United Insurance Company S.C. Profile

About United Insurance

Establishment: Founded in November 1994 by 87 Ethiopian individuals and enterprises, United Insurance Company SC (UNIC-ETHIOPIA) began with an authorized capital of Br 25 million and an initial paid-up capital of Br 8.073 million, marking its entry into the Non-Life Insurance Business.

Expansion: In 1997, UNIC-ETHIOPIA became the pioneer private-sector insurance company to underwrite Life insurance, introducing With Profits Individual Life Policy. In October 2000, it acquired Lion Insurance Company SC, establishing its leadership in the industry.

Shareholder Base: Currently owned by 708 shareholders, UNIC-ETHIOPIA continues to grow and expand its reach within the Ethiopian insurance sector.

Capital Growth: With the thirteenth Extraordinary General Meeting of Shareholders in November 2022, UNIC-ETHIOPIA decided to increase its paid-up capital to ETB 1,500,000,000. By February 2024, the capital had reached ETB 1,056,846,000, reflecting the company's commitment to financial stability and growth.

Vision: UNIC-ETHIOPIA aspires to be the best insurance company in Ethiopia, characterized by professionalism, commercial prowess, and responsibility, offering comprehensive insurance coverage at competitive rates.

Mission: The mission of UNIC-ETHIOPIA is to provide complete insurance covers at economic rates, accompanied by honest, prompt, and courteous claims services. Leveraging state-of-the-art technology, the company aims to fully satisfy its customers, employees, shareholders, society, and the environment.

Core Values: United Insurance Company SC (UNIC-ETHIOPIA) upholds core values of customer supremacy, honesty, teamwork, dynamism, fairness, and social responsibility. By prioritizing customers, maintaining integrity, fostering teamwork, and embracing innovation, UNIC-ETHIOPIA aims to ensure fairness, equality, and positive social impact in all its endeavors.

Address and Contact Information

• Head Office: The United Insurance Company SC, Arada Subcity Woreda 01, H.No 220, Tewodros Square, < UNIC-ETHIOPIA > Building
•  Phone: +251111263434
•  Fax: +251111263677
•  Email: united.insurance@unic-ethiopia.com
•  P.O.Box: 1156 Addis Ababa, Ethiopia

Board of Directors

1. Ato Wondwossen Teshome- Chairperson
2. W/rt Teguest Yilma - Vice Chairperson
3. Ato Amare Gashaw – Director
4. W/ro Maryamawit Getamesay – Director
5. Negussie Aberra (Eng.) – Director
6. Ato Ermias Andarge – Director
7. Ato Asrat Arega – Director
8. Ato Ayalew Alemu – Director
9. Ato Alemayehu Gebre – Director
10. Ato Yinebeb Derseh – Director

Executive Management Team

1. W/ro Meseret Bezabih - GM/CEO
2. W/ro Azalech Yirgu - DGM-Life & MEDEXIN
3. Ato Tesfaye Desta - DGM-Operations Non-Life
4. W/rt Bethlehem Mekbib - Director-UIW & Tec. Services
5. Ato Dereje Demessie – Director, Claims & Eng. Services
6. Ato Tilahun Tadesse – Director, Business Development and Marketing
7. Ato Engida Kassaye – Director, Finance and Investments
8. Ato Gizie Alemu – Director, HR, and Admin.
9. Ato Yealemayn H/Mariam – Controller
10. Ato Aliye Mohammed – Manager, IT Services
11. Ato Aron Kassaye – Manager, Legal Services

Annual Reports

Please visit https://unic-ethiopia.com/annual-report/