Union Assurance records steady growth at end-2014
Union Assurance PLC (UA), a leading player in the Sri Lankan insurance sector, recorded steady growth in combined gross written premium (GWP) and profits as at the end of the fourth quarter of 2014.
GWP from life and non-life insurance for the 12-month period commencing from January 1 to December 31, 2014 amounted to Rs.11.2 billion compared to Rs.10.9 billion in the preceding period. Life insurance premiums contributed Rs.6 billion and non-life premiums contributed Rs.5.2 billion.
Total net revenue of the company grew by 13 percent to Rs.13.7 billion in 2014 from Rs.12.1 billion in 2013 mainly due to increase in investment income. Net benefits and claims including the increase in the life fund, grew by 17 percent as well.
Profit after tax (PAT) increased by 7 percent from Rs.1,123 million in 2013 to Rs.1,203 million in 2014. PAT included the surplus from life insurance business amounting Rs.750 million in 2014, which was determined after an actuarial valuation as at year end.
As at December 31, 2014, UA’s life fund stood at Rs.23 billion with a healthy solvency ratio indicating the financial strength of the business.
Without a doubt we have one of the strongest teams in the industry and it is evident in the results achieved by the company,” noted UA Director/Chief Executive Officer Dirk Pereira.
“The future landscape for both life and nonlife businesses is very bright and we believe we have the right people, products and brand to reap maximum benefits,” he added.
The company has received a number of awards in the past for its commitment to good governance, accountability and transparency from the Institute of Chartered Accountants of Sri Lanka (ICASL) and the South Asian Federation of Accountants (SAFA). UA was also recognized for the seventh time for its sustainability reporting by the Association of Chartered Certified Accountants (ACCA) at the 11th Sustainability Reporting Awards ceremony held recently.
Further, UA was selected as a Great Place to Work by the GPTW Institute, won the Gold award for people development practices from the Sri Lanka Institute of Training and Development (SLITD), placed among the top three service brands at the SLIM Brand Excellence Awards and recognized by Enterprise Asia for corporate social responsibility (CSR) initiatives to raise awareness regarding healthy living and road safety.
All these awards endorse UA’s brand position of ‘trust’, which is delivered by providing ‘convenience’ to customers, being ‘transparent’ in our business dealings and acting respectfully to all stakeholders.