Union Assurance PLC (UA), a leading player in the Sri Lankan insurance sector recorded steady growth in combined gross written premium (GWP) and profits as at the end of the fourth quarter of 2014.
GWP from life and non-life insurance for the twelve months period commencing from January 1 to December 31, 2014 amounted to Rs. 11.2 billion compared to Rs. 10.9 billion in the preceding period. Life insurance premiums contributed Rs. 6 billion and non-life premiums contributed Rs. 5.2 billion.
Total net revenue of the company grew by 13% to Rs. 13.7 billion in 2014 from Rs. 12.1 billion in 2013 mainly due to increase in investment income. Net benefits and claimsincluding the increase in the life fund, grew by 17% as well.
Profit after tax (PAT) increased by 7% from Rs. 1,123 million in 2013 to Rs. 1,203 million in 2014. PAT included the surplus from life insurance business amounting Rs. 750 million in 2014 which was determined after an actuarial valuation as at year end.
As at December 31, 2014, UA’s life fund stood at Rs. 23 billion with a healthy solvency ratio indicating the financial strength of the business.
Without a doubt we have one of the strongest teams in the industry and it is evident in the results achieved by the company,” UA Director and Chief Executive Officer Dirk Pereira said. “The future landscape for both life and non- life businesses is very bright, and we believe we have the right people, products and brand to reap maximum benefits,” he added.
www.dailynews.lk
GWP from life and non-life insurance for the twelve months period commencing from January 1 to December 31, 2014 amounted to Rs. 11.2 billion compared to Rs. 10.9 billion in the preceding period. Life insurance premiums contributed Rs. 6 billion and non-life premiums contributed Rs. 5.2 billion.
Total net revenue of the company grew by 13% to Rs. 13.7 billion in 2014 from Rs. 12.1 billion in 2013 mainly due to increase in investment income. Net benefits and claimsincluding the increase in the life fund, grew by 17% as well.
Profit after tax (PAT) increased by 7% from Rs. 1,123 million in 2013 to Rs. 1,203 million in 2014. PAT included the surplus from life insurance business amounting Rs. 750 million in 2014 which was determined after an actuarial valuation as at year end.
As at December 31, 2014, UA’s life fund stood at Rs. 23 billion with a healthy solvency ratio indicating the financial strength of the business.
Without a doubt we have one of the strongest teams in the industry and it is evident in the results achieved by the company,” UA Director and Chief Executive Officer Dirk Pereira said. “The future landscape for both life and non- life businesses is very bright, and we believe we have the right people, products and brand to reap maximum benefits,” he added.
www.dailynews.lk
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