Union Assurance records unprecedented growth in 2021
View(s):With a remarkable financial performance in 2021, Union Assurance has bolstered its position as a trailblazing life insurer in Sri Lanka, claiming to record the highest regular new business growth among the top five industry players, with a growth of 42 per cent compared to the industry average of 29 per cent.
Union Assurance was also the second largest regular new business producer in the entire industry.
Its CEO Jude Gomes attributed their success to a proactive strategy that is transforming life insurance in Sri Lanka. “Our strong performance is a result of driving a customer-centric strategy, agility, and seamless digital experience, offering policy-holders innovative solutions that promise more fulfilling lives while empowering the Sri Lankan dream,” he said in a media release issued by the company.
Union Assurance achieved several key milestones in 2021. Gross written premium (GWP) exceeded Rs.15 billion, a notable increase over the previous year’s figure of Rs.13 billion, while regular new business premiums rose from Rs.3.1 billion to Rs.4.4 billion. Investment income during the year surpassed Rs.5 billion. Total net income increased from Rs.17.4 billion to Rs. 20.6 billion, while the net cash flow from operating activities rose from Rs.8.3 billion to Rs.9.3 billion, according to the release.
“We achieved a significant growth in profitability,” said the Chief Financial Officer of Union Assurance, Asha Perera. She noted that profit before tax rose by 46 per cent from Rs.1.8 billion in 2020 to Rs.2.6 billion in 2021, while profit after tax increased from Rs. 921 million to Rs.2.1 billion – an exceptional growth of 123 per cent supported by the growth in GWP, growth in net investment income, efficient management of expenses and process improvements.
The company’s asset base grew by 13 per cent over the year to consolidate at Rs.71 billion compared to the previous year’s value of Rs. 63 billion. Assets under management reached Rs.59 billion compared to Rs. 52 billion the year before, whilst shareholder equity reached Rs.15.4 billion, further strengthening the financial position of the company.
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