Union Assurance continues to report steady progress in 1Q
Wednesday, 25 June 2014 00:00
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Union Assurance PLC (UA), a leading player in the Sri Lankan insurance sector recorded steady growth in combined gross written premium (GWP) and profits in the 1st quarter of 2014.
Combined GWP for the quarter amounted to Rs. 2,743 million. Life insurance premiums amounted to Rs. 1,382 million and nonlife premiums contributed Rs. 1,361 million. Profit After Tax (PAT) increased by 11% from Rs. 111 million in 2013 to Rs. 124 million in 2014. PAT excludes the surplus from life insurance segment which is determined after an actuarial valuation at the end of the year.
As at 31 March, UA’s life fund stood at Rs. 20 billion with a healthy solvency ratio indicating the financial strength of the life business.
UA continued to receive a number of awards for its commitment to good governance, transparency and innovative use of technology. UA was adjudged second runner up, in the Insurance Sector Category at South Asian Federation of Accountants (SAFA) Best Presented Annual Report Awards 2012, and was also the recipient of a Certificate of Merit for Corporate Governance Disclosures at the SAARC Anniversary Awards.
The company was adjudged winner in the Banking, Finance and Insurance sector at the ‘Sustainability Reporting Awards 2013’ organised by the Association of Chartered Certified Accountants (ACCA) Sri Lanka.
Union Assurance was also adjudged a winner in the Social empowerment category at the recently concluded ‘Asia Responsible Entrepreneurship Awards 2014 – South Asia’ organised by Enterprise Asia in New Delhi, for UA’s remarkable contribution to the community in creating a healthy and safer tomorrow. UA’s road safety campaigns include the setting up of crime prevention hoardings and conducting road safety awareness programs for school children, drivers and parents, in association with the Sri Lanka Police. The company also conducts dengue awareness programs, and Thalassaemia prevention awareness programs, in association with Ministry of Health to create a healthier community.
UA was recognised among the top 15 best placed to work in Sri Lanka in an independent survey conducted by the Great Place to Work Institute, further reinforcing the company’s people management practices and culture. This was the second successive year that the company received this accolade.
UA also received the Celent Model Insurer Asia Award 2014 for developing a digital toolkit including financial needs analysis, quotation and proposal form generation capability off tablets and lap top computers for convenience of the life sales distribution team and their customers.
The latest addition to the growing list of UA’s technology innovations is a motor insurance app for smart phone users to check their claims status, obtain a quote or contact the nearest UA branch office. The app also provides a one touch direct dial facility to contact the UA call centre in case of an accident or emergency.
These awards and innovations further endorse UA’s brand position of “trust,” which is delivered by providing “convenience” to customers, being “transparent” in our business dealings and acting respectfully to all stakeholders.
