Union Assurance, a leading player in Sri Lanka’s Life Insurance industry, recorded an outstanding performance in the third quarter of 2023, leaping ahead in the industry across key financial measures.
Demonstrating robust growth, the company recorded a 14% increase in gross written premium compared to the corresponding period in 2022, surpassing the industry growth rate of 11%. Notably, the company achieved a significant milestone by becoming the 4th largest market player in the life insurance industry, securing a total market share of 12% as of Q3 2023.
Excluding surplus transfers, the profit after tax soared by 74%, driven by higher investment income generated during the nine months of 2023, compared to the corresponding period in 2022. Union Assurance’s market capitalisation witnessed an impressive 46% growth, reaching Rs. 23.9 billion as of Q3 2023.
With strategic asset allocation, and by leveraging the high-interest rate environment, the company was able to record a remarkable 54% growth in investment income, compared to the corresponding period in 2022. Union Assurance’s investment portfolio reached Rs. 80 billion by the end of September 2023, reflecting a substantial 24% increase compared to the corresponding period in 2022.
The company’s total assets and the life fund value stood at Rs. 91.3 billion and Rs. 63.9 billion, as of Q3 2023. The capital adequacy ratio reached 395% at the end of September 2023.
CEO of Union Assurance, Jude Gomes said, “We are elated to announce our exceptional performance. Amidst a challenging economic backdrop, we have consistently proven our mettle, recording double digital growth in the third quarter of 2023.”
