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Ethiopia: Oromia Insurance's profit doubles

December 11, 2013 - 6:00am


Oromia Insurance S.C. registered a profit after tax of 22.4 million Ethiopian birr ($1.2 million) in 2012/13 double the from the prior year, Addis Fortune reported.

Tesfaye Desta, chief executive officer of Oromia, said the no-premium-no-coverage directive "has a positive effect on our liquidity." The insurer's underwritten gross premiums rose 27% to ETB 193.4 million.

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