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Union Assurance continues to strengthen its Financials during the 3rd Financial Quarter

Union Assurance (UA) reported steady progress in the life insurance business, reporting 20% growth in gross written premium compared with the previous year.

Investment income increased by 24% and favourable movements in the market value of equity investments boosted total net revenue by 26%.

Net insurance benefits and claims paid increased by 51% mainly due to maturity payouts. Rs. 5.2 billion was transferred to the life fund which as at 30th September 2017, stood at Rs. 35 billion with a healthy solvency ratio indicating the financial strength of the business.

Profit amounted to Rs. 267 million compared with 190 million 2016. This figure includes Rs. 117 million share of profit from the general insurance business of Fairfirst Insurance in which UA has a 22% stake.

The profit in the period does not include the surplus from the life business which is actuarially valued at year end. UA recently launched an integrated media campaign to raise awareness regarding the value of insurance and how life insurance solutions enable people to achieve financial success. The campaign which commenced on the 9th of October will end mid-November.

As a company renowned for integrating best in class technology with personalized services, UA launched the industry’s first Facebook Messenger based virtual insurance advisor – ‘Ask Amanda.’ Powered by artificial intelligence this virtual advisor is capable of recommending insurance solutions to prospective customers. Existing customers can use the service to submit claims and check details of existing policies as well.

Anchored by a team of experienced and dynamic professionals, UA is backed by a strong capital base and reinsurance partnerships with highly rated global reinsurers. Celebrating 30 years of excellence in 2017, Union Assurance continues to invest in people, products and processes to become a true partner in success for all stakeholders.