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Modest Growth

May 10 (LBO) - Union Assurance Ltd. posted a strong first quarter with profit after tax of Rs34 million as at March this year, over Rs37 million for the same period the year before.

Growth was driven by increases in general insurance premiums, up 38 percent to Rs754 million in March and life premiums up 14 percent to Rs 375 mn for the same period.

Premiums from retail and corporate segments of the market recorded satisfactory growth. The results reflect UAL’s strategy to expand distribution capabilities in both general and life insurance businesses, Ajith Gunewardene, Chairman of UAL, said in a statement on Wednesday.

Conglomerates John Keells Holdings and Carsons jointly own 72.0 percent of Union Assurance.