Sri Lanka’s Union Assurance doubles earnings

Nov 15, 2007 (LBO) – Sri Lanka’s Union Assurance said net profit for the September quarter shot up 107 percent year-on-year to 29.6 million rupees. . General and life insurance premiums for the quarter grew by 17 percent to 1.1 billon rupees from 971 million rupees in 2006, according to interim results announced by the company.

Income from investments rose 22 percent to 239 million rupees.

The firm also reported a sharp increase in other income which rose 239 percent to 21 million rupees.

Net profit for the nine months ending September increased 25 percent to 80 million rupees.

A company statement said life and general insurance premiums for the first nine months of the year increased by 21 percent to 3.6 billion rupees as at September 2007 from 3.0 billion as at September 2006.

“The company’s innovative motor insurance product, Union Motor “Call & Go,” has been well received in the market.”

Policyholders who are involved in an accident may log an entry with the 24-hour call center and obtain a reference number.

A Union Assurance representative will follow up to assess the damage at a convenient location,