Ethiopian Insurance Corporation
Fiscal Year 2017 EC (2025/2026 GC)
Revenue
ETB 9.1B
Net Profit
ETB 1.6B
Total Assets
ETB 24.3B
Total Equity
ETB 5.6B
Profit Breakdown
Key income statement items
Cash Flow Activities
Net cash from each activity
Asset Composition
Breakdown of total assets
Statement of Profit or Loss and Other Comprehensive Income – Combined Business
FY 2017 EC
| Item | Amount (ETB) |
|---|---|
| Insurance Service | |
| Insurance Revenue | 9,130,175,810 |
| Insurance Service Expenses | -5,785,329,061 |
| Net Expenses from Reinsurance Contracts | -292,670,894 |
| Insurance Service Result | 3,052,175,855 |
| Investment Return | |
| Finance Income | 776,246,648 |
| Investment Income | 193,064,165 |
| Investment Return | 969,310,813 |
| Net Finance Expenses from Insurance Contracts | -194,704,868 |
| Net Finance Income from Reinsurance Contracts | 156,775,776 |
| Net Investment Return | 931,381,722 |
| Other Items and Tax | |
| Other Income | 175,599,569 |
| Finance Expense | -3,804,989 |
| Other Operating Expenses | -2,297,416,914 |
| Share of Profit (Loss) of Equity Accounted Investees | 126,925,546 |
| Profit before Tax | 1,984,860,788 |
| Income Tax | -387,294,930 |
| Profit for the Year | 1,597,565,858 |
| Other Comprehensive Income | |
| Fair Value Gains/(Losses) on Financial Assets | 1,789,666,916 |
| Re-measurement of Defined Benefit Liability | 52,576,968 |
| Related Tax | -552,673,165 |
| Other Comprehensive Income, Net of Tax | 1,289,570,719 |
| Total Comprehensive Income | 2,887,136,577 |
Statement of Financial Position – Combined Business
As at end of FY 2017 EC
| Item | Amount (ETB) |
|---|---|
| Assets | |
| Property and Equipment | 920,720,557 |
| Intangible Assets | 65,509,797 |
| Right of Use Assets | 140,000,536 |
| Investment in Securities | 4,328,737,569 |
| Investment in Associates | 658,727,708 |
| Loans | 21,712,348 |
| Statutory Deposits | 88,786,680 |
| Office Supplies | 30,659,933 |
| Receivables | 1,544,705,297 |
| Prepayments | 149,852,582 |
| Reinsurance Contract Assets | 8,759,747,333 |
| Fixed Time Deposits | 5,425,182,995 |
| Cash and Cash Equivalents | 2,186,398,076 |
| Total Assets | 24,320,741,410 |
| Liabilities | |
| Deferred Tax Liability | 512,156,798 |
| Lease Liabilities | 75,880,410 |
| Employee Benefits | 507,562,822 |
| Insurance Contract Liabilities | 14,919,814,673 |
| Provisions | 175,045,315 |
| Payables | 285,859,132 |
| Creditors Arising Out of Reinsurance Arrangements | 903,631,570 |
| Dividend Payable | 1,118,296,101 |
| Current Tax Liability | 257,995,605 |
| Total Liabilities | 18,756,242,426 |
| Equity | |
| Capital | 592,000,000 |
| Legal Reserve | 592,000,000 |
| Retained Earnings | 2,380,450,619 |
| Defined Benefit Reserve | 22,269,425 |
| Fair Value Reserve | 1,977,778,941 |
| Total Equity | 5,564,498,985 |
| Total Liabilities and Equity | |
| Total Liabilities and Equity | 24,320,741,410 |
Cash Flow Statement
FY 2017 EC
| Item | Amount (ETB) |
|---|---|
| Operating Activities | |
| Profit before Tax | 1,984,860,788 |
| Impairment of Financial Assets | -44,943,911 |
| Depreciation and Amortization | 118,094,298 |
| Adjustments for PPE and Intangible Assets | 1,665,878 |
| Subtotal | 2,059,677,053 |
| Increase/(Decrease) in Inventory | -9,821,211 |
| Increase/(Decrease) in Receivables | -499,871,147 |
| Increase/(Decrease) in Interest Receivables | -155,558,826 |
| Prepayments | 39,965,949 |
| Changes in Reinsurance Contract Assets | -1,763,749,311 |
| Changes in Finance Lease Obligations | 13,016,828 |
| Increase/(Decrease) in Provisions | 52,918,493 |
| Increase/(Decrease) in Payables | 42,099,825 |
| Creditors Arising Out of Reinsurance Arrangements | 541,175,899 |
| Changes in Insurance Contract Liabilities | 3,494,257,258 |
| Changes in Employee Benefits | 72,604,978 |
| Income Taxes Paid | -484,658,969 |
| Net Cash Provided by Operating Activities | 3,402,056,820 |
| Investing Activities | |
| Acquisition of Investment Securities | -996,143,577 |
| Additional Investment in Associate | -46,477,712 |
| Purchase of Intangible Assets | -38,376,337 |
| Payment for Fixed Time Deposits | 6,295,245 |
| Acquisition of Property, Plant and Equipment | -299,224,836 |
| Collection of Loans | 2,264,832 |
| New Loans Granted | -2,908,390 |
| Purchase of Leases | -56,635,108 |
| Net Cash Used from Investing Activities | -1,431,205,882 |
| Financing Activities | |
| Dividends Paid | -941,014,668 |
| Net Cash Used in Financing Activities | -941,014,668 |
| Net Change in Cash | 1,029,836,268 |
| Closing Cash & Equivalents | 2,186,398,076 |
Extracted from audited financial statements via OCR. Figures in Ethiopian Birr.