Union Assurance Life (UAL) reported steady progress in the life insurance business, reporting 18% growth in gross written premium compared with the previous year. Profit amounted to Rs.108 million compared with 61 million in 2016. Profit in the quarter does not include a surplus from the life business which is actuarially valued at year end.
As at March 31, 2017, UA’s life fund stood at Rs. 32 billion with a healthy solvency ratio indicating the financial strength of the business.
UA introduced a new Pension product named ‘Union Pension Advantage.’This breakthrough product offers policyholders the peace of mind of knowing that the contributions they make to their policy over their working lives will fund their retirement, and provide reassurance and support for those left behind in the event of a death.
The company also introduced a new scheme for digitally connected housewives and students pursuing academic or professional qualifications to work from home and earn an additional income, by providing protection to their friends and family. The revolutionary concept branded ‘e-Consultant - Insurance’ leverages the end to end digital sales process developed by UA and aims to attract a new breed of insurance advisors to the life insurance industry.
The Company is anchored by a team of experienced and dynamic professionals, and is backed by a strong capital base and reinsurance partnerships with highly rated global reinsurers.
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