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.

Source: Fortune