Union Assurance PLC (UAL) said last week the company maintained steady growth in both turnover and profits for the nine months ended 30th September 2011. “UAL reported a growth rate of 28% in combined gross written premiums and 26% growth in profit after tax compared to the same period of the previous year while combined gross written premiums increased from Rs. 4.8 billion to Rs.6.1 billion in the 9-month period,” the company said in a press release.
Life insurance gross written premium grew by 33% to Rs. 3.2 billion as at September 2011. General insurance gross written premium also recorded a 24% growth to Rs. 3 billion in 2011. Growth was reported from both corporate and retail customer segments, and from all classes of general insurance business, it said.
The decline in investment income for the period was due to the mark to market losses incurred in the life and general equity portfolios. Post-tax profit increased by 26% to Rs. 182 million in September 2011 excluding the surplus from life insurance business which is determined after an actuarial valuation which is conducted at the end of the year.
As at end of 30th September 2011 the Union Assurance life fund stands at Rs. 13.4 billion which is one of the largest life funds in the industry.
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