Union Assurance PLC (UA) recorded steady growth in gross written premium (GWP) and profits in the first year operating as a stand-alone life insurance company.
GWP for the twelvemonths to the December 31, 2015 was Rs. 6.9 billion compared to Rs. 5.9 billion in the corresponding period, a growth of 17%. Profit after tax (PAT),includingthe gain from sale of the 78% shareholding in the non-life company to Fairfax Asia amounted to Rs. 2.3 billion. PAT excluding the disposal gain amounted to Rs. 1,125 million compared with the Rs. 881 million PAT reported in 2014.
As at December 31, 2015, UA’s life fund stood at Rs. 26 billion with a healthy solvency ratio indicating the financial strength of the business. 2015 was a remarkable year for Union Assurance, with one of the strongest performances in UA history.
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