Union Assurance reports highest regular new business growth in 1H

Union Assurance PLC closed the first half of the financial year as the fastest growing life insurer, achieving a 65 percent growth in regular new business premiums among the top five life insurers in Sri Lanka, amidst a pandemic-affected business landscape.

The company recorded a gross written premium (GWP) of Rs.6.5 billion during the six months ending on June 30, 2021, with an increase in top line growth of 29 percent compared to the corresponding period of last year (2020).
Commenting on the performance of the company, Union Assurance CEO Jude Gomes stated, “The results recorded by Union Assurance from January to June 2021 are underpinned by the strong performance and strategic drive to become the fastest growing life insurer among the top five players in the industry. Our key enablers were the digital transformation efforts and customer-centric initiatives facilitating multiple platforms for contactless customer support such as a 24/7 trilingual call centre, online chat bot, WhatsApp, Clicklife self-service app and Clicklife digital product. 

We honoured over Rs.1.7 billion in claims, including those related to COVID-19, fast-tracked through digitisation. As we continued to exercise utmost caution for employee safety through the continuity of COVID protocols, we ensured an inspired, inclusive and engaged team to deliver on the commitment to our stakeholders.”

Upholding sustainable growth, the company recorded a five-year compound annual growth rate (CAGR) of 13 percent GWP. Moreover, the company’s profit after tax (PAT) increased significantly by 19 percent during the first half to Rs.402 million, while the profit before tax (PBT) stands at Rs.462 million. 

The company also continues to maintain a healthy capital adequacy ratio of 300 percent, which is significantly higher than the regulatory requirement of 120 percent.

In addition to its strategic performance goals, Union Assurance continued to make progress in key areas related to the community and people. The company made significant contributions towards the community by supporting displaced flood victims with over 3,000 meals and provided the much-needed medical equipment to hospitals for COVID care. 

Among its people initiatives are diversity and inclusion at the workplace to ensure equal opportunity for all through expanding hiring commitments and education. Union Assurance was certified as a Great Place to Work for the ninth year and recognised among the Best Places to Work in Asia.