Business
Hibret Insurance Profit Hits 1.38 Bln Birr Despite Tax Surge
BirrMetrics · 2 hours ago · Read the Full Story on BirrMetrics
AI SUMMARY
Hibret Insurance reported a 36.9 percent increase in pre-tax profit to 1.38 billion birr for the financial year ending June 30, 2026, though a surge in income tax limited net earnings growth to 14.5 percent.
- Hibret Insurance reported a 36.9 percent increase in profit before tax to 1.38 billion birr for the financial year ended June 30, 2026.
- Net profit rose 14.5 percent to 965.3 million birr, up from 843.1 million birr the previous year.
- Income tax expenses surged 151.6 percent to 414.9 million birr due to changes in legislation affecting investment income.
- Gross written premiums increased 24.2 percent to 3.42 billion birr, driven primarily by general insurance.
- Non-life insurance accounted for 3.17 billion birr of total premiums, life insurance contributed 196.8 million birr, and Takaful generated 54.3 million birr.
- Revenue from insurance operations climbed 34.2 percent to 3.14 billion birr, and net investment income rose 32.6 percent to 722.1 million birr.
- Insurance service expenses before reinsurance increased 41.8 percent to 1.74 billion birr, outpacing revenue growth.
- The board of directors proposed distributing 868.8 million birr in dividends, representing about 90 percent of reported net profit.
- Paid-up capital rose nearly 40 percent to 1.88 billion birr by the end of June 2026 following a decision to increase capital to 2 billion birr.
- Basic earnings per share declined to 67.207 percent from 68.55 percent due to higher taxation and increased paid-up capital.
- Hibret expanded its property holdings by acquiring the Alpalo Building, a commercial property containing a basement, ground floor, and five upper floors.
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