Union Assurance maintains steady growth in core life insurance business

Wednesday, 23 November 2016 00:15 - - {{hitsCtrl.values.hits}}

Union Assurance (UA) reported steady progress in the life insurance business, recording Rs. 6 billion gross written premium, a 20% growth compared with the previous year and profit of Rs. 190 million compared with Rs. 1.5 billion in 2015.

The previous year figure was boosted by the gain from sale of 78% stake in the general insurance business. Excluding this transaction, the profit for the period was lower than the previous period due to a decrease in interest income as a result of reduction in funds available due to the share repurchase effected in September 2015.

Profit for the nine month period ending September does not include a surplus from the life business which is actuarially valued at year end.

As at 30 September 2016, UA’s life fund stood at Rs.30 billion with a healthy capital adequacy ratio indicating the financial strength of the business.

Union Assurance recently launched an exclusive health and life insurance policy for senior citizens i.e. ‘Union 60 Plus’. The product offers health and life insurance to citizens between the ages of 50 to 70 years. UA also launched an island-wide campaign branded ‘Sarthakathwaye Piyawara’ to create awareness on how UA’s insurance solutions can fulfill key needs such as health and protection, education, investment and retirement.

UA is positioned on the promise of “trust” and strives to deliver this promise by being transparent, convenient, and respectful when dealing with all stakeholders.

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