Union Assurance profits up

Union Assurance CEO Dirk Pereira

Union Assurance reported positive results in both turnover and profits for the six months ended June 30, 2010.

General and life insurance premiums increased by 5 percent from Rs 3 billion to 3.1 billion for the six months ended June 30, 2010 compared to the same period of the previous year.

This was mainly due to the increase in life insurance premiums which grew by 18 percent from Rs 1.3 billion in 2009 to 1.5 billion in 2010. General insurance premiums recorded a 5 percent decline compared to last year. Profit before taxation increased by 31 percent from Rs 114 million as at June 2009 to Rs 149 million as at June 2010.

Profit after tax also increased by 13 percent from Rs 92 million in June 2009 to Rs 104 million in June 2010.