Union Assurance completes a successful Q2 in 2018

UAL reported steady progress in the life insurance business, reporting 12% growth in gross written premium compared with the previous year. Profit amounted to Rs. 604 million compared with 175 million in 2017. Profit in the quarter does not include a surplus from the life business which is actuarially valued at year end. 

As at 30 June, UA’s life fund stood at Rs. 31 billion with a healthy solvency ratio indicating the financial strength of the business.

As in previous years, UA declared a higher than guaranteed dividend rate of 10.25% to eligible policyholders for 2017. This was higher than the minimum guaranteed rate of 10% and is also higher than the average market interest rate of 9.01% for year 2017. 

UA received several acknowledgements for their outstanding HR practices. The Great Place to Work (GPTW) Institute recognised Union Assurance for the sixth consecutive year as a work place that is conducive to growth and personal development. UA also received accolades at the Sri Lanka Best Employer Brand Awards, winning two awards for ‘Talent Management’ and ‘Best Employer Brand.’ 

Anchored by a team of experienced and dynamic professionals, UA is backed by a strong capital base and reinsurance partnerships with highly rated global reinsurers. Celebrating over 30 years of excellence, Union Assurance continues to invest in people, products and processes to drive towards a successful mission of creating life changing partnerships for all stakeholders.