Sri Lanka Union Assurance profits up

Feb 10, 2009 (LBO) – Sri Lanka’s Union Assurance said group net profit for the December quarter shot up 33 percent to 232 million rupees from a year ago with the bottom line buoyed by income from investments. Life insurance profits also increased by 28 percent to 185 million in 2008 from 144 million in 2007.

“We are pleased with the results achieved by Union Assurance in 2008,” Union Assurance chairman Ajit Gunewardene was quoted as saying in the statement.

“The strong growth in life and general insurance premiums, the highest profit achieved in the company’s history and several national and international awards, all reflect Union Assurance’s capability to differentiate itself and prosper in the highly competitive insurance industry.”

Union Assurance chief executive Marina Tharmaratnam said both life and general segments of the business performed above expectations especially with regard to the bottom line.

“We will continue to invest in our people, brand and constantly work at improving our service standards in order to maintain the growth momentum we have achieved in both turnover and profits.” Revenues rose 17 percent to almost 1.5 billion rupees, according to a stock exchange filing.