United Insurance Company (UNIC), one of the private insurers in Ethiopia, has reported a net profit of 60.81 million Birr in the past fiscal year. The performance shows a 1 percent increase when compared to the insurance company’s 2014/2015 year performance.
However, the earning per share has declined to a little over 300 Birr. According to Fortune, this has happened following to the company’s shift in strategic direction from quantity to quality.
In the fiscal year UNIC’s motor claims took a lion share of compensation paid. Compared to the year previous to it, there is a 1 percent increase in the compensation payment amount. Such is said to have attributed for gap between growth of expense and income.
According to Fortune, the total number of outlets in the insurance industry has increased by 39 to 426. However, UNIC has managed to raise its outlets by 1 to 30 in 2015/2016 fiscal year.
2015/2016 fiscal year has also seen the insurance industry registering a premium income of 6.1 billion Birr. This was a growth of 900 million Birr when compared to the year previous to it.
3915 Views Comments
Louvres Hotel Group, number one hotel group in East Africa, signed its 3rd hotel in Ethiopia, pursuing the expansion of an ambitious network covering sub-Saharan
5834 Views Comments
Safaricom has denied reports of the company entering into the Ethiopian market. The Kenyan telco had been said to be gearing up for its first venture
3955 Views Comments
Flying even more greener; Ethiopian Airlines Group, the largest airline in Africa, is pleased to announce that it has fully digitalized all its business processes