Union Assurance posts steady growth in 1H

Union Assurance PLC (UA) recorded steady growth in combined gross written premium (GWP) and profits in the second quarter of 2014.

Combined GWP for the six months amounted to Rs. 5,388 million. Life insurance premia amounted to Rs. 2,753 million and non-life premia contributed Rs. 2,635 million. Profit after tax (PAT) increased by 13% from Rs. 190 million in 2013 to Rs. 214 million in 2014.

PAT excludes the surplus from life insurance segment which is determined after an actuarial valuation at the end of the year.

As at June 30, 2014, UA's life fund stood at Rs. 21 billion with a healthy solvency ratio indicating the financial strength of the life business.

UA continues to have an excellent range of products and its innovation pipeline continues to be strong. The latest product launched by the company 'Union Super Investor' combines the protection benefits of an insurance product with attractive investment returns.

Customers need to pay for a five-year term and enjoy life insurance cover of five times the basic sum assured up to the age of 75 years. The relatively short premium payment term combined with extended life insurance coverage makes this an ideal solution for any person to accumulate wealth while being adequately safeguarded against unforeseen risks, company spokesman said.

Union Assurance operates on a platform of trust with the brand values of convenience, respect and transparency. The company is anchored by a team of dynamic professionals, a strong capital base and reinsurance partnerships with highly rated global reinsurers to deliver these values to all its stakeholders, he said.