Union Assurance’s 1H results demonstrate resilience and growth

CEO Jude Gomes

Deputy CEO Senath Jayatilake

Union Assurance yesterday announced exceptional financial performance for the first half of 2023, building on its success at the beginning of the year. 

The company’s remarkable growth across key performance indicators underscores its unwavering commitment to delivering value to its stakeholders. 

Union Assurance’s Gross Written Premium continued its upward trajectory, surging 13% during the first half of the year, surpassing the industry growth of 9%. This growth was driven by a 14% increase in Regular New Business Premiums, an 11% increase in Renewal Premiums, and a remarkable 102% increase in Group Life Premiums. Union Assurance also solidified its position as the third-largest Regular New Business Provider in the first half of 2023. 

Additionally, the company’s Investment Income grew by an impressive 64% during the first half of 2023, corresponding to the same period in 2022, a testament to an efficient asset allocation strategy that capitalised on a high-interest rate environment. Union Assurance also recorded a 12% increase in the Investment Portfolio during the first half of 2023, since December 2022. Profit After Tax experienced a staggering 90% increase during the first half of 2023, driven by a higher investment income generated in the first half of 2023, corresponding to the same period in 2022.

Union Assurance’s Capital Adequacy Ratio showed remarkable improvement, reaching an impressive 337% at the end of the first half of 2023, compared to a ratio of 194% in December 2022. This accentuates the company’s efficient assets and liabilities management, and its resilience to thrive in changing environments.

The company’s Total Assets reached Rs. 83.6 billion at the end of June 2023, with a Life fund value of Rs. 60.4 billion, reinforcing its sound financial position as a trusted Life Insurer in Sri Lanka. The company’s Market Capitalisation stood at Rs. 18 billion at the end of June 2023.

CEO Jude Gomes said: “We are delighted to report outstanding growth in the first half of 2023. These results reflect the dedication of our team, the trust of our valued customers, and the effectiveness of our strategic initiatives.”

Deputy CEO Senath Jayatilake said: “These outstanding results reflect Union Assurance’s commitment to growth and financial stability. The company remains dedicated to providing innovative and reliable life insurance solutions that contribute to enriching the well-being of our customers.”