Union Assurance reports steady progress in 1Q 2015

Friday, 15 May 2015 00:29 - - {{hitsCtrl.values.hits}}

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Union Assurance PLC (UA), a leading Life insurance provider in the Sri Lankan insurance sector, recorded steady growth in gross written premium (GWP) and profits as at the end of the first quarter of 2015. GWP for the three months to 31 March 2015 was Rs. 1.6 billion compared to Rs. 1.4 billion in the corresponding period, a growth of 13%.

Total net revenue of the company and investee (including share of profit of the associate) grew by 65% to Rs. 3.3 billion in 2015 from Rs. 2.0 billion in 2014 mainly due to gains recorded from disposal of non-life business. Increase in total net revenue excluding gains from the disposal was 4%.

Profit after tax (PAT), excluding disposal gain of non-life business increased from Rs. 40 million in 2014 to Rs. 101 million in 2015. The company has not recognised a surplus from the life business during the first quarter of 2015, as the surplus is transferred at year end following actuarial valuation.

As at 31 March 2015, UA’s life fund stood at Rs. 24 billion with a healthy solvency ratio indicating the financial strength of the business.

Union Assurance was recognised at the Celent Model Insure Asia Award 2015. UA’s e-learning platform which provides access to learning and development tools 24x7 to the life sales force was adjudicated the winner under the category of Operational Excellence in Non-Core Systems. This is the 3rd time UA has been recognised at this prestigious event, which draws entries from global as well as regional insurance companies.

UA has continuously received a number of awards for its commitment to good governance, accountability, transparency, and innovative use of technology, including recognition from the Asia Insurance Technology Awards (AITAs), South Asian Federation of Accountants (SAFA), the Institute of Chartered Accountants of Sri Lanka (ICASL) and Association of Chartered Certified Accountants (ACCA) during the years.

All these awards endorse UA’s brand position of “trust,” which is delivered by providing “convenience” to customers, being “transparent” in our business dealings and acting respectfully to all stakeholders.