Union Assurance reported steady progress in terms of turnover and profitability for the six months which ended June 2009.
General and life insurance premiums for the first half of the year increased by 3% from Rs. 2.9 billion in 2008 to Rs. 3 billion as at June 2009, a statement issued by the company said.
The company attributed its progress to the increase in life insurance premiums which grew by 11% from Rs. 1.1 billion as at June 2008 to Rs. 1.3 billion by June 2009. General insurance premiums reported a marginal decline from Rs. 1.7 billion to Rs. 1.6 billion during the same period.
It recorded a profit before tax at a growth rate of 25%, rising from Rs. 91 million in the first half of 2008 to Rs. 114 million for the comparative 2009 period. While profit after tax of Rs. 92 million was in line with previous period figures, mainly due to a substantial increase in tax expenses, the statement said.