Union Assurance maintains growth momentum in 2016

• Gross Written Premium up 19% to Rs. 8.3 b; recurring after tax profit up 17%

Union Assurance PLC (UA) reportedsteady progress in 2016, recording Rs. 8.3 billion gross written premium, a 19% growth compared with the previous year and profit of Rs. 1.3 billion compared with Rs. 2.3 billion in 2015.

The previous year profit was boosted by a gainof Rs. 1.2 billion from the sale of 78% stake in the general insurance business. Excluding this one off transaction, 2016 PAT was 17% higher than previous year.

As at 31December 2016, UA’s life fund stood at Rs.30 billion with a healthy capital adequacy ratio indicating the financial strength of the business.

In a statement UA said it has continuously invested in identifying customer needs and developing new products. During the year UA launched “Union Smart Health,” offering unique health insurance benefits to individuals and their families, and “Union 60 Plus,”catering to the protection and health insurance needs of senior citizens.

“Year 2016 was a remarkable year for Union Assurance as the company achieved significant financial milestones while securing national and regional recognition for sustainability initiatives, transparent reporting practices, human resource management and business excellence,” the statement added.

UA was adjudged winner in the Finance and Insurance sector at the Sustainability Awards conducted by the Association of Chartered Certified Accountants and was the only Sri Lankan insurer to be shortlisted for two awards at the Asia Sustainability Awards forum.

UA’s commitment to good governance, accountability and transparency was recognised with a Bronze award in the insurance category at the Institute of Chartered Accountants of Sri Lanka (ICASL) Annual Report Awards. The UA report alsoreceived the 2nd Runner up award from the South Asian Federation of Accountants (SAFA).  

UA was recognized as a “Great Place to Work” for the 4th consecutive year by the Great Place to Work Institutefor its best practices in people management.

UA secured six awards including the overall Silver Award in the Extra Large Business category and the Gold Award (1st place) in the insurance sector at the National Business Excellence Awards conducted by the National Chamber of Commerce.

UA’s corporate social responsibility arm, ‘Union Manushyathwaya’ carried out many projects during the year under dengue, thalassaemia and diabetes awareness. A national Dengue Awareness Day campaign was held on 6August with the assistance of the DMOH offices in 57 regions. Over 60 thalassaemia awareness programs and 14 diabetes programs were conducted during the year. During 2016 Union Manushyathwaya engaged with approximately 123,000 persons in the country.

UA is positioned on the promise of “trust” and strives to deliver this promise by being transparent, convenient, and respectful when dealing with all stakeholders. UA has protected many lives in Sri Lanka over the past 30 years, and will continue its journey of ‘Trusted Protection.’