EIC
Following the footsteps of its socialist counterparts, and due to its status of sole operator, EIC has benefited from a monopolistic position for decades. The stability of such a situation has led to the creation of a breeding ground for the country's professional competencies to form and develop.
Despite the bureaucratic impediments of a centralized system, EIC has managed to build a company of international renown.
The year 1991 which marks the shift in the country's political orientation created a new context for EIC whose operations are, henceforth, in keeping with a liberal economic system that is submitted to the laws of the market.
In the course of this transitional stage which witnessed the emergence of new operators on the market, EIC has been compelled to relinquish a number of executive staff along with some business. Yet, in terms of technical and human potentials, the company is endowed with room for manoeuvre that is comfortable enough to face the current challenges and look to the future with serenity.
EIC in 2005
| Ownership | State owned company |
| Capital | 61 million ETB (7 million USD) |
| Turnover | 377.214 million ETB (43.5 million USD) |
| Net result | 65.042 million ETB (7.5 million USD) |
| Shareholder's equity | 196.678 million ETB (22.685 million USD) |
| Number of employees | 1285 |
Management
Managing Director | Mr Tewodros Tilahun |
Deputy Managing Director, Operation Division | Mr Alemayehu Tefera |
Deputy Managing Director, Marketing Division | Mr Tesfaye Alemu |
Manager, Audit Division | Mr Getachew Yisma |
Deputy Managing Director, Finance and Investment | Mr Dawit G/Amanual |
Deputy Managing Director, HRM & Property, Adm. Division | Mr Beyene Jeldu |
Manager, Reform Program, Organization and Method Service | Mrs Alemwork Kebede |
Manager, Information and Systems Service | Mr Mesfin Wolle |
Manager, Legal Service | Mr Tibebe Sirak |
Main financial highlights: 2001-2005
in millions USD| 2001 | 2002 | 2003 | 2004 | 2005 | |
|---|---|---|---|---|---|
Gross written premiums | 37.6 | 33.7 | 34.4 | 37.9 | 43.5 |
Net earned premiums | 19.8 | 20.5 | 21.8 | 21.7 | 25.5 |
Net incurred losses | 11.6 | 13.6 | 10.4 | 11.7 | 16.0 |
Loss ratio | 58.6% | 66.3% | 48.7% | 53.9% | 62.7% |
Total assets | 86.8 | 86.7 | 86.9 | 92.6 | 103.6 |
Shareholders' equity | 17.5 | 18.4 | 19.6 | 20.9 | 22.6 |
Financial income | 3.3 | 3.0 | 3.5 | 2.9 | 3.3 |
Technical result | 6.7 | 7.5 | 9.8 | 9.2 | 9.9 |
Result before tax | 6.2 | 6.1 | 6.8 | 7.6 | 7.5 |
Evolution: 2001-2005
Loss ratio: 2001-2005
Exchange rate ETB/USD as at 31/12 | 2001 | 2002 | 2003 | 2004 | 2005 |
0.1133 | 0.1153 | 0.1134 | 0.1130 | 0.1142 |
Contact
| Head office | P.O. Box 2545 Addis Ababa, Ethiopia |
| Phone | (+251) 11 551 24 00 |
| Fax | (+251) 11 551 74 99 |
eic [dot] mkt [at] ethionet [dot] et | |
| Website |
Distribution network
Ethiopian Insurance Corporation's distribution network is formed of 6 main branches, 25 agencies and 5 representation offices.
| 1. Combolcha | 14. Diredawa | |
| 2. Dessie | 15. Harar |  Source: www.eic.com.et |
| 3. Mekele | 16. Assebe Teferi | |
| 4. Nekemte | 17. Jijiga | |
| 5. Jimma | 18. Gonder | |
| 6. Gimbi | 19. Bahirdar | |
| 7. Nazareth | 20. Assela | |
| 8. Awassa | 21. Ambo | |
| 9. Dilla | 22. Assosa | |
| 10. Shashemene | 23. Metu | |
| 11. Arbaminch | 24. Mizanteferi | |
| 12. Ziway | 25. Hosana | |
| 13. Robe |
