Sri Lanka Union Assurance net up 21 percent

Aug 04, 2011 (LBO) – Sri Lanka’s Union Assurance said net profits rose 21 percent to 64.5 million rupees in the June 2011 quarter with gross written premium rising 27 percent to 1.89 billion rupees. The firm reported 86 cents of earnings per share for the quarter and 1.64 rupees for the six months ending June in interim accounts filed with the Colombo Stock Exchange. The stock closed at 113.50 rupees on Wednesday.

The firm said general insurance premium rose to 1.6 billion rupees in the quarter from 1.35 billion a year earlier. Life insurance premium rose to 1.6 billion rupees from 2.25 billion rupees.

The firm earned 1.72 billion rupees in net premiums in both businesses and paid out 1.50 billion rupees in claims allowing it to record a 216 positive balance after claims in the June 2011 quarter against a 44 million loss a year earlier.

But investment income fell 34 percent to 354 million rupees from 534 million a year earlier.

Income taxes fell to 11.5 million rupees from 25 million rupees a year earlier, helping profits.