Business
Union Assurance records double-digit growth in Q3 2023
Union Assurance, a leading player in Sri Lanka’s Life Insurance industry, is delighted to announce its 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 capitalization 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. Efficient asset liability management and a decreasing interest rate environment led to a remarkable improvement in the capital adequacy ratio, reaching 395% at the end of September 2023, compared to the 2022 year-end ratio of 194%.
Commenting on this remarkable performance, CEO of Union Assurance, Jude Gomes, stated, “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. This accomplishment is a testament to the dedication and hard work of our team, and we are well poised for continued success and innovation in the sector.”
Sharing his enthusiasm, the Deputy CEO of Union Assurance, Senath Jayatilake, stated, “At Union Assurance, we are not just focused on financial growth; we are progressively working towards creating sustainable value for all stakeholders. We take pride in reaching these significant milestones and express our gratitude to our valued stakeholders for their trust in Union Assurance. As we celebrate these achievements, we also reaffirm our commitment to continuous improvement, always seeking ways to enhance our services and provide better experiences for our customers.”
Union Assurance is a subsidiary of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. Set to protect the lives and enriching the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover health, investment, protection, retirement, and education needs of Sri Lankans. With an island-wide branch network and an over 4,000-strong workforce, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry. (Union Assurance)
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.”
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