Union Assurance records impressive growth in 1H

Monday, 8 August 2011 00:00 - - {{hitsCtrl.values.hits}}

Union Assurance PLC (UA), a leading player in the Sri Lankan insurance sector, recorded continuous growth in the first half of 2011 with an impressive growth rate of 28% in combined gross written premiums compared to the same period of the previous year. The outstanding results reflect the continued focus on improving the turnover and profitability of the company.

Combined gross written premiums of the company increased from Rs. 3.1 billion to Rs.3.9 billion for the six months ended 30 June 2011 while life insurance gross written premium grew by 34% from Rs. 1.5 billion in 2010 to Rs. 2 billion in 2011 compared to the same period of the previous year.

The general insurance gross written premium also recorded a 22% growth from Rs. 1.6 billion in 2010 to Rs. 1.9 billion in 2011. Growth was reported from the corporate and retail customer segments, and from all classes of general insurance business (except property).

Profit after tax increased by 18% from Rs. 104 million in June 2010 to Rs. 123 million in June 2011 excluding the surplus from life insurance business which is determined after the an actuarial valuation which is conducted at the end of the year .

The outstanding growth rate of the company can be attributed to innovative and customised solutions it offered to customers both in the general and life insurance sectors. The highly trained and professional sales force of the company displayed exceptional performance throughout the period, securing new businesses and consolidating relationships with existing clients with a renewed focus on service.

Among the innovative products which the company launched in the general insurance sector, Health Net, an overseas medical insurance policy, won the admiration of many industry experts with its affordable premium and exceptional benefits it offers to holders. Health Net offers specialised overseas medical care at over 3,800 best-in-class hospitals in India at an amazingly affordable premium.

Union Assurance PLC’s Life portfolio, which also contributed to the outstanding half yearly results, consists of a diversified product range traditional and investment linked products.

As at end of 30 June 2011 the Union Assurance life fund stands at Rs. 12.9 billion which is one of the largest life funds in the insurance industry. The Union Assurance brand is positioned on the promise of “trust” and strives to deliver this promise by being transparent, convenient and respectful in all dealings with all stakeholders.