Online edition of Sunday Observer

Marina Tharmaratnam, CEO UAL hands the insurance policy document to Kenji Ueda, Administration Manager Taisei Corporation, which handles the project. Also seen are from left: Chaminda de Silva, Assistant General Manager (Corporate Business Development), Ramal Jasinghe, General Manager (Marketing) and Ainsley Alles, General Manager (General Insurance) all of UAL.

Union Assurance Ltd (UAL) recorded a profit growth of 227 per cent in the first half of 2003, compared with the corresponding period in 2002. Profit after tax during this period was Rs 61.4 million, as against the previous year's Rs 18.8 million.

Consolidated revenue grew by a healthy 16.3 per cent, from Rs 917.2 million as at June 30, 2002 to Rs 1.07 billion as at June 30, 2003. UAL's Life Fund also grew by 13 per cent to Rs 2.5 billion.

The company's total investment portfolio rose by 23 per cent from Rs 2574.2 million as at December 31, 2002 to Rs 3164.5 million as at June 30, 2003. Despite the declining interest rates, portfolio investment income increased by 25 per cent in the half year.

UAL achieved a successful recovery after a difficult year. Marina Tharmaratnam, CEO commented that the insurance market is highly competitive and that the declining interest rates would present a challenge to the insurance sector. However, she expressed confidence that UAL is well positioned to make the best use of the opportunities ahead. Insurer for airport expansion

Meanwhile, the company also announced its appointment as insurer of the Rs 10 billion Bandaranaike International Airport expansion project, one of the largest development projects in the region. Funded by the Japan Bank for International Cooperation with a soft loan repayable in 20 years, the project is scheduled to be completed in two years and aims to make the airport the best in the region. The project will be serviced by UAL's Corporate Business Development department.

The company had also won the insurance contracts of most major infrastructure and development projects in the country including the Japanese Friendship Bridge, Samanalawewa Rehabilitation, Colombo Port Expansion, Kukule Ganga hydropower and the Ambantale and Anuradhapura water treatment projects.