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    • 2015/16 YEAR REPORT: POSITIVE NET RESULTS REGISTERED!


      The United Insurance Company SC announces positive net results in the closed financial year, 2015/16. The Company registered Br 60,811,793 profit in the specified period from its both life and non-life insurance operations, income from investment and non-investment sources.

      The company underwrote a premium of Br315 Million from general insurance and Br 27 million premium generated from long-term insurance. Accordingly premium income from general insurance grew by 6% and life business also registered commendable result.

      NON-LIFE BUSINESS

      Much of the modest growth recorded in non-life business was the result of significant growth registered in respect of three major classes of businesses, namely, Fire and General Accident grew by 32%; the combined premiums of what our Company calls as the "group of small-premiums” classes (Accident & Health/Personal Accident/Workmen’s Compensation and General Liability) by 27% and motor by 11%.

      With a written premium of Br192, 982,826, Motor/Auto insurance continued to account for the largest premium volume in the Company's total premium portfolio as at 30 June 2016. At nearly 61%, it was even marginally higher than its share in the previous year, which was 59%.

      During the year under report, every class of business it underwrote produced positive or underwriting surplus. On 30 June 2016, the Company had achieved an Underwriting Surplus of Br70, 832,073.

      LIFE BUSINESS

      During the reporting period, the Company wrote a gross written premium of Br27, 045,735, which grew by about 6.3% as compared to last year.

      The company conducts valuation of premium from life insurance once every two years.  Actuarial Valuation made as at June 30, 2016 shows Br16.844 million surpluses transferred from life fund.

Copyright © 2015 The United Insurance Company SC
The United Insurance Company SC (< UNIC-ETHIOPIA >)
Telephone: +251 11 465 5656 Fax: +251 11 465 3258
P.O.Box: 1156 Email: info@unic-ethiopia.com
Website: www.unic-ethiopia.com