Awash Insurance Company Inc. In the last fiscal year, it collected more than 1.28 billion in premiums, setting a new record in the history of private insurance companies. Our company has collected more than 952.2 million Birr in premium income in the general insurance business during the fiscal year, and has recorded a 23 percent increase in sales revenue in this sector. The Life Assurance sector also achieved a 181% increase in premium income of over 332.6 million birr, and a total of 1.28 billion birr in premium income was recorded in both sectors, a 44% increase in total income. For this total amount of premium income, our company was the first among the 17 private insurance companies and set a new record. As a result, the company recorded a profit share of 36% by earning more than 281.7 million in net profit in the last financial year. The paid up capital of the company at the close of the financial year i.e. It reached more than 754.88 million Birr on June 30, 2021.
In addition, based on our company’s vision to become a competitive and preferred company in East Africa, we have successfully completed the 10-year Strategic Roadmap, Transforming AIC: Vision 2030. It is announced that it will be implemented from July 1, 2021. It is believed that this ten-year master plan will elevate the company from its current national status to become strong and competitive in East Africa.
On the other hand, our company, taking into account the ever-increasing needs of customers, launched a Sharia-ruled service called Salam Kekful in 2010. Starting from July 1, 2021, it has started offering to our customers. It is with great pleasure to announce that our company has fulfilled all the necessary conditions to provide standard and superior services in this sector and is providing services through selected branches in accordance with the full license and approval received from the National Bank of Ethiopia. This is a type of service provided under the brand name of Salam Kekaful, which is governed and governed by Sharia laws and is being provided to all those who want the service at selected branches of our company located in our capital and regional cities.
In addition to the General Insurance Information System (GIIS) and Enterprise Resource Planning (ERP) that the company has already developed, in this fiscal year, by working with foreign consulting firms, the Life and Health Insurance Information System (LHIS) has been upgraded, tested, and confirmed its reliability and updated its service delivery. He managed to succeed. Therefore, by successfully implementing the general insurance information system technology, for the first time in the history of the insurance industry in our country, achieving a successful and very satisfactory result and modernizing the system, all departments, branches and liaison offices are using the information technology system to provide integrated and efficient services to the user community. The number of employees has reached more than 600 and the number of branches with link offices has increased in 2010. He reached 59 on June 30/2021.
Most of all, the main credit and gratitude for the company’s current level of development and success are its most valuable customers who have been with us for the past 26 years with absolute loyalty and partnership, so our company respectfully extends our gratitude to them.
