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[Oct 2017] United Insurance S.C Latest Ethiopian News AddisBiz.com | Ethiopian Business Directory & Portal - Addis Biz

United Insurance (UNIC) earns 60.8 million br net profit for 2016 / 2016 Year

United Insurance Company S.C (UNIC) has reported a stagnant net profit as earnings per share contracted and income from insurance units slumped.

The company reported a slight increase in net profits after tax by less than one percent to 60.8 million Br. However earnings per shares (EPS) declined from 384.8 Br to 312.6 Br.

UNIC’s underwriting surplus, which accounts for 66pc of its income, sank to 70.8 million Br in twelve months from 92.1 million Br a year earlier. Smaller rivals, like Lucy Insurance separately

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United Insurance Profits Down to 60.29m Br

A small deterioration in market share for United Insurance has come with a marked reduction in its Earnings per Share (EPS), its latest financial statement released October 22 revealed, but it could be part of a sound strategy, says an expert.

The descent has seen it go from EPS of 677 Br in 2012/13 to 547.66 Br in 2013/14 to 384.4 Br in the fiscal year which ended on July 7, 2015. Chairman of the Board, Zafu Eyesuswork, told the 21st General Assembly at Hilton Addis Hotel that United’s market share had gone down from 5.9pc in

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