Global Credit Rating (GCR) Affirms Ethio Re initial international and national scale financial strength ratings of B- and AA (ET) respectively; Outlooks Stable.

Ethiopian Reinsurance S.C a.k.a. Ethio-Re would like to announce that Global Credit Rating (GCR) Affirms Ethio-Re initial international and national scale financial strength ratings of B- and AA (ET), respectively with a stable outlook.

Management assures that the rating was one of the “Big Five Pillars” of the newly designed strategic plan “Vision 2030”, and finalized as per its time scale. Ethio- Re would also like to seize this opportunity to thank all its business partners and the regulator for creating a sound business and regulatory environment which contributed to the results achieved.

As affirmed by GCR, the ratings assigned to Ethio-Re balance its strong financial profile with an intermediate business profile. The financial profile is characterized by very strong capitalization, strong liquidity, and sound earnings. Ethio-Re notably benefits from legal cessions in Ethiopia, anchoring a strong local competitive position, despite the limited presence in other target markets. Risk-adjusted capitalization is viewed to be very strong, underpinned by a large capital base catering for a low level of aggregate risk exposures. Ethio-Re also displays sound earnings supported by healthy underwriting profitability and investment returns, among others.

On behalf of the management, employees, and Board of Directors we would like to seize this opportunity to announce this milestone in the company’s history and to thank you for your usual cooperation and support extended to Ethio-Re.