Union Assurance reports impressive results in first nine months
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CEO Marina Tharmaratnam |
Union Assurance reported impressive results in terms of turnover and
profitability for the nine months ending September 2008.
General and life insurance premiums increased by 16% from Rs. 3.6
billion as at September 2007 to Rs. 4.2 billion as at September 2008.
Consolidated profit after tax of Rs. 110 million as at September 2008
was 37% higher than the Rs. 80 million recorded in the previous nine
month period.
These profit figures do not include the results of the life business,
which is computed following an actuarial valuation at year end.
Union Assurance entered into partnerships with over 60 companies for
“Call & Go” motor insurance policyholders to enjoy exclusive discounts
on a range of motor vehicle related accessories and services.
The rationale for this initiative was to ensure that customers
receive true value for the money they invest in a motor insurance
policy. To benefit from these exclusive offers, customers need to
present their motor rewards card at the selected outlets.
This is the latest addition to Union’s “Call & Go” insurance product
which allows customers involved in an accident to log an entry with the
24 hour call centre and drive away without waiting at the accident site
for an assessor to inspect the damage.
Union Assurance is the only company which has tied up with Commercial
Bank enabling customers to collect their motor claims, in cash, over the
counter from over 160 Commercial Bank branches located islandwide.
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