Union Assurance records impressive growth
Union Assurance PLC (UA), a leading player in the Sri Lankan
insurance sector, recorded continuous growth in the first half of 2011
with an impressive growth rate of 28% in combined gross written premiums
compared to the same period of the previous year.
CEO Dirk Pereira |
The outstanding results reflect the continued focus on improving the
turnover and profitability of the company.Combined gross written
premiums of the company increased from Rs. 3.1 billion to Rs.3.9 billion
for the six months ended June 30, 2011 while life insurance gross
written premium grew by 34% from Rs. 1.5 billion in 2010 to Rs. 2
billion in 2011 compared to the same period of the previous year.
The general insurance gross written premium also recorded a 22%
growth from Rs. 1.6 billion in 2010 to Rs. 1.9 billion in 2011. Growth
was reported from the corporate and retail customer segments, and from
all classes of general insurance business (except property). Profit
after tax increased by 18% from Rs. 104 million in June 2010 to Rs. 123
million in June 2011 excluding the surplus from life insurance business
which is determined after an actuarial valuation which is conducted at
the end of the year.
The outstanding growth rate of the company can be attributed to
innovative and customized solutions it offered to customers both in the
general and life insurance sectors. The highly trained and professional
sales force of the company displayed exceptional performance throughout
the period, securing new businesses and consolidating relationships with
existing clients with a renewed focus on service.
Among the innovative products which the company launched in the
general insurance sector, Health Net, an overseas medical insurance
policy, won the admiration of many industry experts with its affordable
premium and exceptional benefits it offers to holders.
Health Net offers specialized overseas medical care at over 3,800
best-in-class hospitals in India at an affordable premium. Union
Assurance PLC’s Life portfolio, which also contributed to the
outstanding half yearly results, consists of a diversified product range
traditional and investment linked products. As at June 30, 2011 the
Union Assurance life fund stands at Rs. 12.9 billion, and is one of the
largest life funds in the insurance industry.
The Union Assurance brand is positioned on the promise of ‘trust’ and
strives to deliver this promise by being transparent, convenient and
respectful in all dealings with all stakeholders. |