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Union Assurance Maintains Steady Momentum up to 3rd Quarter

Union Assurance PLC (UA), a pioneering organization in the Sri Lankan insurance sector continued its growth impetus in both turnover and profits at the end of the 3rd quarter recording a steady growth in gross written premium (GWP) and profits as at the end of the 3rd quarter of 2015. GWP for the nine months to the 30th of September 2015 was Rs. 5.0 billion compared to Rs. 4.3 billion in the corresponding period, a growth of 16%.

Total net revenue excluding gains recorded from disposal of the non-life business amounted to Rs. 6.7 billion, which was a 1% increase over the previous year. Total net revenue including the gain was Rs. 7.9 billion.

Profit after tax (PAT), including the disposal gain amounted to Rs. 1.5 billion. PAT excluding the disposal gain amounted to Rs. 245 million compared with the Rs. 101 million PAT reported in 2014. The above PAT figures do not include a surplus from the life business, as the surplus is transferred at year end following actuarial valuation.

As at 30th September 2015, UA’s life fund stood at Rs. 26 billion with a healthy solvency ratio indicating the financial strength of the business.

Anchored by a team of experienced and dynamic professionals, a strong capital base, and re- insurance partnerships with highly rated global reinsurers Union Assurance is positioned on the promise of “trust” and strives to deliver this promise by being transparent, convenient, and respectful, when dealing with all stakeholders at all times.