United Insurance has emerged as a powerhouse in the private insurance industry, boasting a notable surge in net profits with 80.1% growth to 327 million Br.
Hibret Insurance has emerged as a powerhouse in the private insurance industry, boasting a notable surge in net profits, making it second only to Awash Insurance. The robust financial performance was supported by a substantial increase in earnings per share (EPS).
The firm's focus on retaining a high percentage of its premiums is evident in its retention rate and increased gross written premiums. Income from dividends, interest, and rent rose by 47.3% to 255.6 million Br.
Strong Financial Performance
The company recorded an 80.1% net profit surge to 327.02 million Br. Its industry-leading EPS jumped by 29.4% to 479.85 Br, higher than the private insurance industry average of 34.2%.
Total gross written premium soared by 58.4% to 1.51 billion Br, of which 74% was retained, marking a 3.5% increase from the prior year. According to Board Chairperson Wondwossen Teshome, the success came despite an economic climate marked by persistent inflation and foreign currency shortages.
