Union Assurance turnover grows 29%

Union Assurance posted an impressive 29% growth in turnover, representing healthy increases in both general and life insurance gross written premium.

General insurance premia increased by 38% from Rs. 546 million in March 2005 to Rs. 754 million in March 2006. Life insurance premia also increased by 14% from Rs. 329 million in March 2005 to Rs. 375 million in March 2006.

"Premia from retail and corporate segments of the market recorded satisfactory growth," Chairman, Ajit Gunewardene, said and added that "The results reflect UAL's strategy to expand distribution capabilities in general and life insurance businesses."

Consolidated profit after taxation as at March 2006 amounted to Rs. 34 million, compared with Rs. 37 million reported in the same period last year.

Union Assurance has added a new benefit to its motor insurance customers, by tying up with over 200 garages islandwide offering road side assistance in the event of a breakdown or similar inconveniences.

This is in addition to being the only company that offers three convenient claims settlement options viz. on-the-scene assessment, with claims settled within 48 hours, or the "Drive in Drive Out" repair option with bills settled direct to the garage or the traditional claims settlement method.

UAL also offers one of the highest no claim bonus schemes with substantial savings of up to 70% of the premium.