United Insurance SC reported 59.87 million Ethiopian birr profit after tax in the 2012/13 fiscal year, a 65 percent growth over its performance reported a year earlier, according to Fortune.

The company made the announcement on October 24, 2013, at the Hilton Hotel, during the company’s general assembly.

The company has also reported a healthy liquidity, with its cash and cash equivalents representing 63.26 percent of its total assets.

United Insurance's underwriting gain has also grew by 52 percent to reach 80.1 million birr, owing to a decline of the net claims to net premiums earned ratio to 48.84 percent from the previous year’s 56.43 percent, Fortune reported.

Established in 1994 with an authorized capital of 25 million birr, United Insurance is currently owned by 340 shareholders.       

Source: Fortune