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United Insurance Share Company (UNIC) announced a profit of 40.7 million birr during the last Ethiopian Fiscal Year 2011/12 ending June 30, 2012.
United almost doubled its net profit before tax to reach about 40.7 million birr. The net profit before tax for the previous fiscal year (2010/11) was about 22.63 million birr.
Girma Wake, chairman of the board of directors has also asked to be released from his duties.
This record profit is the first success for the new CEO Meseret Bezabih, who replaced Zafu Eyessuswork Zafu the former CEO who spent several successful years in the insurance firm, which is one of the oldest and strong private financial firms since the free economy is introduced two decades ago.
The annual report released this week, on October 11 at the 18th annual general meeting, also showed that earnings per share for the insurance company grew by nearly 34 percent to reach about 514.90 birr per share compared to the previous fiscal year of almost 385 birr.
The report also said that the increased tempo of economic activities spearheaded by huge government projects has positively influenced the growth of market premiums from which United Insurance had its fair share.
The implementation of the recently proclaimed compulsory third party motor insurance was also mentioned as one of the reasons cited for the growth of premiums in the motor class of business.
It also said the company’s integrated systems computerization project has been completed in the previous fiscal year enhancing its ability to respond to customer needs as well as its own need for better information and timely decision making has been notably upgraded.
However the report stated that the insurance company was not without its challenges during the previous fiscal year with a heated contestation occurring with the Akaki-Kality sub city administration on a 10,000sqm of land located in the district.
The piece of land located in the district which was being used as a recovery site and another part of it for commercial property purposes was finally reinstated to United Insurance Sh. Co. and development of the property commenced in July 2012.
Girma who was former CEO of Ethiopian Airlines asked to be released from his position citing work related condition.
Zafu, one of the nine board members and founder of UNIC, told Capital that Girma has explained that it is difficult for the former Ethiopian CEO to attend the board meeting due to his work condition. Girma is now working as an advisor in Rwanda.
Founder and former CEO of United Insurance Zafu Eyesuswork Zafu during the general assembly announced a new selection of board of directors that were elected following the annual meeting. On the general Assembly held on last Thursday Niguse Abera, Yemane Bisrat, former board chair of UNIC, and Meseret Bezabih, the current CEO are elected by the shareholders. The CEO and United Bank represented by Taye Dibekulu are serving another term. The other board members are Zafu Eyesuswork, Ayele Yebasa, Kindanemariam Abadi, Ambanesh Kebede and Abera Mulat. Yemane and Niguse have replaced Girma Wake and Moges Alemu.
United Insurance also celebrated its successful year with a reception at the Hilton where its CEO Meseret Bezabih thanked customers and invited guests. It also recognized its best performing sales agents and branch managers.
United Insurance Share Company also revealed that it responded positively to the national call for mobilization of resources for the Grand Renaissance Dam by committing more than 13 million birr.