Union Assurance records Rs. 5.2 b PBT

 John Keells Holdings and Union Assurance Chairperson Krishan Balendra 

Union Assurance Chief Executive Officer Senath Jayatilake 

• Fortifies financial position by delivering best-in-class value 

Union Assurance PLC has recorded a strong financial performance with growth across key metrics for the year ending 31 December 2024. 

The company achieved a 15% growth in gross written premium, totalling Rs. 21.6 billion driven by double-digit growth in both regular new business premiums and renewal premiums and paid Rs. 7.7 billion worth of claims and benefits to its customers during the year. In addition, for the year ending December 2024, the company also declared an industry-leading universal life policyholder dividend rate of 12%, underscoring its continued commitment to deliver exceptional value to its customers. 

Net investment income recorded a 9% year-on-year growth to reach Rs. 11.8 billion aided by an effective asset allocation strategy. The gains from the trading investment portfolio increased by 123% to reach Rs. 2.9 billion driven by the strong performance of the Colombo Stock Exchange during the latter part of the year. 

Union Assurance distributed Rs. 3 billion as surplus from the policyholder fund and reported a profit after tax of Rs. 3.7 billion for 2024. The company declared a final shareholder dividend of Rs. 5.00 per share amounting to a total payout of

Rs. 2.9 billion.

A key milestone for Union Assurance in 2024 was the surpassing of Rs. 100 billion in total assets for the first time in its history, ending the year with Rs. 109.5 billion. This underscores the company’s solid financial foundation and growth trajectory. The company’s assets under management grew by 15% during the year, reaching Rs. 95.6 billion driven by market valuation gains and cash generation from business operations. Furthermore, Union Assurance’s capital adequacy ratio stood at a healthy 264% at the end of 2024, well above the regulatory minimum of 120%. 

Union Assurance is a subsidiary of John Keells Holdings PLC, the largest conglomerate listed on the Colombo Stock Exchange. John Keells Holdings and Union Assurance Chairperson Krishan Balendra reflected on the company’s performance, stating, “Union Assurance emerged stronger and more resilient in 2024 by navigating many challenges and taking up opportunities to drive strong business growth. We sustained our growth momentum and our commitment to deliver value to our stakeholders, which resulted in Union Assurance recording a strong financial performance for the year.”

Union Assurance Chief Executive Officer Senath Jayatilake mentioned, “We are extremely pleased with Union Assurance’s strong performance in 2024, reflecting our commitment to delivering financial strength, customer value and sustainable growth. Once again, we have demonstrated our ability to drive growth across all indices and the results reflect the effectiveness of our strategy and our dedication to excellence in everything we do. I would like to express my heartfelt gratitude to our customers, employees, distributors and investors for their continued trust and support. As we move forward, Union Assurance remains committed to building on this momentum and achieving even greater success in the future.” 

Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 4,300+ strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.