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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Solid Q1 performance boosts Union Assurance

Solid Q1 performance boosts Union Assurance

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ChooBoy


Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Union Assurance PLC has begun 2022 with yet another strong performance, achieving impressive financial growth. Despite operating in a challenging environment, the company closed its first quarter with progress across key areas ranging from gross written premium to profit before tax and total net revenue. It also honoured Rs. 1.4 billion in claims, compared to Rs. 1 billion during the corresponding period of last year, the company said in a media release.

The Life Fund is now touching the coveted Rs.50 billion mark whilst the gross written premium of Union Assurance saw a 17 per cent growth, from Rs. 3.4 billion to Rs. 4 billion. The net written premium also increased from Rs. 3.2 billion to Rs. 3.8 billion. While total net revenue rose marginally from Rs.  4.70 billion to Rs. 4.73 billion, the profit before tax grew by 17 per cent from Rs. 238 million to Rs. 279 million. The company’s regular business premiums also grew by 17 per cent, way above the industry average of 10 per cent.

Union Assurance CEO Jude Gomes said: “We have achieved notable growth in key financial indicators compared to the same period last year. This is due to our customer-centric strategy, the unwavering focus on service excellence, and of course our revolutionary digital capabilities. The company will leverage its expertise and innovative spirit to help close the protection gap in Sri Lanka.”

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