Hibret Insurance has reported a net profit of Birr 525.27 million for the 2023/24 fiscal year, reflecting a 60.62% increase over the previous year. This was announced at the company’s annual general meeting of shareholders held this week.

Hibret Insurance's total premium income for the year reached Birr 1.96 billion, with non-life insurance products contributing Birr 1.7 billion. The company’s paid-up capital rose to Birr 1 billion, marking a Birr 221 million increase from the prior year. Additionally, profit per share rose from 47.99% to 53.21%.

Despite a challenging economic environment marked by inflation, currency devaluation, and restricted access to foreign currency, Hibret Insurance achieved a 30.19% growth rate, outpacing the industry average of 23.72%. The company also disbursed Birr 693 million birr in claims - a 49.57% increase compared to the previous year.

Hibret Insurance cited ongoing conflicts, inflation, foreign currency shortages, and banking restrictions as key obstacles impacting business activities across Ethiopia. Increasing competition and occasional unethical practices within the insurance industry added further challenges throughout the year.

Source (including image): Sheger FM 102.1