Union Assurance records outstanding growth in 3Q

Monday, 12 December 2022 00:13 - - {{hitsCtrl.values.hits}}

Union Assurance CEO Jude Gomes

Union Assurance said it has achieved impressive financial growth in Q3 2022 despite challenging market conditions.

Union Assurance (UA) rallied to become the second largest regular new business premium producer in the third quarter. Among the top 5 players in the industry, UA was one of the only two companies to record positive regular new business premiums, recording a 10% growth, an outstanding double-digit growth for the nine months ending 30 September.

The third quarter financial results showed significant growth over the corresponding period in 2021. Profit before tax for the company enhanced by 14%, from Rs. 333 million to Rs. 379 million. Total net revenue grew remarkably by 33%, from Rs. 5.22 billion to Rs. 6.95 billion. The gross written premium grew from Rs. 3.96 billion to Rs. 4.10 billion, while the net written premium increased from Rs. 3.78 billion to Rs. 3.87 billion. In addition, the company honoured Rs. 1.5 billion in claims, compared to Rs. 1.3 billion in the corresponding period in 2021. Profit from operations also grew by 8%, an increase from Rs. 293 million to Rs. 318 million.

CEO Jude Gomes said: “Despite the macro challenges, Union Assurance achieved outstanding growth across key financial indicators.”

“Our customer-centric strategy, service excellence, and the seamless new-age digital experience we offer propelled our growth,” he added.

Gomes also said that the company will pursue leveraging its expertise and innovative energy to empower Sri Lankans pursue their dreams, providing protection against financial pitfalls.

CFO Asha Perera said: “The company’s proactive strategic financial management has proved crucial, helping drive growth across key parameters. We continue our focus with a robust strategy, which, along with our efficient management systems and processes, will ensure steady growth for the company.”

The total assets of Union Assurance at the end of September 2022 stood at Rs. 73 billion while the total assets of the Life Insurance Fund were at Rs. 61 billion.