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| Sunday, 5 February 2006 |
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| News Business Features Editorial
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Union assurance grows business and profits Union Assurance backed by John Keells Holdings Limited and Carson Cumberbatch and Company Ltd, recorded an extremely satisfactory performance during the year ended December 31, 2005, reporting a profit after tax of Rs. 262 million. In 2004 Union Assurance reported a loss of Rs. 60 million as a result of the impact of tsunami claims. Union Assurance gross written premium was Rs. 3.2 billion, an increase of, 24% during the year. General insurance gross written premium increased by 32% and Life insurance gross written premium by 16%. The Chairman UAL Ajit Gunewardene said "There is heightened risk awareness and differentiation of the financial strength and professionalism of insurance companies. UAL has been able to achieve aggressive growth of Life and General businesses as customers are appreciating UAL's financial strength, speedy and professional claims settlement, credibility and secure reinsurance arrangements." The company has continued to adopt a conservative provisioning and reserving policy to meet future liabilities. In addition to obtaining independent actuarial confirmation of life business liabilities and solvency, the general insurance incurred but not reported (IBNR) claims have been actuarially valued. The General and Life insurance solvency is above the minimum stipulated by the Insurance Board of Sri Lanka. CEO, Marina Tharmaratnam said "The prompt and professional settlement of over 180 tsunami related liable General insurance claims has helped differentiate Union Assurance as an insurer that delivers its promise." Most Union Assurance customers including shop and home owners with specially designed Union Assurance package policies had an earthquake cover in their policy. |
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