Union Assurance continues to make financial progress during 3Q

Union Assurance (UA) has reported steady progress in the life insurance business, reporting 9% growth in gross written premium compared with the previous year. 

Income generated from investments grew significantly by 13% to Rs.3,036 million for the reporting period.Expenses though high compared to corresponding previous year was spent in line with a business plan to strengthen the long-term prospects of the business. 

Profit after tax amounted to Rs. 2,242 million compared with 267million in 2017. With the introduction of the new tax base in terms of Section 67 of the Inland Revenue Act No. 24 of 2017, UA will have taxable income from the year ending 31 December 2018,enabling the company to claim its brought forward tax losses against its taxable income within a period of six years. 

Accordingly, during the quarter under reviewa deferred tax asset amounting to Rs.1,532million arising from brought forward tax losses as at 31 December 2017 has been recognised.

Profit up to the third quarter does not include a surplus from the life business which is actuarially valued at year end.

As at 30September 2018, UA’s life fund stood at Rs.31 billion with a healthy solvency ratio indicating the financial strength of the business.

This financial quarter has been aprogressive time for Union Assurance with multiple local and international accomplishments and recognitions. 

Portraying its financial strength, UA become the only Sri Lankan company to make it to the Forbes Best Under Billion List in 2018 emerging from a list of 24,000 eligible companies in Asia. 

Admiring its significant role and outstanding performance in their consumer-facing business, UA was also recognised as the only Life Insurance Company in Asia to be included among Asia’s 100 fastest growing brands, based on a comprehensive survey conducted across more than 25 Asian countries by the Media Research Group (MRG).

Continuing its best practices to foster a nurturing workplace environment, UA was recognised as a Great Place to Work for the sixth consecutive year. 

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 create life changing partnerships for all stakeholders.