Establishment

 

The United Insurance Company SC, better known as, UNIC-ETHIOPIA was established by 87 Ethiopians (individuals and enterprises) in November 1994 with an authorized capital of Br 25 million and an initial paid up capital of Br 8.073 million. It received its license and started writing Non-Life Insurance Business from just one office location at Meskel Square on 10 November 1994.

In 1997 it also became the first private-sector insurance Company to start underwriting Life insurance.  In this connection,¸<UNIC-ETHIOPIA> also became the first Company to introduce With Profits Individual Life Policy.

For the first time in the Country’s history, <UNIC-ETHIOPIA> acquired a relatively younger and smaller insurance company, then known to be Lion Insurance Company SC, in October 2000, thus setting the pace for the industry.

The company is currently owned by 499 shareholders. Following the decision of eleventh Extraordinary General Meeting of Shareholders held on 27 November 2018 to increase the paid-up capital to ETB500,000,00 until November 2022, the capital had reached ETB 473,354,979.69 at the close of business on June 2021.

UNIC-ETHIOPIA aims to be the best insurance company in Ethiopia, most professional, most commercial, and most responsible by providing complete insurance cover at economic rates, honest, prompt, and courteous claims services, to fully satisfy all its constituencies: Customers, Shareholders, Employees, Society and the Environment.