Union Assurance growth momentum continues in Q3

Union Assurance reported an impressive 30% growth in turnover from both general and life insurance businesses, representing increases across all customer segments and product lines.

General insurance premiums increased by 44% from Rs. 1.3 billion in September 2005 to Rs. 1.8 billion as at September 2006. Life insurance premiums also increased by 13% from Rs. 1.1 billion to Rs. 1.2 billion over the same period.

Consolidated profit after taxation as at the nine months ended September 2006 amounted to Rs. 64 million, compared with Rs. 89 million reported in the same period last year. The decline in profit was attributed to expansion related expenses and general insurance claims.

In a bid to further enhance the level of service provided to customers, the company launched Union-SMSLink - the first ever fully integrated SMS based service facility in the insurance industry. This facility allows customers to access information regarding their motor insurance claims status and policies free via SMS using mobile and CDMA phones.

The service is currently available for all motor insurance policyholders, and further augments the Union Motor product which provides road-side assistance services in the event of a breakdown, islandwide on the spot claims assessment and the cashless direct payment to garages.