Zemen Insurance Share Company (ZISC) is a Private Insurance Company which was established by 898 founding shareholders. ZISC is registered at Ministry of Trade and Industry on January 24, 2020. The Company got license to operate nonlife or general insurance business by National Bank of Ethiopia on January 17/2020 with an initial subscribed and paid up capital Ethiopian Birr/ETB/ of Birr 112.2 million and 79.89 million respectively at time of registration.
The Company commenced insurance operation as of June 5/2020. According to our audited financial statement at as at June 30, 2020, the Company had a paid up capital and equity of Birr 98, 799,200 and Birr 116,653,942 respectively. This is the highest amount of capital at launching operation in the Ethiopian Insurance history. The Company shareholders have decided to increase its subscribed capital to Birr 150 million from the current paid up capital of Birr 112,205,000 in its first extra ordinary meeting of shareholders.