Companies develop their own best corporate strategy in order to cope up with the dynamically changing market environment. Strategic projects are expected to be derived from the grand strategy so that they are considered as tools to achieve the strategic objectives. Once projects are initiated from the corporate strategy their alignment shall be consistently ensured in the processes of the entire project management phases. This research work is conducted on assessing alignment of projects with corporate strategy in the case of Ethiopian Insurance Corporation (EIC). To this end the researcher tried to understand the existing practice in the area of Strategy formulation and implementation; project management practice and alignment of the two components: project management and corporate strategy. Alignment between the two exist means the resources and activities of projects are brought in line with the strategic goals and targets of the company. When alignment is achieved success of projects will be highly improved. With an objective of assessing the alignment practice in EIC, five research questions were constructed. While conducting the study the researcher has used qualitative research approach with descriptive research design using semi-structured interview. Using purposive sampling technique nine (9) participants were objectively selected to be interviewed. The findings of the study revealed that even though projects are initiated from the corporate strategy itself; gaps were identified in general on project management practice, portfolio management as well as execution and monitoring existing practices. By taking the gaps into consideration, associating with previous works and available literatures to continuously assess the strength of alignment between projects and strategy then taking corrective actions is finally recommended. This is very essential for the company in order to improve the general practice of project management and strengthen the alignment.