Union Assurance turnover grows 29%
Union Assurance posted an impressive 29% growth in turnover,
representing healthy increases in both general and life insurance gross
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
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
UAL also offers one of the highest no claim bonus schemes with
substantial savings of up to 70% of the premium.