Union Assurance sets new standards in 2022
View(s):Union Assurance has ended the fiscal year of 2022 recording outstanding performance in key financial indices.
The company, said in a media release, that it recorded impressive growth in key areas, including increasing the Gross Written Premium to Rs. 16.7 billion from the previous year’s figure of Rs. 15.4 billion, while the regular New Business Premiums grew from Rs. 4.4 billion to Rs. 4.7 billion.
The Profit Before Tax also witnessed a significant increase of 42 per cent from Rs. 2.6 billion to Rs. 3.7 billion. The effective reallocation of assets and high-interest rates facilitated a 42 per cent increase in Net Investment Income, which reached Rs. 7.5 billion. Correspondingly, the Total Net Revenue grew from Rs. 20.7 billion to Rs. 23.3 billion. The company also maintained a strong capital and liquidity position with a Capital Adequacy Ratio of 194 per cent, which is well above the regulatory requirement of 120 per cent, it said. Reflecting on the company’s growth, Jude Gomes, the Chief Executive Officer of Union Assurance, stated, “Last year was challenging for the entire industry, which was accentuated by the macro environment. However, despite the hurdles, we weathered the storm and emerged victorious. We have achieved solid top-line and bottom-line results, owing to our forward-thinking customer-centric approach, digitisation drive, commitment to embracing innovation, and the extraordinary value created by our winning team. The company settled Claims and Benefits of Rs. 5.7 billion, recording an increase of 24 per cent compared to the previous year, showcasing our commitment to upholding our promise to policyholders.”
Union Assurance’s Life Fund witnessed an increase of 13 per cent in 2022 from Rs. 48.4 billion to Rs. 54.9 billion. Total Assets at the end of the year increased by 7 per cent from Rs. 70.8 billion in 2021 to Rs. 76.0 billion, while the Assets Under Management rose by 9 per cent from Rs. 59.3 billion to Rs. 64.4 billion. The Market Capitalisation of the company reached Rs. 16.4 billion at the close of 2022.
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