Union Assurance PLC sees steady performance in first half of 2012View(s):
Union Assurance PLC (UA) said it has maintained a steady growth momentum in both turnover and profits for the first half of 2012.
UA reported a growth rate of 20% in combined gross written premium and 31% growth in profit after tax compared to the same period of the previous year, the company announced this week.
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 per cent to Rs. 2.5 billion as at June 2012. General insurance gross written premium recorded a 20 per cent growth 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, it said.
Post-tax profit increased by 31 per cent 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.”
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