Zemen Insurance Share Company held its General Assembly today, where the performance of the company for the fiscal year 2023-24 was a central topic of discussion. Shareholders were notably excited about the significant increase in earnings per share (EPS), which soared to an impressive 74.8%. This remarkable figure has generated enthusiasm among investors, indicating the promising future that lies ahead for this relatively new player in the Ethiopian insurance market.

During the assembly, the financial highlights were unveiled, showcasing a staggering profit of 151,333,502 Ethiopian Birr for the fiscal year. This marks an incredible 229% growth compared to the previous year’s profit of 45,905,090 Ethiopian Birr. Such performance underscores the company’s commitment to growth and excellence in service delivery, reinforcing its position in the competitive landscape of the insurance sector. Additionally, the company declared a dividend per share of 56%, further demonstrating its commitment to rewarding shareholders and enhancing investor confidence.

Zemen Insurance was established on January 24, 2020, by 926 shareholders and registered with the Ministry of Trade and Industry. It obtained a non-life or general insurance license from the National Bank of Ethiopia on January 17, 2020, and commenced operations on June 5, 2020. Since its inception, the company has focused on providing high-quality insurance solutions, aiming to meet the diverse needs of its clients while ensuring sustainable growth.

As Zemen Insurance continues to make strides in the industry, its current capital structure reflects a strong foundation for future endeavors. The total equity stands at 392,160,834 Ethiopian Birr, with 234,217,902 Ethiopian Birr paid up. This robust capital base not only positions the company for future expansion but also enhances its capacity to underwrite various insurance products effectively.

The General Assembly concluded with a sense of optimism among shareholders, who are keen to witness how Zemen Insurance will leverage its impressive performance to capitalize on future opportunities in the insurance market. With a solid track record and a commitment to excellence, Zemen Insurance is poised for significant growth in the coming years, further solidifying its reputation as a trusted insurer in Ethiopia.