blessed to announce its outstanding achievement by collecting a whopping premium of Birr 3.1 billion in the completed fiscal year 2023/24. Despite various domestic and international challenges posed to the Company, by prudently crafting a befitting strategy that would enable it to succeed, the Company has ensured its leadership steadfastly.
Accordingly, as we share this good news, we want to congratulate all of you and invite you to partake in our joy as we celebrate this exciting result acquired through the hard work of all involved. Particularly, we would like to appreciate those who courageously believed in us and remained optimistic to join hands in making our aspiration of success a reality.
In the new year, we would like to convey our message of hope that we shall overcome the unforeseen obstacles by standing together as one determined to remain triumphant in our Endeavour.
Dhaabbanni keenya Inshuraansiin Awaash bara baajataa xumurame kanatti Piriimiyeemii qarshii biiliyoona 3.1 ol walitti qabuun raawwii olaanaa galmeessise. Inshuraansiin Awaash qormaatawwan addaa addaa sadarkaa biyyaalessaafi idil-addunyaatti muudataniifi rakkoolee keessoo muudatan hunda karaa tarsiimawaa ta’een keessa darbuun raawwii olaanaa galmeessiseera. Bu’aan raawwii hojii olaanaa kun bu’aa deeggarsa Boordii Daayireektarootaa, bilchina hoggansaa, dhamaatii hojjattoota hundaafi bu’aa tattaaffii qooda fudhattoota hundaa waan ta’eef, hundi keessan baga gammaddan; Baga waliin gammadne. Milkaa’ina olaanaa bara baajataa xumurameef gammachuu guddaa nutti dhagahame ibsaa bara baajataa haaraa eegalle kanaattis akkuma barame miira itti gaafatamummaa olaanaafi tokkummaadhaan milkaa’ina caalmaaf akka hojjannu waamicha dhiheessina.
Inshuraansii Awaash
