Ethiopian Reinsurance Share Company (Ethio Re) has appointed Netsanet Lemesa (pictured above) as its new chief executive officer, marking a leadership transition at Ethiopia’s only domestic reinsurer.
The appointment was announced at a company event held on April 21, at its Addis Ababa headquarters.
The ceremony included remarks from Lemesa, who acknowledged the contributions of acting CEO Fikru Tsigaye and noted his long-standing connection to Ethio Re.
Prior to this role, Lemesa served as CEO of Ethiopian Insurance Corporation, a major shareholder in Ethio Re. In his speech to staff, he outlined priorities including operational innovation, strategic partnership development, and fostering collaboration across the organization.
Tsigaye also addressed attendees, expressing confidence in Lemesa's leadership and emphasizing shared goals for the company’s future.
Ethio Re was established in July 2016 under the country’s Insurance Business Proclamation and operates as a composite reinsurer, covering both life and non-life lines. It remains Ethiopia’s sole domestic reinsurance provider.
The company is owned by a mix of public and private financial institutions, with a 40% combined stake held by the government through the Commercial Bank of Ethiopia and Ethiopian Insurance Corporation.
As of June 2024, Ethio Re counted 127 shareholders, including 7 banks, 17 insurance companies, 102 individual investors, and one labor union.
In its financial results for the 2023/24 fiscal year, Ethio Re reported a 60% rise in net profit to 391 million birr. Reinsurance revenue reached 2.2 billion birr, up 29% year-on-year, while service expenses increased by 2% to 2 billion birr.
Investment income totaled 317.7 million birr, representing an 18% gain from the prior year. Earnings per share stood at 21.7%, and the firm’s paid-up capital reached 1.96 billion birr, well above the National Bank of Ethiopia’s 500 million birr minimum requirement.
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