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| Sunday, 14 March 2004 |
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| News Business Features Editorial
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UAL achieves growth in profits in 2003 Union Assurance Limited (UAL) achieved a significant positive turnaround in profits in 2003, with consolidated profit after taxation increasing to a healthy Rs. 132.4 million, compared with the previous year figure of Rs. 38.6 million. The Profit after Tax of Rs. 132.4 million is derived from Non Life Business including Investment Income - Rs. 99.4 million and the Surplus from the Life business Rs. 33 million. UAL's Life Insurance business continued to grow successfully and the Life Fund increased to Rs. 2.96 billion in 2003, 31% higher than in the previous year. General Insurance Gross Written Premium increased by 3.8% and Life Insurance Gross Written Premium increased by 17.3% in 2003. UAL's Investment portfolio witnessed a tremendous growth of 41% during the year, with long-term insurance business contributing significantly. Net Assets increased to Rs. 821 million in 2003, a 13.1% growth over 2002. The Company recorded a return on net assets of 16.1% "We are convinced that the decision taken last year to focus on efficient underwriting with effective risk analysis and portfolio analysis, has put UAL back on track towards underwriting profits," said UAL Chairman Vivendra Lintotawela. He also said "We believe that we can differentiate our Company and continue to deliver consistent returns to our shareholders by focusing on relationship building, quality and service - projecting our Company's strong capital base, high standards of ethics and corporate governance whilst improving service standards." CEO Marina Tharmaratnam said "Our position in the industry has been attained through our reputation and reliability, due to our financial strength, standards of ethics and corporate governance as well as the strength of our reinsurers. Our key shareholders holding 71.99% of equity, the John Keells Group and Carsons Cumberbatch Group, add credibility and strength to our Company." She added "We are deeply committed to continually improve our service standard. Action is being taken throughout our business, to improve customer service." During the year UAL launched "Union Sasirimaga," an innovative new Life insurance policy that offers the policyholder the option of increasing the sum assured, the period of the policy as well as its investment value. This policy combines a Life policy with an investment and its flexibility will meet a number of policyholder needs. |
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