Oromia Insurance Company (OIC) has announced strong financial results for the fiscal year ending June 30, 2024. Despite the challenges posed by a volatile economic environment, OIC reported a 28% increase in gross written premiums, reaching Birr 2.15 billion.
The company’s product offerings span life and health insurance, general insurance, agriculture, micro insurance, and Takaful (Islamic) insurance, catering to a wide range of clients.
OIC achieved an earnings per share (EPS) growth of 44%, translating to Birr 440 for each share with a par value of Birr 1,000. The company’s underwriting results surged by 49%, from Birr 549 million in the previous year to Birr 818 million. OIC’s paid-up capital increased by 39% to Birr 1.2 billion, enabling the company to take on larger risks and enter new markets. Its total assets grew by 32%, reaching Birr 5 billion, while its gross profit hit a record Birr 603 million, reflecting a 53% year-on-year increase.
OIC also expanded its national footprint, opening six new branches across regions including Somali, Gambela, and Benishangul Gumuz, bringing its total to 62. The company’s workforce grew to 542 employees, supporting its growth plans.
Significant contributions to the company’s growth came from its general insurance segment, which generated Birr 1.9 billion, a 19% increase. Life and Health insurance premiums grew by 67%, while Takaful insurance exceeded expectations, reaching 246% of its target.
Oromia Insurance continues to invest in infrastructure, with Birr 1.25 billion allocated to the construction of a new 40-story headquarters.
Source: Capital Ethiopia
