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| Tuesday, 10 June 2003 |
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Union Assurance net income grows 24.4% to Rs. 20.7m in QI Union Assurance (UAL) said that the company's consolidated net income grew by a healthy 24.4% from Rs. 16.7 million to Rs. 20.7 million in the first quarter ended March 31, 2003 compared with the same period in 2002. The company's premiums income (Life and General Insurance) also increased by 9.4% during the period from Rs. 559.5 million to Rs. 612.3 million. UAL's total investment portfolio increased from Rs. 2,574.2 million as at December 31 last year to Rs.2,642.8 million at the end of the first three months of this year. Commenting on UAL's financial performance CEO UAL, H. A. Rehmanjee said: "We are confident that with the level playing field now prevailing, we will be able to forge ahead and emerge even stronger. There is no doubt that the pace of business is now accelerating appreciably. UAL is well positioned to make best use of the opportunities ahead." During the first quarter under review, UAL consolidated its presence in the provinces by pioneering the setting up of its own centre in Kurunegala the first of many such efforts in owing the building it occupies in the provinces. The company is also in the process of setting up its own training and development centre at its head office in Colombo 3 with state of the art equipment and training methods on par with international standards. The quality and enterprise of its people is the cornerstone on which UAL builds its vision for future growth and success. "UAL believes that the challenges of the future will need motivated and better qualified people. Success will depend primarily on the ability to motivate, train and retain the best talent available," Rehmanjee said. |
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