Union Assurance reports steady 3Q progress

Union Assurance PLC reported positive results in both turnover and profits for the nine months ended 30 September 2010.

General and life insurance premiums increased by 9% from Rs. 4.4 billion to Rs. 4.8 billion for the nine months ended 30 September 2010 compared to the same period of the previous year.

This was mainly due to the increase in life insurance premiums which grew by 19% from Rs. 2 billion in 2009 to Rs. 2.4 billion in 2010. General insurance premiums recorded a marginal growth of 0.3% compared to the previous year.

Profit before taxation increased by 20% from Rs. 169 million as at September 2009 to Rs. 202 million as at September 2010.

Profit after tax also increased by 8% from Rs. 133 million in September 2009 to Rs. 144 million in September 2010.