Lucy Insurance Secures a profit of over 10 million birr before tax

Lucy Insurance S.C. held the 3rd Regular and 5th Extraordinary Annual General Meeting of shareholders on the 21st of November, 2015 at Desalegn Hotel.

Ato Abayneh Kebede, Vice Chairperson of the Board of Directors, while presenting the company’s Annual Performance Report announced that the company has got a profit of birr 10,643,550 before tax. According to him, 2014/2015 Fiscal Year is unique in that it was accompanied by two great achievements. He said, one of these achievements is its profitability and the other success it has got in the year is that it has met the paid up capital requirement by the National Bank of Ethiopia.

In his report the Vice Chairperson underscored that the company has underwritten 4,610 policies from which it was able to get premium revenue of birr 57,006,900.62 and the total asset of the company reached birr 125,173,377.53.

In the 5th Extraordinary General Meeting of shareholders held on the same date the shareholders have made a thorough discussion and reached an accord to raise the paid up capital of the company to birr 200,000,000.00.

In his concluding remark Ato Abayneh said that Lucy has to strive more than ever to avoid its weaknesses and in order to do so the company has put future focus areas that need particular attention.