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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Union Assurance posts strong mid-year results

Union Assurance posts strong mid-year results

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Union Assurance PLC, dominantly owned by the JKH group holding over 95% of the company’s equity, has posted Rs.4.94 billion revenue in the first half of the current financial year ended June 30, 2012, up 15% from a year earlier and posted a profit after-tax of Rs.156.8 million, up 31% from the comparative period the previous year with the basic earnings per share up to Rs.2.09 from Rs.1.59 according to condensed interim financial statements now with shareholders.

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.
http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=63679

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