|
|
|
  |
| Sunday, 6 March 2005 |
 |
|
 |
Business |  |
| News Business Features Editorial
|
UAL's life fund up 24% to Rs. 3.8 billion in 2004 "Union Assurance (UAL) backed by John Keells and Carsons Groups, recorded an extremely satisfactory performance during 2004. Gross written premium increased by 9% and profits prior to transfer of life business surplus increased by 28% to Rs. 127 million. The catastrophic tsunami five days before the end of 2004 changed these results. Over 160 general insurance claims due to the tsunami amounted to Rs. 1.6 billion. After adjusting for reinsurance, Rs. 187 million was charged to the income statement, resulting in a loss of Rs. 60 million for the year. UAL's life fund increased to Rs. 3.8 billion in 2004, 24% higher than in the previous year. On account of the potential impact of tsunami related claims, there was no transfer of life surplus for the year. Chairman, Vivendra Lintotawela said that "The tsunami adversely affected the year's profitability, but not the solvency nor financial strength of the company. The shareholders balance sheet and life fund remains strong, and is sufficiently capitalised (by local and international standards) to write general and life insurance business." He said "Reassuringly a large number of UAL customers benefiting from UAL's professional advice, had adequately insured for such an eventuality. This resulted in a negative impact to the company's profits, but from a positive perspective, it was a reflection of UAL's professionalism and competence in sales and underwriting." CEO, Marina Tharmaratnam said "The prompt and professional settlement of a large number of over 160 liable General insurance claims has also helped differentiate UAL as an insurer that delivers its promise. Most UAL customers including shop and home owners with the specially designed UAL package policies had earthquake cover inbuilt and over 75% of UAL property claimants insured with UAL were covered for earthquake. The company had over 70 life insurance claims and most of them have been paid". "UAL powered by the combined strength of John Keells and Carsons Group, is well poised to ensure achievement of sustained growth and increased profitability," she said. |
|
| News | Business | Features
| Editorial | Security
| Produced by Lake House |
