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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Union Assurance PLC profits up 31%

Union Assurance PLC profits up 31%

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1Union Assurance PLC profits up 31% Empty Union Assurance PLC profits up 31% Thu Aug 16, 2012 1:00 am

Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Union Assurance PLC (UA) reported a growth rate of 20 percent in combined gross written premium and a 31 percent growth in profit after tax during the first half of 2012, the insurer announced.

"Combined gross written premium increased from Rs. 3.8 billion for the first six months of 2011 to Rs.4.6 billion for the six months ended 30th June 2012. Life insurance gross written premium grew by 21% from Rs. 2 billion as at June 2011 to Rs. 2.5 billion as at June 2012. General insurance gross written premium recorded a 20% growth from Rs. 1.8 billion in 2011 to Rs.2.1 billion in 2012. Growth was reported from both corporate and retail customer segments, and most classes of general insurance business reported a year on year growth," the company said in a statement.

"Profit after tax increased by 31% from Rs.120 million in June 2011 to Rs.157 million in June 2012 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 30th June 2012, the Union Assurance life fund including unit linked fund stands at Rs. 15.3 billion which is one of the largest life funds in the industry."

Dirk Pereira Chief Executive Officer of UA said "We are very satisfied with the overall performance given the current dynamics in the insurance market. Gross premium increased compared to 2011 and investment performance was also satisfactory."

The financial statements for the period ended 30 June 2012 have been prepared and presented in accordance with Sri Lanka Accounting Standards (SLFRS / LKASs) which have converged with the International Financial Reporting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB).
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=59280

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