Union Assurance PLC (UA), a leading player in the Sri Lankan insurance sector, maintained a steady growth momentum in gross written premium (GWP) and profits as at the end of the third quarter of 2014.
GWP from Life and General insurance for the nine months of 2014 amounted to Rs.8 billion compared to Rs.7.7 billion in the preceding period. Life insurance premiums contributed Rs.4.3 billion and Non-Life premiums contributed Rs.3.7 billion.Total net revenue of the company grew by 16 percent to Rs.10.1 billion in 2014 from Rs.8.7 billion in 2013 mainly due to increase in investment income. Benefits, losses and expenses including the increase in the life fund, grew by 16 percent as well.Profit after tax (PAT) increased by 5 percent from Rs.291 million in 2013 to Rs.305 million in 2014. PAT excludes the surplus from Life insurance business, which is determined after an actuarial valuation at the end of the year.
As at September 30, 2014, UA’s life fund stood at Rs.23 billion with a healthy solvency ratio, indicating the financial strength of the business.
UA was recognised among the top three Service Brands in the country for the third consecutive year being awarded the Silver in the ‘Service Brand of the Year’ category at the recently concluded SLIM Brand Excellence Awards.The company was also recognised a Great Place to Work by the Great Place to Work Institute, celebrating U A’s many initiatives to ensure employee engagement, satisfaction and welfare.
UA also received the Gold Award i n category 01 at the SLITAD People Development Awards 2014 organised by the Sri Lanka Institute of Training and Development.The Union Assurance brand is positioned on the promise of ‘trust’ and strives to deliver this promise by being transparent, convenient and respectful when dealing with all stakeholders.