Union Assurance reports balanced growth in 2012

Union Assurance PLC (UA), a pioneer in the Sri Lankan insurance sector completed 25 years of operations while reporting balanced growth in both turnover and profits a media release from the company stated.

UA’s combined life and general gross written premiums increased to Rs. 9.7 billion achieving a 12% growth over the previous year.

Life insurance premiums increased by 14%, to Rs.5.1 billion for 2012. Non-life insurance premiums contributed Rs. 4.6 billion to the combined turnover with a 9% growth, while maintaining disciplined underwriting practices.

Retail and corporate distribution channels maintained steady momentum in business volumes in achieving this growth. UA was able to leverage the professionalism of the distribution and technical teams and reinforce its reputation as a trusted service provider.

Profit before tax amounted to Rs. 1,008 million, a 32% increase over 2011. Profit after tax also increased by 33% to Rs.921 million.

Chairman, UA, Ajit Gunewardene said, “John Keells Holdings has placed its trust in Union Assurance and is pleased to be part of its success. Union Assurance, with its strong brand image, professional team and distribution reach, is well positioned to step into the next phase of its journey.”

UA successfully converged and presented its annual financial statements in accordance with the new Sri Lanka Accounting Standards (SLFRSs) which are prefixed with the International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB).