Big Claims

May 11, 2007 (LBO) – Union Assurance has reported after-tax profit for the quarter ending March 2007 fell to 21 million rupees from 33 million in the same 2006 period. Life insurance premiums increased by 25% to 468 million rupees in March 2007 from 375 million rupees in March 2006. The company, in which the John Keells and Carsons Groups have big stakes, attributed the decline in profit to expansion related expenses and general insurance claims.

A company statement said general insurance premiums increased by 19% to 899 million rupees in March 2007 from 754 million rupees in March 2006.