Business
‘Union Assurance records impressive growth in 2022’
Union Assurance ended the fiscal year of 2022 recording outstanding performance in key financial indices, reaffirming its position as the trailblazing Life Insurer of the nation, protecting lives, empowering people, and providing peace of mind to thousands of Sri Lankans, an Union Assurance press release said.
The release adds: ‘The Company recorded impressive growth in key areas, including increasing the Gross Written Premium to Rs. 16.7 billion from the previous year’s figure of Rs. 15.4 billion, while the Regular New Business Premiums grew from Rs. 4.4 billion to Rs. 4.7 billion. The Profit Before Tax also witnessed a significant increase of 42% from Rs. 2.6 billion to Rs. 3.7 billion. The effective reallocation of assets and high-interest rates facilitated a 42% increase in Net Investment Income, which reached Rs. 7.5 billion. Correspondingly, the Total Net Revenue grew from Rs. 20.7 billion to Rs. 23.3 billion. The Company also maintained a strong capital and liquidity position with a Capital Adequacy Ratio of 194%, which is well above the regulatory requirement of 120%.
‘Reflecting on the Company’s exceptional growth, Jude Gomes, the Chief Executive Officer of Union Assurance, stated, “Last year was challenging for the entire industry, which was accentuated by the macro environment. However, despite the hurdles, we weathered the storm and emerged victorious. We have achieved solid top-line and bottom-line results, owing to our forward-thinking customer-centric approach, digitisation drive, commitment to embracing innovation, and the extraordinary value created by our winning team. The Company settled Claims and Benefits of Rs. 5.7 billion, recording an increase of 24% compared to the previous year, showcasing our commitment to upholding our promise to policyholders.”
“I extend heartfelt appreciation to our customers for their unwavering trust placed in Union Assurance, and to the team for working tirelessly and exceeding customer expectations amid all impediments. We are confident this growth momentum will enable us to deliver stronger on our strategic priorities for 2023 and beyond. We also remain steadfast in our resolve to reduce the protection gap in the country by providing more Sri Lankans with financial safety nets and empowering them to enjoy life with peace of mind” he further stressed.
‘Furthermore, Union Assurance’s Life Fund witnessed a notable increase of 13% in 2022 from Rs. 48.4 billion to Rs. 54.9 billion. Total Assets at the end of the year increased by 7% from Rs. 70.8 billion in 2021 to Rs. 76.0 billion, while the Assets Under Management rose by 9% from Rs. 59.3 billion to Rs. 64.4 billion. The Market Capitalisation of the Company reached Rs. 16.4 billion at the close of 2022.
‘Commenting on the year’s success, Senath Jayatilake, the Deputy Chief Executive Officer of Union Assurance, said, “Our growth mindset, customer-centricity and operational excellence have allowed us to withstand pressures from the operational environment. We have achieved key milestones in the industry, highlighting the Company’s strength and superiority. For the second year in a row, we have reinforced our position as the country’s leading Bancassurance provider by exceeding Rs. 1 billion in Annualised New Business Premium.”
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
