Union Assurance reports steady progress in 1H
Union Assurance (UA) reported steady progress in terms of turnover
and profitability for the six months ended June 2009.
General and life insurance premiums for the first half of the year
increased by 3 percent from Rs. 2.9 billion in 2008 to Rs. 3.0 billion
as at June 2009.
|
CEO, Union Assurance
Marina Tharmaratnam |
This was mainly due to the increase in life insurance premiums which
grew 11 percent from Rs. 1.1 billion in June 2008 to Rs. 1.3 billion in
June 2009. General insurance premiums reported a marginal decline from
Rs. 1.7 billion to Rs. 1.6 billion during the same period.
Consolidated profit before tax recorded an impressive growth rate of
25 percent, rising from Rs. 91 million in the first half of 2008 to Rs.
114 million in the first six months of 2009.
The consolidated profit after tax of Rs. 92 million was in line with
the corresponding period, mainly due to a substantial increase in tax
expenses.
Union Assurance further strengthened the "Union Pay Easy" scheme by
partnering with National Savings Bank (NSB), enabling life insurance
customers to pay their premiums at 125 NSB locations spread throughout
the island. 'Union Pay Easy' is the fastest and most convenient mode of
paying life insurance premiums.
With the latest addition, UA customers can pay their life insurance
premiums at over 1,100 locations including any Bank of Ceylon, People's
Bank, Sampath Bank, Commercial Bank, DFCC Vardana Bank, Nations Trust
Bank and Keells Super location. |
