UAL expansion gathers momentum in 2Q 2006-07
Union Assurance Ltd’s (UAL) business expansion
initiatives have gathered pace with the opening of a dedicated Motor
Centre at No. 99 Dharmapala Mawatha in Colombo and a new branch
office in the commercial hub of Kiribathgoda, the company said..
“The expansion of our branch network and
motor center was necessitated by the growing demand for the Union
Motor policy,” noted Marina Tharmaratnam, CEO.
Union Assurance says it is the only company which
offers three convenient claims settlement options to its motor insurance
policyholders viz. on-the-scene assessment, with claims settled
within 48 hours, or the “Drive in Drive Out” repair
option with bills settled direct to the garage or the traditional
claims settlement method. In addition, the company has tied up with
over 200 garages across the country, to offer customers island wide
road side assistance services in the event of a break down or similar
Backed by the combined strengths of the John Keells
and Carson Cumberbatch groups, the company posted an impressive
29% growth in turnover, representing healthy increases in both general
and life insurance gross written premium.
General insurance premiums increased by 40% from
Rs. 920 million in June 2005 to Rs. 1.3 billion in June 2006. Life
insurance premiums also increased by 14% from Rs. 670 million in
June 2005 to Rs. 767 million in June 2006.
Consolidated profit after taxation as at the half
year ended June 2006 amounted to Rs. 50 million, compared with Rs.
71 million reported in the same period last year. The decline in
profit was attributed to expansion related expenses.
UAL Chairman, Ajit Gunewardene said that “The
results are in line with our strategy to expand and further exploit
the retail, commercial and corporate segments of the market.”