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| Monday, 1 September 2003 |
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Union Assurance records 227% profit growth Union Assurance (UAL) recorded a significant profit growth of 227% in the first half of 2003, when compared with figures for the corresponding period in 2002. Profit after Ttxation in the first half of 2003 is Rs.61.4 million, as against the previous year's half-year profit of Rs.18.8 million. Consolidated Revenue grew by a healthy 16.3%, from Rs.917.2 million as at June 30, 2002 to Rs.1.07 billion as at 30 June 2003. UAL's Life Fund also grew during the period, by 13 %, to Rs.2.5 billion. The total investment portfolio of the company rose by 23% over the six months, from Rs.2,574.2 million as at 31 December 2002 to Rs.3,164.5 million as at June 30, 2003. Despite the declining interest rates, portfolio investment income increased by 25 % in the half year. UAL achieved a successful recovery after a difficult year. Marina Tharmaratnam, CEO said that the insurance market is highly competitive and that the declining interest rates would present a challenge to the insurance sector. However, she expressed confidence that UAL with its trained, experienced and qualified staff and the islandwide network of branches, which use IT effectively in all areas of its business operations, is well positioned to make the best use of the opportunities ahead. |
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