Union Assurance reports balanced growth in 2012

Union Assurance PLC (UA), a pioneer in the Sri Lankan insurance sector completed 25 years of operations while reporting balanced growth in both turnover and profits.

Ajit Gunewardene, Chairman	Dirk Pereira CEO

UA's combined life and general gross written premiums increased to Rs. 9.7 billion achieving a 12% growth from the previous year. Life insurance premiums increased by 14%,to Rs.5.1 billion for the year 2012. Non-life insurance premiums contributed Rs.4.6 billion to the combined turnover with a 9% growth, while maintaining disciplined underwriting practices.

Both retail and corporate distribution channels maintained steady momentum in business volumes in achieving this growth. UA was able to leverage the professionalism of the distribution and technical teams as well as reinforce its reputation as a trusted service provider.

Profit before tax amounted to Rs. 1,008 million, a 32% increase over 2011. Profit after tax also increased by 33% to Rs.921 million.

Commenting on the future outlook of UA, Ajit Gunewardene, Chairman UA, said, "John Keells Holdings has placed its trust in Union Assurance and is pleased to be part of its success.

Union Assurance, with its strong brand image, professional team and distribution reach, is well positioned to step in to the next phase of its journey".

UA successfully converged and presented its annual financial statements in accordance with the new Sri Lanka Accounting Standards (SLFRSs) which are prefixed with the International Financial Reporting Standards (IFRS's) as issued by the International Accounting Standards Board (IASB).

"As Union Assurance enters its 26th year of operation, it is well positioned to capitalise on the growth opportunities that will follow rapid socio economic development. We believe that UA with its consistent focus on governance and transparency together with its team of dynamic professionals will be able to deliver sustainable value to all stakeholders," said Dirk Pereira, Chief Executive Officer of UA.

Union Assurance was recognised both nationally and internationally for its excellence in business practices.

In addition to the above, UA's business practices were recognised for the fifth consecutive year at the Business Excellence Award by the National Chamber of Commerce.

UA was the only insurer to win Silver in the award category "Service Brand of the Year" at the SLIM Brand Excellence Awards 2012 and also received an accolade for Brand Excellence in Banking and Financial Services at the Global Brand Congress held in Mumbai.