Union Assurance reported steady progress in terms of turnover and profitability for the six months 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. 3.0 billion as at June 2009.
Ms. Marina Tharmaratnam CEO Union Assuarance PLC |
This was mainly due to the increase in life insurance premiums which grew 11% from Rs. 1.1 billion as at June 2008 to Rs. 1.3 billion as at June 2009. General insurance premiums reported a marginal decline from Rs. 1.7 billion to Rs. 1.6 billion during the same period.
Consolidated profit before tax recorded an impressive growth rate of 25%, rising from Rs. 91 million in the 1st half of 2008 to Rs. 114 million for the comparative 2009 period. Consolidated profit after tax of Rs. 92 million was in line with previous period figures, mainly due to a substantial increase in tax expenses.
Union Assurance further strengthened the "Union Pay Easy" scheme by partnering with National Savings Bank (NSB), enabling life insurance customers to pay their premiums at 125 NSB locations spread throughout the island.
"Union Pay Easy" is the fastest and most convenient mode of paying life insurance premiums. With the latest addition, UA customers can pay their life insurance premiums at over 1,100 locations including any Bank of Ceylon, Peoples Bank, Sampath Bank, Commercial Bank, DFCC Vardana Bank, Nations Trust Bank and Keells Super location. |
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