Nov 12 , 2022
Premiums underwritten for clients in the aviation and marine industries seem to have driven business for United Insurance, a veteran in the industry. It was incorporated in 1994 with a paid-up capital of eight million Birr, raised from 87 founding shareholders. Its directors met their shareholders last week at the Sheraton Addis, with the good news that the company has registered 200 million Br in gross profit in its operation year of 2021/22. The gains in profit represent a 21pc increase from the previous year's performance. Its paid-up capital reached half a billion birr after the 519 shareholders voted to raise the subscribed capital four years ago. United Insurance's total assets reached 2.1 billion Br, after collecting close to 954 million Br in premiums. The firm, operating with 54 branches, invested in real estate, collecting over 45 million Br from building rentals of four properties. Its revenues from general insurance services have registered a 30pc growth, reaching over 860 million Br and life insurance premiums increased by 30pc to more than 93 million Br. The rising number of car accidents and the soaring prices for spare parts has pushed its annual net claims ratio by 21pc to 349 million Br. The Board Chairperson, Mulualem Berhane (PhD), applauded the performance, considering the current political climate and the global economic slowdown.
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