Union Assurance PLC (UA) recorded an encouraging 11% growth in Gross Written Premiums (GWP) in a challenging operating environment.
Profit after tax in 2018 was Rs. 3.2 billion against Rs. 7.3 billion recorded in 2017. The Rs. 7.3 billion profit after tax in 2017 includes the one-off surplus transfer of Rs. 3.4 billion. For the year 2018, surplus transfer from the Life fund amounted to Rs. 1.1 billion. Rs. 882 million was generated from the shareholder investment portfolio and Rs. 150 million was accounted as UA’s share of profits from the general insurance business from Fairfirst Insurance Limited.
Total other revenue recorded a 1% degrowth. This is mainly due to increase in unrealised losses stemming from equities. The investment environment was impacted by various external and internal pressures in 2018. These factors caused volatility in equity and fixed income asset classes.
Net insurance benefits and claims paid increased by 9% mainly due to increase in maturity and surrender payouts. Maturitypayouts are in line with UA’S contractual obligations and surrender payments increased due to the challenging economicenvironment.
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