Union Assurance reports growth

Union Assurance PLC (UA), maintained a steady growth momentum in both turnover and profits for the nine months ended September, 30 2011.

UA reported a growth rate of 28% in combined gross written premiums and 26% growth in profit after tax compared to the same period of the previous year.

Combined gross written premiums of the company increased from Rs 4.8 billion for the first nine months of 2010 to Rs.6.1 billion for the nine months ended September 30, 2011.

Life insurance gross written premium grew by 33% from Rs 2.4 billion as at September 2010 to Rs 3.2 billion as at September 2011. General insurance gross written premium also recorded a 24% growth from Rs 2.4 billion in 2010 to Rs 3 billion in 2011.

Growth was reported from both corporate and retail customer segments, and from all classes of general insurance business.

The decline in investment income for the period was due to the mark to market losses incurred in the life and general equity portfolios.

Profit after tax increased by 26% from Rs 144 million in September 2010 to Rs 182 million in September 2011 excluding the surplus from life insurance business which is determined after an actuarial valuation which is conducted at the end of the year.

As at end of September 30, 2011 the Union Assurance life fund stands at Rs 13.4 billion which is one of the largest life funds in the industry.

The outstanding growth rate of the company can be attributed to innovative and customised solutions it offers to both life and general insurance customers.

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.