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- Location Addis Ababa
Lucy Insurance S.C. was established in 2012 with 39 Visionary Shareholders who are renowned business people involved in various businesses in the country. The company was established with a paid up capital of birr 8,035,000.
The company has grown its Paid up Capital to Birr 75,000,000.00 as per the Directive of the National Bank of Ethiopia that requires Insurance companies to raise their minimum paid up capital to 60,000,000.00 and 75,000,000.00 for General Insurance & General & Life Insurance respectively. As of today, the number of the company’s shareholders reached 508. In its annual meeting of shareholders it was decided that the company’s paid up capital has to be raised to Birr 200,000,000.00.
In the first year of its establishment Lucy was able to make a modest profit which shows that it is building its financial strength from the very beginning. The profitability has continued for the second year that made the shareholders to reap the fruit of their sweat by distributing 28.3% dividend per share. For another third year the company was able to get a profit of over birr 10,000,000 before tax and the forth year was marked by getting a profit of over birr 15,000,000 before tax.
Lucy has been rendering the insurance service to the society on Lucy Tower found next to Waryt. In its view of expanding its service in different places of Addis Ababa as well as in the country, it has opened nineteen branch offices in Addis Ababa (Main, Merkato, Megenagna, Stadium, Bole, Kality, Haya Hulet, Piassa, Yerer, Kera, Lideta, Bole Medhanialem, Yoseph, Addisu Gebeya, CMC, Lebu, Arat Kilo, Beklobet and Habte Gorgis) and six branch offices in Hawassa, Adama, Mekele , Wolaita Sodo, Debre Berhan and Bahirdar. Therefore, including its Main Branch, it has got twenty five branches.
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