Union Assurance maintains growth momentum in 2013

Friday, 7 March 2014 04:28 - - {{hitsCtrl.values.hits}}

Union Assurance (UA) continued to report growth in terms of premium income and profitability. Combined life and non life insurance premiums crossed Rs. 10 billion in 2013 and profit after tax passed the Rs. 1 billion mark as well. Life insurance premiums increased by 10% from Rs. 5.1 billion in 2012 to Rs. 5.5 billion in 2013. Non life insurance premiums also grew by 17% from Rs. 4.6 billion to Rs. 5.4 billion over the same period. The life segment reported a profit of Rs. 791 million and the non life segment accounted for the balance profit after tax. As in previous years, several steps have been taken to strengthen UA’s balance sheet. Net assets increased from Rs. 4.3 billion in 2012 to Rs. 5.1

billion in 2013, and the company is well positioned to meet the enhanced capital requirements as per the risk based capital framework proposed by the Insurance Board of Sri Lanka. “The commitment and innovative spirit of the UA team is evident in the results achieved by the company,” noted Dirk Pereira, CEO of Union Assurance. “The future landscape for both life and non life businesses is very bright, and we believe we have the right people, products and brand to reap maximum benefits,” he added. Union Assurance continued to receive accolades for transparency, good governance and excellent business practices both nationally and internationally. The company’s financial disclosures and corporate governance practices were judged amongst the best in Sri Lanka and the South Asia Region by the Institute of Chartered Accountants of Sri Lanka (ICASL) and the South Asian Federation of Accountants (SAFA) respectively. UA was adjudged the overall winner in ‘Excellence in Performance Management’ and the Gold award winner for ‘Business Excellence’ in the insurance sector at the prestigious National Business Excellence Awards organised by the National Chamber of Commerce. Initiatives to enhance the UA brand was recognised for the 2nd consecutive year as the company received a silver award in the ‘Service Brand of the Year 2012’ category at the Sri Lanka Institute of Marketing, Brand Excellence Awards ceremony. Its sustainability practices were recognised by the Association of Certified Chartered Accountants (ACCA) at the recently concluded ACCA Sustainability Awards as well. The company is mindful of its responsibility to the community, and works closely with the Sri Lanka Police and Ministry of Health to implement programmes related to road safety and health awareness which are the strategic CSR platforms for the non life and life business segments respectively. These platforms are directly linked with UA’s business activities and are closely monitored in terms of their impact on the community. UA is the first private insurer to celebrate over 26 years of operations in the country, and is anchored by a team of experienced and dynamic professionals, a strong capital base, and reinsurance partnerships with highly rated global reinsurers. The Union Assurance brand is positioned on the promise of ‘trust’ and strives to deliver on this promise by being transparent, convenient, and respectful, when dealing with all stakeholders.