Union Assurance reports steady progress up to H1 2015

Friday, 21 August 2015 00:21 - - {{hitsCtrl.values.hits}}

Union Assurance PLC (UA) recorded a steady growth in gross written premium (GWP) and profits as at the end of the second quarter of 2015. GWP for the six months to 30 June was Rs. 3.2 billion, compared to Rs. 2.8 billion in the corresponding period, a growth of 15%.

Total net revenue excluding gains recorded from disposal of the non life business amounted to Rs. 4.4 billion, which was a 6% increase over the previous year. Total net revenue including the gain was Rs. 5.6 billion.

Profit after tax (PAT), including the disposal gain amounted to Rs. 1.4 billion. PAT excluding the disposal gain amounted to Rs. 194 million which is a 169% increase over the Rs. 72 million PAT reported in 2014. The above PAT figures do not include a surplus from the life business, as the surplus is transferred at year end following actuarial valuation.

As at 30 June, UA’s life fund stood at Rs. 25 billion with a healthy solvency ratio indicating the financial strength of the business.

On 28 May, the Board of Directors of Union Assurance PLC resolved that up to a maximum of 26,785,714 of its ordinary shares will be repurchased at a price of Rs. 167.80 per share on a pro rata basis of 10 shares for every 32 shares held.