Sri Lanka Union Assurance profits down 4.0-pct

Nov 10, 2010 (LBO) – Sri Lanka’s Union Assurance said net profits for the September 2010 quarter fell 4.0 percent to 39.5 million rupees, while total revenues rose 29 percent to 2.2 billion rupees. Gross written premium rose 17 percent to 1.67 billion rupees, reinsurance premiums rose at a slightly faster 19 percent to 227 million rupees allowing written premium to grow keep pace, growing 16 percent to 1.44 billion rupees.

Total benefits and claims increased 37 percent 1.68 billion rupees with a 61 percent life insurance provision to 858 million resulting in a loss of 290 million rupees after benefits.

But investment income rose 68 percent to 753 million rupees.

The firm reported earnings per share of 1.05 rupees for the quarter. For the nine months to September the firm reported profits of 144 million rupees and earnings per share of 3.84 rupees.

By end September 2010, Union Assurance had gross assets of 18.1 billion rupees up from 16.6 billion in December 2009 and net assets of 2.2 billion rupees, down from 2.3 billion.