United Insurance Company (UNIC) has reported that it gross written premium reached 597.4 million birr for the 2020 / 2019 budget year. The company’s profit has increased by 22%. The company’s profit before tax increased to 147.8 million birr while it’s earning per share decreased from 337 birr for the 2019/2018 fiscal year to 299 birr for the current year.
Out of the 597 million birr collected, 551.6 million birr is from non-life insurance related sectors while the remaining 45.8 is from life insurance.
As per the previous year’s decision to increase the company’s capital from 250 million to 500 million birr, the current year’s capital has reached 436.3 million birr. The company’s annual report shows that United Insurance has received returns on it’s real estate investments. The company has earned considerable amount of income from rental fees from 4 buildings which it owns. This has also allowed the company the avoid expensive rental fees.
United insurance has received return on its investment in Ethiopian Re-insurance and United Bank while reports show that it didn’t get any returns on it’s investment on Habesha Cement S.C.
United insurance currently has 488 shareholders.