Dear Shareholders, Distinguished Guests, and Partners,
It is my great pleasure to welcome you all to this important gathering and to present
the CEO’s remark for the 2024/25 fiscal year. This year has been one of both meaningful
progress and profound lessons for Zemen Insurance S.C. We navigated an operating
landscape characterized by economic uncertainty, regulatory shifts, rising competition,
and organizational transitions. Yet, despite these challenges, our company demonstrated
resilience, discipline, and strategic focus achieving commendable performance in
growth, profitability, and institutional strengthening.

Our Gross Written Premium Income (GWPI) reached Birr 699.5 million, marking a 28.27%
growth from last year, an achievement realized despite delayed branch openings, high
staff turnover, and market distortions affecting pricing and fair competition. While we fell
short of our target, the growth underscores our expanding customer base and increasing
market relevance. Profitability also showed a strong performance: Zemen registered Birr
211.8 million in gross profit 40.3% above budget and a 19.54% increase from last year.
Our paid-up capital grew substantially to Birr 415.3 million, strengthening our financial
foundation, while total assets surpassed Birr 1.36 billion, reflecting a solid and growing
balance sheet.

These achievements were made possible not only by effective governance and operational
management but also by prudent investment decisions, improved claims handling, strong
risk management practices, and the dedication of our employees. We also expanded our
workforce by 44% and implemented 35 training programs, reaffirming our commitment to
developing a competent, customer-focused team.

However, our journey was not without challenges. Economic slowdown, inflation, social
instability, regulatory amendments, portfolio concentration in motor business, limited digital
infrastructure, and gaps in talent retention affected operational efficiency and strategic
implementation. We acknowledge these constraints and view them as catalysts for
transformation.

Looking forward to 2025/26, our strategic focus is clear and ambitious. We will accelerate
branch expansion, implement a modern core insurance system, revamp our HR policy and
introduce a succession plan with attractive benefit package, enhance brand visibility,
strengthen operational excellence, and diversify into long-term insurance, Takaful, and
micro insurance. We will also work diligently to secure our own head office facility an
essential step toward building long-term institutional brand identity and stability. Above all,
we remain committed to improving customer experience, driving sustainable growth, and
upholding compliance with the National Bank of Ethiopia.

As CEO, I am deeply grateful for the unwavering support of our shareholders, the confidence
of our customers, the collaboration of brokers and reinsurers, the guidance of regulators,
and the dedication of our board of directors, management, and employees. Together,
we have laid the foundation for a stronger, more competitive, and future-ready Zemen
Insurance.

Thank you.