Among the leading insurers in the country, Union Assurance had total assets of Rs.22.82 billion and total liabilities of Rs.19.96 billion.
The company’s stated capital stood at Rs.388.4 million with capital reserves of Rs.714.million, other equity components of Rs.23.9 million and retained earnings of Rs.1.73 billion in its books as at June 30, 2012.
Net written premium for the six months under review was up 22% to Rs.2 billion while net earned premium was up 15% to Rs.1.98 billion.
Total assets of the life fund stood at Rs.16.2 billion with its finance instruments – investments at Rs.13.37 billion, up from Rs.12.9 billion during the first half of the previous year.
General Insurance revenue was up to Rs.1.96 billion for the period under review from Rs.1.69 billion a year earlier while life revenue was up to Rs.2.98 billion from Rs.2.6 billion.
While a profit of Rs.189.7 million had been made on the general segment before tax, there had been no transfer from the life insurance fund to the statement of comprehensive income.
JKH owns 84.93% of the company, Whittall Boustead (a JKH group company) 7.40% and Mackinnons & Keells Financial services 3.32%.
The directors of the company are: Messrs. A.D. Gunewardene (Chairman), Ms. D.C. Alagaratnam, A.S. de Zoysa, G.F.C. de Saram, S. Rajendra and H.A.J. de Silva Wijeyeratne.