1 week Ago By Sahan Weerasooriya
Union Assurance PLC, Sri Lanka’s longest-standing private Life Insurer, has recorded a strong financial performance with growth across key metrics for the year ending December 31, 2024. The Company achieved a 15% growth in gross written premium, totalling Rs. 21.
6 billion driven by double-digit growth in both regular new business premiums and renewal premiums and paid Rs. 7.7 billion worth of claims and benefits to its customers during the year.
In addition, for the year ending December 2024, the Company also declared an industry-leading universal life policyholder dividend rate of 12%, underscoring its continued commitment to deliver exceptional value to its customers. Net investment income recorded a 9% year-on-year growth to reach Rs. 11.
8 billion aided by an effective asset allocation strategy. The gains from the trading investment portfolio increased by 123% to reach Rs. 2.
9 billion driven by the strong performance of the Colombo Stock Exchange during the latter part of the year. Union Assurance distributed Rs. 3 billion as surplus from the policyholder fund and reported a profit after tax of Rs.
3.7 billion for 2024. The Company declared a final shareholder dividend of Rs.
5.00 per share amounting to a total payout of Rs. 2.
9 billion. A key milestone for Union Assurance in 2024 was the surpassing of Rs. 100 billion in total assets for the first time in its history, ending the year with Rs.
109.5 billion. This underscores the Company’s solid financial foundation and growth trajectory.
The Company’s assets under management grew by 15% during the year, reaching Rs. 95.6 billion driven by market valuation gains and cash generation from business operations.
Furthermore, Union Assurance’s capital adequacy ratio stood at a healthy 264% at the end of 2024, well above the regulatory minimum of 120%..
