Lion Insurance, a key player in Ethiopia’s insurance sector for 17 years, has achieved a major milestone by surpassing Birr 1 billion in premium revenue for the first time. The company’s total premium revenue reached Birr 1.173 billion, marking a 41 percent increase compared to the previous year.
Abrham Gebreamlak, Chairperson of the Board of Directors, highlighted the industry’s challenges, particularly the shortage of skilled personnel leading to low wages and benefits. He emphasized the company’s focus on developing employee capacity and fostering leadership.
The company reported Birr 42 million in total compensation costs for the fiscal year, with a compensation ratio of 63.8 percent. Lion Insurance also posted a net profit of Birr 185 million and offered an average dividend share of 57.6 percent.
The life insurance segment, now in its second fiscal year, recorded Birr 23.1 million in premium revenue, up from Birr 4.4 million the previous year, increasing the company’s market share to 1.2 percent. Lion Insurance’s total assets grew by 33.9 percent, reaching Birr 2.78 billion.
During its 17th General Meeting of Shareholders, the company announced Birr 421.9 million in compensation payments and a result of Birr 280.6 million from insurance operations—an 82.4 percent rise. Investment income before tax stood at Birr 143.9 million, contributing to a total profit of Birr 211.2 million, up 179.3 percent.
Lion Insurance also gained National Bank approval to launch Takaful insurance products, expanding its offerings to meet diverse customer needs.
Source: Capital Ethiopia
