OIC Background

Oromia Insurance Company S.C was established and licensed by the National Bank of Ethiopia to carry on general Insurance business on 26 January 2009, now OIC transacts all classes of insurance: Non-life Insurance, Life Insurance and Micro Insurance. It commenced operation on 9 February 2009.  It was established by 540 founding shareholders (now 815) with paid-up capital of Birr 26 million (now 84.6 million) and subscribed capital of Birr 85.084million.

This is the demonstration of the Company commenced operation with strong and reliable financial capacity being the first of its kind to mobilize such a huge amount of paid-up and subscribed capital in the country’s insurance industry. Moreover, diversity of its shareholders, with more than half of it being farmers union, speaks volume of how the company has strong social basis.

The Company with its vision of becoming a leading insurer has crafted suitable mission that is customized to address the acute needs of its customers and has also developed reliable and continuously improving strategic plans to make sure its vision realized.

Oromia Insurance Company S.C believes that the quality of its workforce is cardinal to its success. As a result, it boasts the go-getter executive management team who are insurance acumens and leadership mavens.  The company’s human capital, in general, comprises the brightest young, diligent and honest employees who are well endowed with the quality of top-notch customer services. Our human capital is of diverse background and well trained to cope with customer services which is usually manifested in customer satisfaction with underwriting and claims processing services.                                                                                       

  II. SHAREHOLDERS AND CURRENT FINANCIAL STATUS OF THE COMPANY       

       No. of Shareholders                                        815

       Authorized Capital                                         Br. 200 million

                Subscribed Capital                                         Br. 85.084 million

                Paid-up Capital                                              Br. 84.6 million

                Total Asset as at June 2014                             Br 390 million

                    Number of Branches                                            27

                Number of Contact Offices                                     6