Union Assurance maintains steady growth in 1Q

Union Assurance PLC (UA), continued its growth impetus in both turnover and profits in the quarter ended March 31, 2013. UA reported a growth of 11% in combined gross written premium and profit after tax increased by 31% when compared to the same quarter of the previous year.

Combined gross written premium (GWP) increased by Rs. 251 million to Rs 2.7 billion in the 1st quarter of 2013 from Rs. 2.4 billion for the corresponding period last year. Non Life contributed Rs 1.4 billion to the combined GWP, compared Rs 1.1 billion in 2012. The life insurance segment contributed Rs. 1.3 billion to the combined GWP.

Total net revenue for the quarter increased to Rs. 2.8 billion (2012 - Rs. 2.4 billion), a 16% growth when compared to the same period in 2012.

Profit before tax amounted to Rs. 135 million, a 32% increase over the same period last year. Profit after tax increased by 31% to Rs.111 million from Rs. 85 million in the first quarter 2012,excluding the surplus from life insurance business which is determined after an actuarial valuation conducted at the end of the year.