Union Assurance records steady progress up to 1H 2015
21 Aug 2015 - {{hitsCtrl.values.hits}}
Union Assurance PLC (UA) recorded a steady growth in Gross Written Premium (GWP) and profits as at the end of the 2nd quarter of 2015.
GWP for the six months to the 30th of June 2015 was Rs. 3.2 billion compared to Rs. 2.8 billion in the corresponding period, a growth of 15 percent.
Total net revenue excluding gains recorded from disposal of the non life business amounted to Rs. 4.4 billion, which was a 6 percent increase over the previous year. Total net revenue including the gain was Rs. 5.6 billion.
''Total net revenue excluding gains recorded from disposal of the non life business amounted to Rs. 4.4 billion''
Profit after tax (PAT), including the disposal gain amounted to Rs. 1.4 billion. PAT excluding the disposal gain amounted to Rs. 194 million which is a 169 percent increase over the Rs. 72 million PAT reported in 2014. The PAT figures do not include a surplus from the life business, as the surplus is transferred at year end following actuarial valuation.
As at 30th June 2015, UA’s life fund stood at Rs. 25 billion with a healthy solvency ratio indicating the financial strength of the business.
On 28 May 2015, the Board of Directors of Union Assurance PLC resolved that up to a maximum of 26,785,714 of its ordinary shares will be repurchased at a price of Rs. 167.80 per share on a pro rata basis of ten shares for every thirty two shares held.
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