The United Insurance Company (UNIC), one of the first insurers to enter the market when the private sector was allowed to reengage, generates more than one billion birr in premiums. The firm’s great stride was also anchored by increased capital and in contrast to what was anticipated, earnings per share also increased dramatically. The chairperson of the insurance company board of directors, Wondwossen Teshome, said during the company’s 29th general assembly on Thursday, November 9, that UNIC had achieved significant milestones in the fiscal year that ended on June 30, 2023. According to him, the firm has identified this year as an exceptional one since it paved way for earnings to a premium of more than one billion birr during the fiscal year. According to the annual report, the insurance company’s gross written premium (GWP) for both life and general insurance operations increased by 58 percent to reach 1.5 billion birr from 953 million birr, the previous year. According to the annual report, the GWP for general or nonlife insurance alone surpassed one billion birr, rising from 860 million birr to 1.35 billion birr. The premium rate increase on vehicle insurance beginning in November 2022 was noted as the primary driver of the 57 percent rise in the general insurance GWP. In the reporting year, nearly every business class experienced growth; however, the motor class had a 77 percent increase in comparison to the previous year. Similar to this, UNIC’s life insurance business has shown impressive growth on GWP. The life business has grown by 65 percent in the closed year, reaching 154 million birr. The net claims for both insurance businesses have now increased by 33 percent in the reported year, that is, from 349 million birr to 463.5 million birr. “The corporate loss ratio, however, has dropped dramatically to 47 percent from 61 percent in the 2021/22 fiscal year. Additionally, it is less than the industry average of 59 percent for the fiscal year 2022/2023,” the annual report stated.