Union Assurance records Rs. 5.2 bn PBT

Krishan Balendra- Chairperson

Senath Jayatilake - CEO

Union Assurance PLC has recorded a strong financial performance with growth across key metrics for the year ending December 31, 2024. 

The company achieved 15 percent growth in gross written premium, totalling Rs. 21.6 billion driven by double-digit growth in both regular new business premiums and renewal premiums and paid Rs. 7.7 billion worth of claims and benefits to its customers during the year. 

In addition, for the year ending December 2024, the company also declared an industry-leading universal life policyholder dividend rate of 12 percent, underscoring its continued commitment to deliver exceptional value to its customers. 

Net investment income recorded a 9 percent year-on-year growth to reach Rs. 11.8 billion aided by an effective asset allocation strategy. The gains from the trading investment portfolio increased by 123 percent to reach Rs. 2.9 billion driven by the strong performance of the Colombo Stock Exchange during the latter part of the year. 

Union Assurance distributed Rs. 3 billion as surplus from the policyholder fund and reported a profit after tax of Rs. 3.7 billion for 2024. The company declared a final shareholder dividend of Rs. 5.00 per share amounting to a total payout of Rs. 2.9 billion.

A key milestone for Union Assurance in 2024 was the surpassing of Rs. 100 billion in total assets for the first time in its history, ending the year with Rs. 109.5 billion. This underscores the company’s solid financial foundation and growth trajectory. The company’s assets under management grew by 15 percent during the year, reaching Rs. 95.6 billion driven by market valuation gains and cash generation from business operations.

 Furthermore, Union Assurance’s capital adequacy ratio stood at a healthy 264 percent at the end of 2024, well above the regulatory minimum of 120 percent. 

Senath Jayatilake, the Chief Executive Officer of Union Assurance said, “We are extremely pleased with Union Assurance’s strong performance in 2024, reflecting our commitment to delivering financial strength, customer valueand sustainable growth. Once again, we have demonstrated our ability to drive growth across all indices and the results reflect the effectiveness of our strategy and our dedication to excellence in everything we do.

I would like to express my heartfelt gratitude to our customers, employees, distributorsand investors for their continued trust and support. As we move forward, Union Assurance remains committed to building on this momentum and achieving even greater success in the future”.

Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 4300+ strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.