Union Assurance reports steady progress in core business

Tuesday, 7 June 2016 00:02 - - {{hitsCtrl.values.hits}}

UAL reported steady progress in the Life Insurance business, reporting 23% growth in gross written premium compared with the previous year.

Profit amounted to Rs. 61 million compared with 1.4 billion in 2015.

The previous year figure was boosted by the gain from sale of 78% stake in the General Insurance business.

Profit in the quarter does not include a surplus from the life business which is actuarially valued at year end.

As at 31 March 2016, UA’s Life Fund stood at Rs. 27 billion with a healthy solvency ratio indicating the financial strength of the business.

Union Assurance recently launched ‘Union Smart Health’ which reimburses the hospitalisation and healthcare expenses of policyholders and their family members.

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The solution offers several unique features including a ‘revive benefit’ which enables policyholders to claim again in the event that 100% of the claimable funds having been utilised, provided that the treatment is not due to an illness which resulted in prior hospitalisation.

Another unique feature is the ‘no claim bonus’ where the maximum annual benefit limit is increased by 25% if a claim has not been lodged.

Overseas treatment in India, Singapore and Malaysia is also available under this policy.

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.