Lucy Insurance has gained a profit of Birr 14.8 Million Before tax

Lucy Insurance S.C. has got a profit of birr 14.8 million before tax after settling claim payments for accidents occurred to its customers in the year 2016/17.

This was announced on the 5th Annual General Meeting of Shareholders held on 11th November, 2017 at Addis Ababa Hilton Hotel. Ato Mesfin Tefera, President, Board of Directors of Lucy Insurance S.C. has presented the company’s performance report for the year 2016/17 to the shareholders. In his report he said that this is the 5th year when the company becomes profitable although the year 2016/17 was full of challenges in terms of production and claims not only for Lucy Insurance S.C. but also for the whole Industry.

Ato Mesfin Tefera presenting the company’s performance report for the year 2016/17

According to him, the company has given cover to risks amounted birr 21.5 billion and sold 7,333 policies. The company has got premium revenue of birr 114.6 million from the policies sold and settled claim payments of birr 40.6 million to its customers.

Partial View of the meeting

In his closing message Ato Mesfin said that the company has aimed to start giving new products and open new branches to build the capacity of the company and to boost its revenue.