Union Assurance reports steady performance in 2015

Union Assurance PLC (UA) recorded steady growth in Gross Written Premium (GWP) and profits in the first year operating as a standalone life insurance company. 

GWP for the 12 months to 31 December 2015 was Rs. 6.9 billion compared to Rs. 5.9 billion in the corresponding period, a growth of 17%. Profit After Tax (PAT), including the gain from sale of the 78% shareholding in the non-life company to Fairfax Asia amounted to Rs. 2.3 billion. PAT excluding the disposal gain amounted to Rs. 1,125 million compared with the Rs. 881 million PAT reported in 2014.

As at 31 December 2015, UA’s life fund stood at Rs. 26 billion with a healthy solvency ratio indicating the financial strength of the business.

Year 2015 was a remarkable year for Union Assurance, with one of the strongest performances in UA history. The company not only brought in numbers but also won many accolades during the year for its commitment to good governance, accountability and transparency from the Institute of Chartered Accountants of Sri Lanka (ICASL) and the South Asian Federation of Accountants (SAFA).  

UA was also recognised at the National Business Excellence Awards for Excellence in the Insurance sector and Excellence in Corporate Governance. 

Further UA was adjudged the ‘Winner’ in the Financial Services and Insurance category at the ACCA Awards held recently. 

UA’s best people management practices was recognised by the Great Place to Work Institute and won the Gold Award for people development practices from the Sri Lanka Institute of Training and Development (SLITD). 

UA was also recognised by Celent for the e-learning platform implemented across the company to fulfil the training requirements to foster the sustainable development of its distribution staff.  

Anchored by a team of experienced and dynamic professionals, a strong capital base, and re-insurance partnerships with highly rated global reinsurers Union Assurance is positioned on the promise of “trust” and strives to deliver this promise by being transparent, convenient, and respectful, when dealing with all stakeholders at all times.