Union Assurance delivers strong results with significant growth

Wednesday, 4 September 2024 00:05 - - {{hitsCtrl.values.hits}}

CEO Senath Jayatilake

Union Assurance has announced its impressive financial results for the first half of 2024, showcasing substantial growth and solid performance across key metrics.

Union Assurance’s gross written premium surged to Rs. 9.8 billion in 2024, representing a significant growth rate of 16% compared to the corresponding period in 2023. The company reaffirmed its commitment to policyholders by recording Rs. 3.3 billion in claims in the first half of 2024, staying true to its purpose of protecting lives and enriching the well-being of all Sri Lankans.

The company also reported a net investment income of Rs. 5.7 billion for the year, marking an impressive growth rate of 11%, compared to the corresponding period in 2023. This increase is attributed to Union Assurance’s efficient asset allocation strategy, despite the low-interest rate environment which prevailed in the market. The company’s assets under management reached Rs. 86.6 billion in the first half of 2024. Furthermore, the capital adequacy ratio was maintained well above the regulatory threshold. Market capitalisation also showed strong growth, increasing by 22% to Rs. 28.6 billion in the first half of 2024, reflecting heightened investor confidence and positive market perception.

CEO Senath Jayatilake said: “We are excited to share the financial results for the first half of 2024. Despite the volatilities in the operating environment, Union Assurance’s stellar performance underscores its resilience, agility and unwavering commitment to driving sustainable growth and delivering exceptional value to all its stakeholders, including customers, shareholders and the broader community. As we continue our journey this year, our dedicated team remains focused on optimising value and finishing the year strongly, reinforcing our position as a leading Life Insurer in the nation.”