Union Assurance Ltd said Thursday its net profits have nearly doubled on renewed business sentiment in the overall insurance market.
Its consolidate net profits was up Rs. 132.4 mn over Rs. 38.6 mn during the corresponding year 2002.rn
rnProfits from Non-Life business was up to Rs. 99.4 mn, while the surplus from the Life business was Rs.
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33.0 mn.rn
rnRevenues from its Life Insurance business surged 31 percent to help the Life Fund top Rs. 2.96 bn in 2003.rn
rnGeneral Insurance Gross Written Premium increased by 3.8 percent and Life Insurance Gross Written Premium increased by 17.3 percent in 2003, the firm said in a statement.
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rnUALs Investment portfolio witnessed a tremendous growth of 41 percent during the year, with long term insurance business contributing significantly.
Net Assets increased to Rs. 821 mn in 2003, a 13.1 percent growth over 2002. The Company recorded a return on net assets of 16.1 percent. rn
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