Union Assurance turnover up

Union Assurance ended 2009 on a high note, reporting increases in both turnover and profitability.

Life and general insurance revenue increased by 19 percent, from Rs 5.6 billion in 2008 to Rs 6.7 billion in 2009.

Profit before tax amounted to Rs 467 million, a 31 percent increase over 2008, and profit after tax increased by 17 percent from Rs 342 million in 2008 to Rs 401 million in 2009.

Both life and general insurance business segments performed well during the year. Life gross written premium increased by 11 percent from Rs 2.5 billion in 2008 to Rs 2.8 billion in 2009. Profit from the life business also increased by 27 percent, from Rs 185 million in 2008 to Rs 235 million in 2009.

General insurance premiums amounted to Rs 3.2 billion, which was in line with the premium achieved in 2008. Retail distribution channels maintained a steady growth momentum.

Net profit from the general insurance segment increased from Rs 157 million in 2008 to Rs 166 million in 2009.

CEO Dirk Pereira said, "We have used the strengths of our team, portfolio of innovative products and strong reputation to deliver excellent results. We are confident that these attributes combined with the re-energized brand will enable UA to profitably exploit business opportunities in the future as well."