Union Assurance (UA) reported steady progress in the life insurance business, recording Rs. 3.9 billion gross written premium which is a 22 percent growth compared with the previous year.
Profit amounted to Rs. 119 million compared with Rs. 1.5 billion in 2015. The previous year figure was boosted by the gain from sale of 78 percent 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 other income resulting from fair value losses and realised losses mainly from equity investments. Profit for the period ended June 2016 does not include a surplus from the life business which is actuarially valued at year end.
As at 30th June 2016, UA’s life fund stood at Rs. 28 billion with a healthy capital adequacy ratio indicating the financial strength of the business.
UA was recently recognised as a Great Place to Work by The Great Places to Work (GPTW) Institute for the fourth consecutive year. Further UA proudly acclaimed two awards for Excellence in Claims Service and Technology Innovation at the first ever Insurance Industry Awards held to celebrate the achievements of insurers operating in Sri Lanka.
In line with the company’s CSR activities, ‘Union Manushyathwaya’ National Dengue Awareness campaign was carried out on the 6th of August with the support of the District Ministry of Health Officers (DMHO). The objective of this programme was to raise awareness among the general public to control and prevent dengue especially in light of the high number of incidents reported following the recent rains and floods.
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 at all times.