Awash Insurance S.C. began trading on the Main Market of the Ethiopian Securities Exchange (ESX) on November 10, becoming the first insurer and the first non-bank financial institution to list on the exchange. Its shares tripled in their first morning of trading.

The listing covers 8,000,000 existing ordinary shares with a par value of 500 birr each, registered with the Ethiopian Capital Market Authority on September 30. No new shares were sold and the company raises no money from the listing; existing shareholders can now trade their holdings through licensed brokers.

The stock, trading under the ticker AWIN, changed hands at 1,500 birr against a reference price of 500 birr, its par value, a gain of 200%.

By late morning 1,800 shares had traded across three deals, while buyers bid for another 3,600 shares at 1,500 birr.

The numbers behind the listing

Awash Insurance, founded in 1994 by 456 shareholders, is Ethiopia’s largest private insurer. Its prospectus puts its share of industry gross written premium at 11.0%, and its share of industry equity at 17.9%.

In the 2024/25 fiscal year, gross written premium rose 45.4% to 4.53 billion birr. Profit before tax climbed 27.3% to 1.11 billion birr, and profit after tax rose 24.9% to 956.8 million birr. Investment income, up 33.9% to 812.6 million birr, contributed more than the insurance business itself, whose service result was 711.3 million birr.

Total assets grew 38% to 11.12 billion birr and equity reached 5.07 billion birr. The solvency ratio improved to 2.31 times. Paid-up capital has since risen to 3.38 billion birr from 2.65 billion birr, as the company accelerated collection of outstanding subscriptions to fund, among other things, a headquarters tower under a contract of about 3.6 billion birr.

The company has paid generously. It declared 713.4 million birr in dividends for 2024/25, a payout ratio of 71.5%, though most of it, 580.3 million birr, was reinvested into capital rather than paid in cash.

Underwriting has tightened. The non-life net claims ratio rose to 56% from 47%, and the share of premium retained after reinsurance fell to 64% from 69%. Early figures for 2025/26 show gross written premium above 6 billion birr, up 35%.

The listing puts both halves of the Awash group on the exchange; Awash Bank listed as AWAB in April. The two share a brand and origin, and they own stakes in each other.

That link is also the insurer’s biggest concentration. Its Awash Bank holding was worth about 2.46 billion birr at June 30, 2025, about 90% of its equity portfolio and 22% of total assets. The prospectus flags that any weakness in the bank’s profits or dividends would hit the insurer’s earnings and equity.

Ownership is otherwise widely spread. The company has 2,175 shareholders and no one holds 5% or more; the largest named holder, Oda S.C., owns about 3%.

Awash Insurance joins six banks, Wegagen, Gadaa, Awash, Abay, Bank of Abyssinia and Sidama, and Ethio Telecom on the Main Market. Two more insurers, Nib Insurance and Zemen Insurance, already hold ESX approval in principle to list.