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Union Assurance, powered by the combined strengths of the John Keells and Carsons groups recorded a 4% growth in consolidated profit after taxation from Rs. 99.8 million in 2003 to Rs. 104.1 million in the third quarter in 2004.

The increase in profits was mainly due to improved underwriting results from general insurance business and reflects UAL's focus on disciplined underwriting with effective risk analysis in an intensely price competitive marketplace.

The company has added a new option to its motor insurance product "Union Motor Star." Under this new scheme UAL will settle the garage directly, enabling the owner to drive away in a fully repaired car.

"This option will be available in addition to the on-the scene assessment and claims approval process already in place," said Udeni Kiridena UAL's AGM - General. "We have over 100 repairers and spare parts dealers who have joined hands with us in this operation," he said.

Union Motor Star is designed to promote good driving habits, inculcate road safety, and ensure a convenient, hassle free service to policyholders. It is based on the concept of underwriting the user rather than the vehicle.

Safe drivers will receive NCBs (No Claims Bonus), at a much higher percentage than the market, thereby providing them with substantial savings of up to 70% of their premium.

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