Union Assurance reports balanced growth in 1H 2013
Wednesday, 21 August 2013 00:00
Union Assurance PLC (UA), a leading player in the Sri Lankan insurance sector, sustained its growth momentum in both turnover and profits during the first half of 2013. UA reported a growth rate of 10% in combined gross written premium and 21% growth in profit after tax compared to the same period of the previous year.
The combined gross written premium of Rs. 5.2 billion in the first six months of 2013 was an increase of Rs. 490 million compared to Rs. 4.7 billion in the corresponding period. Non life insurance gross written premium recorded a 17% growth from Rs. 2.2 billion in 2012 to Rs. 2.6 billion in 2013. Both corporate and retail customer segments and all classes of non life insurance businesses reported a year on year growth. The life insurance segment contributed Rs. 2.6 billion to the combined GWP.
Total net revenue for the period increased to Rs. 5.8 billion (2012 - Rs. 5 billion), a 17% growth when compared to the same period of 2012. Profit before tax amounted to Rs. 215 million, a 13% increase compared to the same period in 2012. Profit after tax increased by 21% to Rs. 190 million from Rs. 157 million in the first half of 2012, excluding the surplus from life insurance business which is determined after an actuarial valuation at the end of the year.
As at 30 June 2013, UA’s life fund (including the unit linked fund) stood at Rs. 17.9 billion with a healthy solvency ratio indicating the financial strength of the life business.
The company was recently recognised as a Great Place to Work by the Great Place to Work Institute, celebrating UA’s many initiatives to ensure employee engagement, satisfaction and welfare. The Union Assurance brand is positioned on the promise of “trust” and strives to deliver this promise by being transparent, convenient and respectful when dealing with all stakeholders.