Reply To:
Name - Reply Comment
Last Updated : 2024-04-27 08:30:00
Union Assurance PLC has begun 2022 with yet another strong performance, achieving impressive financial growth. Despite operating in a challenging environment, the Company closed its first quarter with progress across key areas ranging from gross written premium to profit before tax and total net revenue. It also honoured Rs. 1.4 billion in claims, compared to Rs. 1 billion during the corresponding period of last year.
The Life Fund is now touching the coveted Rs.50 billion mark whilst the gross written premium of Union Assurance saw a 17% growth, from Rs. 3.4 billion to Rs. 4 billion. The net written premium also increased from Rs. 3.2 billion to Rs. 3.8 billion. While total net revenue rose marginally from Rs. 4.70 billion to Rs. 4.73 billion, the profit before tax grew by 17% from Rs. 238 million to Rs. 279 million. The Company’s regular business premiums also grew by 17%, way above the industry average of 10%. It also became the 3rd largest new business producer during the period. The stakeholders received an impressive Rs. 1.3 billion by way of dividends for the previous financial year.
The Chief Executive Officer of Union Assurance, Jude Gomes was delighted about the Company’s Q1 performance. He thanked the team for this achievement, saying it reinforces their standing as a frontrunner in the Life Insurance industry. “We have achieved notable growth in key financial indicators compared to the same period last year. This is due to our customer-centric strategy, the unwavering focus on service excellence, and of course our revolutionary digital capabilities,” he asserted.
According to Mr. Gomes, their performance heralds greater things to come this year. He said the Company will leverage its expertise and innovative spirit to help close the protection gap in Sri Lanka. “As we stride forward in the months ahead, we will achieve more milestones while empowering the Sri Lankan dream,” he added.
The Chief Financial Officer of Union Assurance, Asha Perera said the Company’s financial position is unassailable. “A solid foundation, along with efficient management systems and processes in place, has ensured continuous robust growth,” she emphasized. It was pointed out that the Company’s profit from operations during Q1 grew by an impressive 20% over the corresponding period of last year, rising from Rs.201 million to Rs. 240 million. The total assets grew to Rs. 70 billion in the ensuing period whilst the market capitalization advanced to Rs. 17.9 billion.
Union Assurance is a part of the renowned John Keells Group. It has gained a reputation for offering a seamless new-age insurance experience. This is driven by its digital transformation and array of innovative solutions in line with evolving market requirements, which have game-changing implications for the industry.
Add comment
Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.
Reply To:
Name - Reply Comment
US authorities are currently reviewing the manifest of every cargo aboard MV
On March 26, a couple arriving from Thailand was arrested with 88 live animal
According to villagers from Naula-Moragolla out of 105 families 80 can afford
Is the situation in Sri Lanka so grim that locals harbour hope that they coul
26 Apr 2024
26 Apr 2024