Sri Lanka’s Union Assurance June quarter net up by more than half

Aug 11, 2008 (LBO) – Sri Lanka’s Union Assurance said its group June quarter net profit rose 63 percent to 49 million rupees from a year ago. Revenue for the quarter rose 21 percent to almost 1.4 billion rupees with income from other investments going up 44 percent to 288 million rupees, according to interim results released by the firm.

Gross written premium for the quarter was up 14 percent to 1.3 billion rupees

The June quarter performance helped push up net profit in the first half of the financial year by 78 percent to 90 million rupees from a year ago.

Cumulative life and general insurance premiums for the first half of the year increased by 15 percent to 2.9 billion rupees as at June 2008.

A company statement said it latest motor insurance product, ‘Click & Go’, has been well received in the market.

The facility enables customers who are involved in an accident of logging their claim with Union Assurance’s 24-hour call centre and have the vehicle inspected at a time and place of their convenience, it said. Customers are not required to wait at the accident site for an assessor to inspect the damage