Union Assurance continues growth momentum in 2013 3Q

Friday, 15 November 2013 00:22 - - {{hitsCtrl.values.hits}}

Union Assurance PLC (UA), a leading player in the Sri Lankan insurance sector, maintained its growth momentum in both turnover and profits for the nine months ended 30 September 2013. UA reported a 10% growth in combined gross written premiums and 31% growth in profit after tax compared to the same period of the previous year.

The combined Gross Written Premium (GWP) increased by Rs. 697 million to Rs. 7.7 billion in the 3rd quarter 2013 from Rs. 7 billion in the corresponding period. Non-life insurance GWP recorded a growth of 14% from Rs. 3.3 billion in 2012 to Rs. 3.8 billion in 2013, which was above the industry average for the period. Both corporate and retail customer segments and all classes of non life insurance business reported year on year growth. The life insurance segment contributed Rs. 4 billion to the combined GWP with a growth rate of 6%. Total net revenue for the period increased to Rs. 8.7 billion (2012 - Rs. 7.9 billion), a 10% growth compared to the same period of 2012. Profit before tax amounted to Rs. 328 million, a 22% increase compared to the same period in 2012. Profit after tax increased by 31% to Rs. 291 million from Rs. 222 million in the first nine months of 2012, excluding the surplus from life insurance business which is determined after an actuarial valuation at the end of the year. As at 30 September 2013, UA’s life fund (including the unit linked fund), which is one of the largest life funds in the Industry stood at Rs. 18.7 billion with a healthy solvency ratio indicating the financial strength of the life business. UA was most recently recognised as the ‘Best Service Brand’ at the SLIM Brand Excellence Awards 2013, being awarded Silver in the ‘Service Brand of the Year’ category. The company was also recognised as a ‘Great Place to Work’ by the Great Place to Work Institute, celebrating UA’s many initiatives to ensure employee engagement, satisfaction and welfare. The Union Assurance brand is positioned on the promise of “trust” and strives to deliver this promise by being transparent, convenient and respectful when dealing with all stakeholders.