Sri Lanka Union Assurance 2009 net up 17-pct

Feb 26, 2010 (LBO) – Sri Lanka’s Union Assurance said net profit for the 2009 financial year went up 17 percent to 401 million rupees from a year ago as investment income rose sharply. Total annual revenue rose 19 percent to 6.68 billion rupees, the company, in which John Keells Holdings has an 81 percent stake, said in a stock exchange filing.

Earnings per share for the year were 10.69 rupees compared with 9.12 the previous year.

Income from investments rose 44 percent to 1.7 billion rupees from a yea ago.

General and life insurance premiums went up five percent to 5.99 billion rupees from the previous year, with net written premium up 11 percent to five billion rupees and net earned premium up 13 percent to 4.88 billion rupees.

Insurance claims and benefits paid rose 20 percent to 3.8 billion rupees compared with the previous year.

The company accounts also showed taxation shot up 335 percent to 66.5 million rupees during the year.

Union Assurance’s December quarter net profit went up 15 percent to 267 million rupees from a year ago.

General and life insurance premiums for the December quarter rose 11 percent to 1.6 billion rupees.