Message from the CEO


It is my pleasure to welcome and congratulate shareholders for being
the first insurance Company to generate the first ever high profit in the
insurance industry’s during the preoperational period.
Initially I joined Zemen as Project Manager and member of the Organizing
Committee of Zemen Insurance S.C and currently working as founding
CEO of Zemen Insurance S.C, it is a special privilege to me to address the
message on behalf of members the Company’s management team and
staff to those reading this message.

Zemen Insurance S.C formation was initiated by shareholders of Zemen
Bank in 2017. Five of these Zemen Bank shareholders took the initiative
to promote, organize and reach this stage which was in fact possible
mainly because of the support of Zemen Bank shareholders and
Zemen Bank Staff.

This was why we were able to sell such amount of
shares in seven months. Unfortunately, there was a delay in response
time for some of our requests during the licensing time. Movement
of people and processing the documentation was also challenged
due to the impact of COVID 19.

The forecasted Ethiopian secondgrowth and transformation plan did not materialize as planned due
to various factors. Among the many infrastructural projects such as
railway, road, power plants, dams including the great renaissance
dam, partial privatization of some telecom infrastructure did not
materialize timely and cost effectively.

Political instability also jeopardized
the expected investment growth. This in turn led under performance of
the economy where the growth forecasted was far less from the forecast
and previous years’ performance. Yet we had entered the market with
the expectation that things will improve gradually.
Most important is that we have come up with a different business model
and will work towards that.