Union Assurance, Sri Lanka’s trailblazing Life Insurer, achieved impressive financial growth in Q3 2022 despite challenging market conditions.
Union Assurance (UA) rallied to become the second largest regular new business premium producer in the third quarter. Among the top 5 players in the industry, UA was one of the only two companies to record positive regular new business premiums, recording a 10% growth, an outstanding double-digit growth for the nine months ending 30 September 2022.
The third quarter financial results showed significant growth over the corresponding period in 2021. Profit before tax for the Company enhanced by 14%, from Rs.333 million to Rs.379 million. Total net revenue grew remarkably by 33%, from Rs.5.22 billion to Rs.6.95 billion. The gross written premium grew from Rs.3.96 billion to Rs.4.10 billion, while the net written premium increased from Rs.3.78 billion to Rs.3.87 billion. In addition, the Company honoured Rs.1.5 billion in claims, compared to Rs.1.3 billion in the corresponding period in 2021. Profit from operations also grew by 8%, an increase from Rs.293 million to Rs.318 million.
The Chief Executive Officer of Union Assurance, Jude Gomes was excited about the Company’s third-quarter performance. “Despite the macro challenges, Union Assurance achieved outstanding growth across key financial indicators,” he asserted. ‘Our customer-centric strategy, service excellence, and the seamless new-age digital experience we offer propelled our growth” he emphasized. He added that the Company will pursue leveraging its expertise and innovative energy to empower Sri Lankans pursue their dreams, providing protection against financial pitfalls.
The Chief Financial Officer of Union Assurance, Asha Perera stated that the Company’s financial position remains strong. “The Company’s proactive strategic financial management has proved crucial, helping drive growth across key parameters. We continue our focus with a robust strategy, which, along with our efficient management systems and processes, will ensure steady growth for the Company” she further stated.
The total assets of Union Assurance at the end of September 2022 stood at Rs.73 billion while the total assets of the Life Insurance Fund were at Rs.61 billion.
Union Assurance is the most awarded Life Insurance Company in Sri Lanka. As part of the renowned John Keells Group, it is poised to push the boundaries of the country’s Life Insurance industry. The Company’s success is driven by its digital transformation and array of innovative solutions, which have game-changing implications. Its pioneering initiative, the Clicklife digital ecosystem, provides an unparalleled customer experience.