Healthy Growth

Union Assurance Ltd said Thursday its consolidated net income grew by a healthy 24.4 percent to Rs. 20.7 mn in the first quarter ended March 31, 2003, compared with the same period in 2002.
The firms premium income (Life and General Insurance) also increased by 9.4 percent during the period, from Rs.559.5 mn to Rs.612.3 mn. rn

rnUALs total investment portfolio increased from Rs. 2,574.2 mn as at Dec. 31 2002, to Rs 2,642.8 mn at the end of the first three months of this year.rn

rnTrading on UALs shares were halted last week, pending a securities watchdog inquiries into its ownership.rn

rnThe Securities & Exchange Commission has sought Attorney Generals advice on whether UALs new owners should make a mandatory offer or not.rn

rnOn May 12, the Carsons and John Keells Holdings Group together picked up Aitken Spences 24 percent stake in UAL recently for Rs. 354 mn. rn

rnPresently, Carsons owns 36.91 percent and JKH owns 35.95 percent, effectively controlling 72.86 percent of the insurance compan