Lion Insurance Company (LIC) conducted this year’s general assembly where it disclosed its achievements gained through the just-ended Ethiopian fiscal year (EFY).
The company was established in 2007 with an initial paid-up capital of Br.16 million and a subscribed capital of Birr 66.4 million (one of the highest capitalized companies in the private insurance sector at formation). Now those numbers have grown to Br.195 million and Br.300 million, respectively.
With regards to LIC’s portfolio, the motor class of business production group took the lion’s share to stand at 53% followed by pecuniary (monetary) and liability at 11% and 8.6%, respectively.
To name a few other essential figures assembled from its general assembly:
- Assets: surged by 35% to reach Br.1.3 billion in the 2021/22 financial year from 978 million birrs a year ago.
- Liability: increased by 42% peaking at Br.989 million.
- Gross Written Premium: exhibited an increment of Br.69 million or 17.4% and is now at Br.464 million.
- Retention Rate: stands at 74%
- Gross and Net Claims Settled: registered an uncommon decline of 4.6% and 13%, respectively.
- Underwriting Surplus: Due to the gap between written premiums and claims settled, LIC managed to make a surplus of Br.145.2 million with a 22 % increment compared to Br.119 million from a year back.
- Profit before Tax: increased by 8.1 % reaching almost Br. 64 million. After-tax, this number was reduced to Br. 61.3 million, up from the Br.57 million the previous year
