Sri Lanka’s Union Assurance records 65% growth in 1st half of this year
Sri Lanka’s Union Assurance PLC has recorded a 65% growth in the first half (1H) of the financial year amidst the impact of the Covid 19 pandemic.
According to local media reports, the company has recorded a gross written premium (GWP) of Rs. 6.5 billion during the six months ending 30 June 2021, with an increase in top-line growth of 29% compared to the corresponding period of last year (2020).
Union Assurance CEO Jude Gomes has told the local media, “The results recorded by Union Assurance from January to June 2021 are underpinned by the strong performance and strategic drive to become the fastest growing life insurer among the top five players in the industry. Our key enablers were the digital transformation efforts and customer-centric initiatives facilitating multiple platforms for contactless customer support such as a 24/7 trilingual call centre, online chat bot, WhatsApp, Clicklife self-service app, and Clicklife digital product. We honoured over Rs. 1.7 billion in claims, including those related to Covid-19, fast-tracked through digitisation. As we continued to exercise utmost caution for employee safety through the continuity of Covid protocols, we ensured an inspired, inclusive, and engaged team to deliver on the commitment to our stakeholders.”
The Company has recorded a five-year compound annual growth rate (CAGR) of 13% GWP and the company’s profit after tax (PAT) has increased significantly by 19% during 1H to Rs. 402 million, while the profit before tax (PBT) stands at Rs. 462 million.
OSL take:
The growth recorded by Sri Lanka’s Union Assurance is indicative of the country’s resilience to internal and external challenges, especially amidst the Covid 19 pandemic. Sri Lanka’s geographical positioning in the Indian ocean, the trade agreements and concessions enjoyed by the country as well as the improving ease of doing business environment in the country have placed Sri Lanka as an emerging business destination in the South Asian region. Foreign businesses/investors could explore business/investment opportunities while also looking at forming partnerships or joint ventures with local businesses.
| Article Code : | VBS/AT/10092021/Z_4 |