United Insurance Company (UNIC) managed to increase it’s profit after tax by 80% from Birr 181.5 million to 327 million for 2023/2022 budget year. By 30th June 2023, the Company’s Paid-up Capital had grown by 68%, from Birr 499.2 million to Birr 840.5 million.

Gross Written Premium (GWP) for the year ended 30 June 2023 reached Birr 1.5 billion as opposed to Birr 953 million for 2022/21 fiscal year. While Birr 1.35 billion was generated from Non-Life business, Life insurance produced Birr 153.9 during the reporting year. The combined GWP grew by 58% in 2023/22.

The consolidated net claims incurred (Life and Non-Life combined) grew by about 33% and increased to Birr 463.5 million in 2023/22 as opposed to the previous year’s amount of Birr 349 million.

The Profit before income tax for UNIC showed a considerable growth of 89% to reach Birr 390.7 million from Birr 206.49 million in 2022/2021 fiscal year. The After-Tax Profit also shot up by about 80% from Birr 181.5 million to 327 million for the reporting year. Income Tax Expense for the year stood at Birr 63.6 million. Consequently, the basic earnings per share
grew from 37.08% of the preceding year (2022/21) to 47.99% (2023/22), showing a respectable growth.

Rent income generated from the four buildings owned by the Company increased by about 21% from Birr 45.8 million in the previous year to Birr 55.5 million in the year under report. Interest income accrued to the Company from bank fixed time deposit, saving account and interest on bonds grew by close to 72% from Birr 94.6 million in the previous year to Birr 162.6 million in the reporting year. Dividend income from Hibret Bank SC and Ethiopian Reinsurance Company SC grew by about 13% from Birr33 million in the previous year to Birr 37.4 million for the year under review. The Company’s total annual investment income increased by about 47% from Birr 173.5 million in 2022/21 to Birr 255.5 million in the year under review.

United Insurance Company’s total staff strength stood at 493. The total market outlets (Branches and Contact
Offices) of the Company reached 61 as of 30 June 2023.