Union Assurance PlcCSELK: UAL.N0000

Interim Financial Statements as @ 30th June 2025

· Issued by Union Assurance Plc
FOLDS OF VALUE

Union Assurance PLC Condensed Interim Financial Statements For the Six Months Ended 30 June 2025



INCOME STATEMENT

2025

2024

Change

For the period ended 30 June Note

Rs. '000

Rs. '000

%

Gross written premium 6

11,604,833

9,806,880

18

Premium ceded to reinsurers

(829,332)

(721,045)

15

Net written premium

10,775,501

9,085,835

19

Other revenue

Net investment income

5,929,622

5,687,365

4

Net realised gains

305,794

580,929

(47)

Net fair value gains

633,301

504,385

26

Other income

13,500

11,581

17

Total other revenue

6,882,217

6,784,260

1

Total net revenue

17,657,718

15,870,095

11

Benefits, claims and expenses

Net insurance benefits and claims paid

(3,587,766)

(2,856,772)

26

Net change in insurance claims outstanding

(5,567)

4,993

211

Change in insurance contract liabilities

(7,963,481)

(7,583,604)

5

Underwriting and net acquisition costs (net of reinsurance)

(2,238,963)

(1,816,383)

23

Other operating, administrative and selling expenses

(2,585,968)

(2,260,759)

14

Depreciation and amortisation

(368,408)

(300,436)

23

Total benefits, claims and expenses

(16,750,153)

(14,812,961)

13

Profit from operations

907,565

1,057,134

(14)

Share of results of equity accounted investee, net of tax

170,818

122,840

39

Profit before tax

1,078,383

1,179,974

(9)

Income tax expenses 7

(275,384)

(320,926)

(14)

Profit for the period

802,999

859,048

(7)

Earnings per share

Basic (Rs.)

1.36

1.46

(7)

Diluted (Rs.)

1.36

1.46

(7)

The notes form an integral part of these interim financial statements.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

2025

2024

Change

For the period ended 30 June Rs. '000

Rs. '000

%

Profit for the period

802,999

859,048

(7)

Items that are or may be reclassified subsequently to income statement

Fair value reserve (available for sale financial assets)

Net change in fair value of available for sale financial assets

(2,181)

247,004

Share of net change in fair value of available for sale financial assets of equity accounted investee, net of tax

10,435

6,010

Net change in fair value of available for sale financial assets transferred to the income statement

(248,261)

(45,813)

Related tax

-

-

(240,007)

207,201

(216)

Net change in liabilities of insurance contracts arising from fair value changes in available for sale financial assets

(51,341)

538,263

Net change in fair value of available for sale financial assets of insurance liabilities transferred to the income statement

(38,837)

(36,504)

Related tax

-

-

(90,178)

501,759

(118)

(330,185)

708,960

Other comprehensive income, net of tax

(330,185)

708,960

(147)

Total comprehensive income for the period, net of tax

472,814

1,568,008

(70)

The notes form an integral part of these interim financial statements.

INCOME STATEMENT

2025

2024

Change

For the Quarter ended 30 June Note

Rs. '000

Rs. '000

%

Gross written premium

5,869,372

4,919,653

19

Premium ceded to reinsurers

(428,328)

(375,160)

14

Net written premium

5,441,044

4,544,493

20

Other revenue

Net investment income

3,018,381

2,923,015

3

Net realised gains

22,784

400,264

(94)

Net fair value gains

915,516

983

93,035

Other income

6,494

6,834

(5)

Total other revenue

3,963,175

3,331,096

19

Total net revenue

9,404,219

7,875,589

19

Benefits, claims and expenses

Net insurance benefits and claims paid

(1,777,445)

(1,414,084)

26

Net change in insurance claims outstanding

18,225

64,449

(72)

Change in contract liabilities - Life Fund

(4,597,081)

(3,826,044)

20

Underwriting and net acquisition costs (net of reinsurance)

(1,157,108)

(915,244)

26

Other operating, administrative and selling expenses

(1,409,414)

(1,167,083)

21

Depreciation and amortisation

(193,034)

(152,487)

27

Total benefits, claims and expenses

(9,115,857)

(7,410,493)

23

Profit from operations

288,362

465,096

(38)

Share of results of equity accounted investee, net of tax

85,806

58,745

46

Profit before tax

374,168

523,841

(29)

Income tax expenses

(87,661)

(148,331)

(41)

Profit for the quarter

286,507

375,510

(24)

Earnings per share

Basic (Rs.)

0.49

0.64

(24)

Diluted (Rs.)

0.49

0.64

(24)

The notes form an integral part of these interim financial statements.

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

2025

2024

Change

For the Quarter ended 30 June Rs. '000

Rs. '000

%

Profit for the quarter

286,507

375,510

(24)

Net change in fair value of available for sale financial assets

11,710

39,988

Share of net change in fair value of available for sale financial assets of equity accounted investee, net of tax

24,038

6,465

Net change in fair value of available for sale financial assets transferred to the income statement

(1,376)

(45,813)

Related tax

-

-

34,372

640

5,271

Net change in liabilities of insurance contracts arising from fair value changes in available for sale financial assets

32,963

63,100

Net change in fair value of available for sale financial assets of insurance liabilities transferred to the income statement

-

(20,858)

32,963

42,242

67,335

42,882

Other comprehensive income, net of tax

67,335

42,882

57

Total comprehensive income for the quarter, net of tax

353,842

418,392

(15)

The notes form an integral part of these interim financial statements.

STATEMENT OF FINANCIAL POSITION

As at

Note

30.06.2025

Rs. '000

31.12.2024

Rs. '000

Assets

Intangible assets

7,467,392

784,599

Property, plant and equipment

3,048,993

3,020,336

Right of use assets

558,698

590,235

Investment in equity accounted investee

2,600,428

2,419,176

Financial investments 9

95,755,886

95,567,444

Loans to life policyholders

2,766,567

2,651,478

Reinsurance receivable

481,703

418,852

Premiums receivable

1,022,190

1,066,641

Receivables and other assets

1,746,013

1,326,177

Cash in hand and at bank

1,091,736

1,614,403

Total assets

116,539,606

109,459,341

Equity and liabilities

Equity

Stated capital

1,000,000

1,000,000

Restricted regulatory reserve 10

3,381,934

3,381,934

Revaluation reserve

2,555,360

2,555,360

Available for sale reserve

3,925,792

4,255,977

Other reserves

84,338

76,573

Retained earnings

10,254,718

12,398,147

Total equity

21,202,142

23,667,991

Liabilities

Insurance contract liabilities 11

86,387,743

78,399,507

Insurance contract liabilities - Unit Linked

753,095

792,176

Lease liabilities

542,312

606,916

Employee benefit liabilities

246,211

229,709

Reinsurance payables

935,758

587,668

Other liabilities

6,299,348

5,040,845

Bank overdraft

172,997

134,529

Total liabilities

95,337,464

85,791,350

Total equity and liabilities

116,539,606

109,459,341

The notes form an integral part of these interim financial statements.

I certify that the above financial statements comply with the requirements of the Companies Act No. 07 of 2007.



Himani Weerasekera

Chief Financial Officer

The Board of Directors is responsible for the preparation and presentation of these financial statements. Signed on behalf of the Board:



K N J Balendra S Rajendra

Chairperson Director

Colombo

25 July 2025

STATEMENT OF CHANGES IN EQUITY

Reserves

Other reserves

Restricted Reserve Available Stated regulatory Revaluation

Rs. '000

capital

reserve

Other

on for sale capital Retained reserve merger reserve reserves earnings

Total

Balance as at 1 January 2024 1,000,000 3,381,934 2,563,095 16,752 3,334,055 59,791 13,805,444 24,161,071

Profit for the period - - - - - - 859,048 859,048

Other comprehensive income for the period

Net change in fair value of available for sale

financial assets - - - - 201,191 - - 201,191 Net change in liabilities of insurance

contracts arising from fair value changes

in available for sale financial assets - - - - 501,759 - - 501,759 Share of net change in fair value of

available for sale financial assets of

equity accounted investee, net of tax

-

-

-

-

6,010

-

-

6,010

Total other comprehensive income

-

-

-

-

708,960

-

-

708,960

Total comprehensive income for the period

-

-

-

-

708,960

-

859,048

1,568,008

Transactions with owners, transfers, recorded directly in equity

Contributions and distributions

First and final dividend 2023

(5,156,249) (5,156,249)

Share based payments

-

-

-

-

-

8,461

- 8,461

Total contributions and distributions

-

-

-

-

-

8,461

(5,156,249) (5,147,788)

Balance as at 30 June 2024

1,000,000

3,381,934

2,563,095

16,752

4,043,015

68,252

9,508,243 20,581,291

STATEMENT OF CHANGES IN EQUITY

Reserves

Other reserves

Restricted

Reserve

Available

Other

Stated

regulatory

Revaluation

on

for sale

capital

Retained

Rs. '000 capital

reserve

reserve

merger

reserve

reserves

earnings

Total

Balance as at 1 January 2025 1,000,000

3,381,934

2,555,360

16,752

4,255,977

59,821

12,398,147

23,667,991

Profit for the period -

-

-

-

-

-

802,999

802,999

Other comprehensive income for the period

Net change in fair value of available for sale

financial assets -

-

-

-

(250,442)

-

-

(250,442)

Net change in liabilities of insurance contracts arising from fair value changes

in available for sale financial assets -

-

-

-

(90,178)

-

-

(90,178)

Share of net change in fair value of available for sale financial assets of

equity accounted investee, net of tax -

-

-

-

10,435

-

-

10,435

Total other comprehensive income -

-

-

-

(330,185)

-

-

(330,185)

Total comprehensive income for the

period -

-

-

-

(330,185)

-

802,999

472,814

Transactions with owners, transfers, recorded directly in equity

Contributions and distributions

First and final dividend 2024

-

-

-

-

-

-

(2,946,428) (2,946,428)

Share based payments

-

-

-

-

-

7,765

- 7,765

Total contributions and distributions

-

-

-

-

-

7,765

(2,946,428) (2,938,663)

Balance as at 30 June 2025

1,000,000

3,381,934

2,555,360

16,752

3,925,792

67,586

10,254,718 21,202,142

The notes form an integral part of these interim financial statements.

STATEMENT OF CASH FLOWS

For the period ended 30 June

Note

2025

Rs. '000

2024

Rs. '000

Cash flows from operations

Insurance premiums received

11,649,284

9,883,046

Reinsurance premiums paid

-

(130,424)

Insurance benefits and claims paid

(4,051,815)

(3,300,186)

Reinsurance claim received

464,049

443,415

Payments to intermediaries to acquire insurance contracts

(2,210,032)

(1,829,333)

Cash paid to and on behalf of employees

(1,333,512)

(1,197,826)

Interest received

5,233,584

5,064,262

Dividends received

142,978

109,451

Other operating cash flows

(2,331,543)

(2,243,223)

Cash generated from operating activities A

7,562,993

6,799,182

Interest paid

(29,658)

(23,531)

Income tax paid

(711,973)

(808,084)

Employee benefits paid

(5,974)

(9,345)

Net cash flow from operating activities

6,815,388

5,958,222

Cash flows used in investing activities

Purchase of investments

(35,850,297)

(26,300,222)

Maturity proceeds of investments

12,744,384

3,686,741

Proceeds from sale of investments

24,011,078

21,729,241

Purchase of property, plant and equipment

(95,125)

(43,820)

Purchase of intangible assets

(5,099,816)

(13,406)

Proceeds from sale of property, plant and equipment

2,152

1,383

Net cash used in investing activities

(4,287,624)

(940,083)

Net cash inflow before financing activities

2,527,764

5,018,139

Cash flows used in financing activities

Dividends paid to equity holders of the company

(2,945,742)

(5,155,143)

Settlement of lease liabilities

(143,157)

(78,990)

Net cash used in financing activities

(3,088,899)

(5,234,133)

Net increase in cash and cash equivalents

(561,135)

(215,994)

Cash and cash equivalents at the beginning of the period

1,479,874

716,915

Cash and cash equivalents at the end of the period B

918,739

500,921

The notes form an integral part of these interim financial statements.

STATEMENT OF CASH FLOWS

For the period ended 30 June

Note

2025

Rs. '000

2024

Rs. '000

NOTE A.

Reconciliation of profit before taxation with cash from operating activities

Profit before tax

1,078,383

1,179,974

Non - cash items included in profit before tax

Depreciation and amortisation

368,408

300,436

Provision for employee benefits

22,476

18,706

Net realised gains

(305,794)

(580,929)

Net fair value gains

(633,301)

(504,385)

Gain on sale of property, plant and equipment

(609)

(1,243)

Amortisation of financial investments

(421,495)

(324,568)

Amortisation of lease liabilities

29,634

23,531

Scrip dividend income

(8,970)

(25,944)

Share of results of equity accounted investee

(170,818)

(122,840)

Interest expense

24

-

Share based payment expenses

7,765

8,460

Profit before working capital changes

(34,297)

(28,802)

Net change in operational assets

Net change in reinsurance assets

(62,851)

(37,036)

Net change in premiums receivable

44,451

76,166

Net change in receivables and other assets

(604,919)

(571,037)

Net change in operational liabilities

Net change in life insurance contract liabilities

7,949,155

7,525,022

Net change in reinsurance liabilities

348,090

122,165

Net change in other liabilities

(76,636)

(287,296)

Cash generated from operating activities

7,562,993

6,799,182

NOTE B.

Cash and cash equivalents at the end of the period

Cash in hand and at bank

1,091,736

654,334

Bank overdraft

(172,997)

(153,413)

Cash and cash equivalents at the end of the period

918,739

500,921

For the purpose of the cash flow statement, cash and cash equivalent consist of cash in hand & at bank, net of outstanding bank overdraft as shown above.

The notes form an integral part of these interim financial statements.

LIFE INSURANCE FUND STATEMENT OF FINANCIAL POSITION

As at

Note

30.06.2025

Rs. '000

31.12.2024

Rs. '000

Assets

Intangible assets

534,718

508,157

Property, plant and equipment

3,048,993

3,020,336

Right of use assets

558,698

590,235

Financial investments

87,425,454

82,119,212

Loans to life policyholders

2,766,567

2,651,478

Reinsurance receivable

481,703

418,852

Premiums receivable

1,022,190

1,066,641

Receivables and other assets

1,707,370

1,307,486

Cash in hand and at bank

1,036,856

1,577,123

Total assets

98,582,549

93,259,520

Reserves and liabilities

Reserves

Revaluation reserve

2,079,500

2,079,500

Available for sale reserve

3,236,787

3,326,965

Other reserves

(31,286)

(31,286)

Total reserves

5,285,001

5,375,179

Liabilities

Insurance contract liabilities 11

86,387,743

78,399,507

Insurance contract liabilities - Unit Linked

753,095

792,176

Lease liabilities

542,312

606,916

Employee benefit liabilities

246,211

229,709

Reinsurance payables

935,758

587,668

Other liabilities

4,276,510

7,133,836

Bank overdraft

155,919

134,529

Total liabilities

93,297,548

87,884,341

Total reserves and liabilities

98,582,549

93,259,520

NOTES TO THE FINANCIAL STATEMENTS

  1. Reporting Entity

    Union Assurance PLC ('the Company') is a public limited liability company incorporated and domiciled in Sri Lanka and the ordinary shares of the Company are listed on the Colombo Stock Exchange. The registered office and principal place of business of the Company is located at No. 20, St. Michael's Road, Colombo 03.

    The Company's controlling entity and ultimate parent undertaking is John Keells Holdings PLC which is incorporated in Sri Lanka.

  2. Approval of Financial Statements

    The interim financial statements for the six months ended 30 June 2025 were authorised for issue by the Board of Directors on 25 July 2025.

  3. Presentation of Financial Statements

    The results of equity accounted investee of the Company, Fairfirst Insurance Limited has been presented in the financial statements in accordance with Sri Lanka Accounting Standard, LKAS 28 - Investments in Associates and Joint Ventures.

  4. BASIS OF PREPARATION AND CHANGES TO THE COMPANY'S ACCOUNTING POLICIES

    1. Basis of Preparation

      The interim financial statements have been prepared in compliance with Sri Lanka Accounting Standard LKAS 34 - Interim Financial Reporting. These interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024. Further, provisions of the Companies Act No.7 of 2007 have been considered in preparing the interim financial statements of the Company. The same accounting policies have been followed in preparation of these interim financial statements as stated in the Audited Financial Statements for the year ended 31 December 2024.

      The interim condensed financial statements are presented in Sri Lankan Rupees (LKR) and all values are rounded to the nearest thousand except when otherwise indicated.

    2. Fair value measurement and related fair value disclosures

      The fair values of all the financial assets and financial liabilities recognised during the period were not materially different from the transaction prices at the date of initial recognition. All listed equity instruments were measured based on the market prices as at 30 June 2025 and classified as level 1 as per the fair value hierarchy. There were no transfers between Level 1 and Level 2 and no transfers into or out of Level 3 categories as per the fair value hierarchy during the reporting period.

  5. SLFRS 9 - Financial Instruments and SLFRS 17 - Insurance Contracts

    SLFRS 9 is effective for annual periods beginning on or after 1 January 2018. It replaces LKAS 39 - Financial Instruments: Recognition and Measurement.

    Based on the proposed amendments to SLFRS 4 - Insurance contracts (to be replaced by SLFRS 17), the entities whose predominant activity is issuing insurance contracts are permitted to defer the full application of SLFRS 9 until the adoption of SLFRS 17, which is in financial period beginning on or after 1 January 2026.

    The Company has used the above temporary exemption.

  6. GROSS WRITTEN PREMIUM

    For the period ended 30 June

    2025 2024

    Rs. '000 Rs. '000

    Conventional

    11,600,319

    9,803,105

    Unit linked

    4,514

    3,775

    Total gross written premium

    11,604,833

    9,806,880

  7. INCOME TAX EXPENSE

    1. Current tax

      Gains and profits from the Life Insurance Business are ascertained in terms of Section 67 of the Inland Revenue Act No. 24 of 2017 and other amendments in line with Inland Revenue (Amendment) Act No. 45 of 2022. As per this section, an income tax rate of 30% is applicable on gains and profits which is the aggregate of;

      Surplus distributed to shareholders from the Life insurance policyholders fund as certified by the actuary. Investment income of the shareholder fund less any expenses incurred in the production of such income.

      Surplus distributed to a Life insurance policyholder who shares profits of an entity engaged in the business of life insurance.

      Amount Recognised in the Profit or Loss

      For the period ended 30 June

      2025 2024

      Rs. '000 Rs. '000

      Current tax expense for the period

      (275,384)

      (320,926)

      (275,384)

      (320,926)

  8. PROFITS FROM LIFE INSURANCE

    No surplus transfer has been made from the life insurance fund to the Income Statement during the period under review.

  9. FINANCIAL INVESTMENTS

    30.06.2025 31.12.2024

    As at

    Rs. '000 Rs. '000

    Held to maturity financial assets (HTM)

    48,401,288

    46,244,375

    Loans and receivables (L&R)

    12,550,365

    14,442,825

    Available for sale financial assets (AFS)

    25,311,231

    27,164,487

    Financial assets at fair value through profit or loss (FVTPL)

    9,493,002

    7,715,757

    Total financial investments

    95,755,886

    95,567,444

    NOTES TO THE FINANCIAL STATEMENTS

  10. RESTRICTED REGULATORY RESERVE

    Based on the direction issued by the Insurance Regulatory Commission of Sri Lanka (IRCSL) dated 20 March 2018 and subsequent approval, the Company has transferred Rs. 3,382 million attributable to non - participating fund and non unit fund of unit linked business from life policyholder fund to life shareholder fund (SHF). The distribution of one - off surplus to shareholders, held as part of the Restricted Regulatory Reserve under equity in the statement of financial position is subject to meeting governance requirements stipulated by the IRCSL and can only be released upon receiving approval from the IRCSL. The one - off surplus in the SHF is represented by government debt securities as per the direction of the IRCSL.

    30.06.2025 31.12.2024

    As at

    Rs. '000 Rs. '000

    Transfer of one - off surplus from non participating fund

    3,393,900

    3,393,900

    Transfer from shareholder fund for the one - off deficit created in the non-unit fund of unit linked life insurance contracts

    (11,966)

    (11,966)

    3,381,934

    3,381,934

  11. INSURANCE CONTRACT LIABILITIES

    30.06.2025 31.12.2024

    As at

    Rs. '000 Rs. '000

    Life insurance fund

    85,434,074

    77,514,257

    One - off surplus arising from changing policy liability valuation relating to participating fund

    435,046

    435,046

    Effect of Taxation on Surplus / Bonus transferred to - Policyholders

    (79,055)

    (79,055)

    Claim payables

    597,678

    529,259

    Total insurance contract liabilities

    86,387,743

    78,399,507

    The one off surplus retained in Insurance Contract Liabilities comprises of Rs. 432.5 million attributable to participating business and Rs. 2.5 million attributable to unit linked fund.

    1. Movement In Insurance Contract Liabilities

      30.06.2025 31.12.2024

      As at

      Rs. '000 Rs. '000

      Conventional life insurance fund

      Balance as at 1 January

      78,076,935

      64,797,623

      Increase in life insurance fund before surplus transfer to shareholders

      7,889,390

      16,314,179

      Transfer to shareholders

      -

      (3,000,000)

      Effect of Taxation on Surplus / Bonus transferred to - Policyholders

      -

      (23,983)

      Net change in unclaimed benefits

      73,864

      (10,884)

      Balance as at period end - Conventional Life insurance

      86,040,189

      78,076,935

      Non Unit Fund of Linked Life Insurance Contracts

      Balance as at 1 January

      322,572

      245,761

      Increase in non unit fund of linked life insurance before surplus transfer to shareholders

      30,427

      69,692

      Net change in unclaimed benefits

      (5,445)

      7,119

      Balance as at period end - Non unit fund of linked Life insurance

      347,554

      322,572

      86,387,743

      78,399,507

  12. AUDIT OF THE INTERIM FINANCIAL STATEMENTS

    Figures for the six months are provisional and unaudited

  13. COMPARATIVE INFORMATION

    The presentation and classification in the financial statements are amended where appropriate to ensure comparability with the current period.

  14. RELATED PARTY TRANSACTIONS

    The nature of the related parties in the current period is similar to those reported in the audited financial statements for the year ended 31 December 2024.

    Transactions with the Ultimate Parent

    As at 30 June

    2025 2024

    Rs. '000 Rs. '000

    Investment in shares

    1,412,861

    659,876

    Payable for shared services

    (25,668)

    (45,450)

    For the period ended 30 June

    Transaction amount during the period

    2025 2024

    Rs. '000 Rs. '000

    Receiving of services

    (85,882)

    (104,865)

    Dividend income received

    5,972

    3,244

    Dividend paid

    (2,651,786)

    (3,977,373)

    Net Purchase / (Sale) of share Investments

    345,766

    (2,108)

    Transactions with companies under common control

    As at 30 June

    2025 2024

    Rs. '000 Rs. '000

    Debenture, share Investments and distribution rights

    524,038

    799,147

    Payable for shared services

    (9,322)

    (6,381)

    NOTES TO THE FINANCIAL STATEMENTS

    For the period ended 30 June

    Transaction amount during the period

    2025 2024

    Rs. '000 Rs. '000

    Purchase of goods

    (5,476)

    (2,919)

    Receiving of services

    (195,189)

    (207,925)

    Purchase of property, plant and equipment

    (23,571)

    (14,117)

    Interest received

    18,632

    25,857

    Dividend received

    1,867

    -

    Net Purchase / (Sale) of share Investments

    84,474

    (24,514)

    Transactions with Associates

    As at 30 June

    2025

    Rs. '000

    2024

    Rs. '000

    Amount receivable / (payable)

    -

    -

    For the period ended 30 June

    Transactions during the period

    2025 2024

    Rs. '000 Rs. '000

    (171)

Receiving of services (40,287)

Companies controlled / jointly controlled / significantly influenced by KMP and their close family members

Transactions during the period

2025 2024

For the period ended 30 June Rs. '000 Rs. '000

Rendering / (Receiving) of services

(9,871)

(1,144)

Transactions with Key Management Personnel (KMP)

Rendering / (Receiving) of services

-

-

Transactions with Close Family Members of KMP

Rendering / (Receiving) of services

-

-

  1. CAPITAL AND OTHER COMMITMENTS

    The capital commitments approved and contracted as at the reporting date were Rs. 88 million.

  2. CONTINGENCIES

    There has been no change in the contingencies, which were disclosed in the audited financial statements for the year ended 31 December 2024 other than the following

    Income tax relating to year of assessment 2021/22

    The Department of Inland Revenue has raised an assessment on the Company for the year of assessment 2021/22, assessing the Life insurance business to pay an income tax liability of Rs. 59 million. The Company has lodged a valid appeal with the Commissioner General of Inland Revenue against the said assessment.

    VAT on Financial Services relating to year of assessment 2019

    The IRD has raised assessment on the Company for the year of assessment 2019, assessing the Life insurance business to pay a VAT on Financial Services liability of Rs. 108 million along with a Rs. 54 million penalty totalling to Rs. 162 million. The Company has lodged valid appeal with the Commissioner General of Inland Revenue against the said assessment. The Commissioner General of Inland Revenue issued the determination against the company and the company appealed to Tax appeals commission.

  3. SHARE INFORMATION

    Market Price Per Share

    For the quarter ended 30 June

    2025

    Rs.

    2024

    Rs.

    Last traded

    64.00

    48.50

    Highest price per share for the period

    67.50

    51.00

    Lowest price per share for the period

    49.00

    46.20

    30.06.2025 31.12.2024

    As at

    Rs.

    Rs.

  4. NET ASSETS PER SHARE

    35.98

Net assets per share 40.16

Net assets per share has been calculated based on the number of shares in issue as at each reporting date.

Number of shares as at

30.06.2025 31.12.2024

  1. STATED CAPITAL

589,285,720

Ordinary shares 589,285,720

NOTES TO THE FINANCIAL STATEMENTS

As at 31 March 2025 No. of Shares %

20 TWENTY LARGEST SHAREHOLDERS

As at 30 June 2025

No. of Shares

%

1

John Keells Holdings PLC

530,357,150

90.0

530,357,150

90.0

2

Mr. S.N.P. Palihena

14,000,000

2.4

14,000,000

2.4

3

People's Leasing & Finance PLC / L.P. Hapangama

5,077,556

0.9

3,525,510

0.6

4

J.B. Cocoshell (PVT) LTD

3,593,256

0.6

3,663,673

0.6

5

Corporate Holdings (Private) Limited A/C No.01

1,513,730

0.3

1,513,730

0.2

6

Standard Chartered Bank DIFC Branch S/A EFG HERMES UAE L.L.C

1,250,275

0.2

1,037,275

0.3

7

Mrs. A. Selliah

1,080,000

0.2

1,080,000

0.2

8

MR. J.P. Paul

902,478

0.1

1

-

9

Mr. J.D. Bandaranayake & Miss. N. Bandaranayake & Dr. (Mrs.) V. Bandaranayake

750,000

0.1

665,190

0.1

10

Mr. J.D. Bandaranayake & Dr. (Mrs.) V. Bandaranayake & Miss. I. Bandaranayake

750,000

0.1

665,190

0.1

11

People's Leasing & Finance PLC / L.H.L.M.P. Haradasa

734,657

0.1

652,703

0.1

12

Mr. V. Sharda

692,000

0.1

692,000

0.1

13

Dr. S. Selliah

580,000

0.1

580,000

0.1

14

Mr. J.W. Nanayakkara

562,500

0.1

562,500

0.1

15

Mr. H.A.D. Ratnapala / Hewa Algiriyage Dias

562,500

0.1

562,500

0.1

16

Odyssey Capital Partners (Private) Limited

475,000

0.1

475,000

0.1

17

Arunodhaya Industries (Private) Limited

400,000

0.1

400,000

0.1

18

Mr. S. Sivajeevan

400,000

0.1

400,000

0.1

19

Arunodhaya (Private) Limited

400,000

0.1

400,000

0.1

20

Arunodhaya Investments (Private) Limited

400,000

0.1

400,000

0.1

Other

24,804,618

4.1

27,653,298

4.5

589,285,720

100

589,285,720

100

21 DIVIDENDS PAID

For the period ended 30 June

2025

Rs. '000

2024

Rs. '000

Final dividend for 2024 - 5.00 (2023 - 8.75)

2,946,428

5,156,250

  1. DIRECTORS' SHAREHOLDINGS

    No. of shares as at

    30.06.2025 31.12.2024

    Mr. K. N. J. Balendra (Chairperson)

    Nil

    Nil

    Mr. S. Rajendra

    Nil

    Nil

    Mr. D. P. Gamlath

    Nil

    Nil

    Mr. D. H. Fernando

    Nil

    Nil

    Mr. S. A. Appleyard

    Nil

    Nil

    Mr. P.T. Wanigasekara

    Nil

    Nil

    Ms. C. M. L. D. Bandaranaike - Appointed w.e.f 28 April 2025

    Nil

    N/A

  2. CHIEF EXECUTIVE OFFICER'S SHAREHOLDING

    No. of shares as at

    30.06.2025 31.12.2024

    Nil

Mr. Senath Jayatilake

  1. PUBLIC SHAREHOLDING

    Nil

    The Company is listed on the Colombo Stock Exchange and the percentage of shares held by the public, the number of public shareholders and the float adjusted market capitalization are as given below:

    As at

    30.06.2025 31.12.2024

    Public shareholding (%)

    10.00

    10.00

    Public shareholders

    2,749

    2,390

    Compliant under option 1 - float adjusted market capitalization (RS. Bn)

    3.8

    3.6

  2. EVENTS AFTER THE REPORTING PERIOD

There have been no events subsequent to the reporting date which require disclosure in the interim financial statements.

CORPORATE INFORMATION

Name of Company

Union Assurance PLC

Legal Form

A public limited liability company incorporated in Sri Lanka on 8 January 1987 and registered under the Companies Act No. 07 of 2007 and quoted on the Colombo Stock Exchange since 1988.

Company Registration Number

PQ 12

Tax Payer Identification Number (TIN)

134001372

Directors

K. N. J. Balendra - Chairperson

S. Rajendra

D. H. Fernando

S. A. Appleyard

D. P. Gamlath

P. T. Wanigasekara

C. M. L. Dias Bandaranaike - Appointed

w.e.f 28 April 2025

Human Resources and Compensation Committee

D. H. Fernando - Chairperson

S. Rajendra

P. T. Wanigasekara

Nominations and Governance Committee

D. H. Fernando - Chairperson

K. N. J. Balendra

P. T. Wanigasekara

Related Party Transactions Review Committee

P. T. Wanigasekara - Chairperson

S. A. Appleyard

D. H. Fernando

C. M. L. D. Bandaranaike - Appointed

w.e.f 28 April 2025

Board Audit and Compliance Committee

P. T. Wanigasekara - Chairperson

D. H. Fernando

S. A. Appleyard

C. M. L. D. Bandaranaike - Appointed

w.e.f 28 April 2025

Investment Committee

J. G. A. Cooray - Chairperson

P. T. Wanigasekara Senath Jayatilake Himani Weerasekera Shubham Jain Angelo Keil

SLFRS-17 Steering Committee

S. A. Appleyard - Chairperson

S. Rajendra Sherin Cader

Secretaries and Registrars

Keells Consultants (Private) Limited 117, Sir Chittampalam A. Gardiner Mawatha,

Colombo 2.

Auditors

Messrs. KPMG (Chartered Accountants) PO Box 186,

32A, Sir Mohamed Macan Markar Mawatha,

Colombo 3.

Appointed Actuaries

Willis Towers Watson India Private Limited Unitech Business Park, 2nd Floor

Tower-B, South City 1, Sector 41 Gurgaon-122002

India.

Lawyers

The Legal Department John Keells Holdings PLC

117, Sir Chittampalam A Gardiner Mawatha,

Colombo 2.

Bankers

Sampath Bank PLC Nations Trust Bank PLC Union Bank Colombo PLC Seylan Bank PLC

Pan Asia Banking Corporation PLC Bank of Ceylon

Commercial Bank of Ceylon PLC Deutsche Bank AG

DFCC Bank PLC

Hatton National Bank PLC Housing Development Finance Corporation

National Development Bank PLC National Savings Bank

People's Bank

Standard Chartered Bank

Reinsurance Panel

RGA

Hannover Re Munich Re Partner Re

Registered Office of the Company

20, St Michael's Road, Colombo 3.

Investor Relations

All investor queries should be directed to;

Investor relations hotline 011-2990314

e-mail: investorrelations@unionassurance.com

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