Union Assurance PlcCSELK: UAL.N0000

Interim Financial Statements as @ 31st March 2025

· Issued by Union Assurance Plc
FOLDS OF VALUE

Union Assurance PLC

Condensed Interim Financial Statements For the Three Months Ended 31 March 2025



INCOME STATEMENT

2025

2024

Change

For the period ended 31 March Note

Rs. '000

Rs. '000

%

Gross written premium 6

5,735,461

4,887,227

17

Premium ceded to reinsurers

(401,004)

(345,885)

16

Net written premium

5,334,457

4,541,342

17

Other revenue

Net investment income

2,911,241

2,764,350

5

Net realised gains

283,010

180,665

57

Net fair value (losses) / gains

(282,215)

503,402

(156)

Other income

7,006

4,747

48

Total other revenue

2,919,042

3,453,164

(15)

Total net revenue

8,253,499

7,994,506

3

Benefits, claims and expenses

Net insurance benefits and claims paid

(1,810,321)

(1,442,688)

25

Net change in insurance claims outstanding

(23,792)

(59,456)

(60)

Change in insurance contract liabilities

(3,366,400)

(3,757,560)

(10)

Underwriting and net acquisition costs (net of reinsurance)

(1,081,855)

(901,139)

20

Other operating, administrative and selling expenses

(1,176,554)

(1,093,676)

8

Depreciation and amortisation

(175,374)

(147,949)

19

Total benefits, claims and expenses

(7,634,296)

(7,402,468)

3

Profit from operations

619,203

592,038

5

Share of results of equity accounted investee, net of tax

85,012

64,095

33

Profit before tax

704,215

656,133

7

Income tax expenses 7

(187,723)

(172,595)

9

Profit for the period

516,492

483,538

7

Earnings per share

Basic (Rs.)

0.88

0.82 7

Diluted (Rs.)

0.88

0.82 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 31 March Rs. '000

Rs. '000

%

Profit for the period

516,492

483,538

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

(13,891)

207,016

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

(13,603)

(455)

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

(246,885)

-

(274,379)

206,561

(233)

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

(84,304)

475,163

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

(38,837)

(15,646)

(123,141)

459,517

(127)

(397,520)

666,078

Other comprehensive income

(397,520)

666,078

(160)

Total comprehensive income for the period

118,972

1,149,616

(90)

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

STATEMENT OF FINANCIAL POSITION

As at

Note

31.03.2025

Rs. '000

31.12.2024

Rs. '000

Assets

Intangible assets

7,479,355

784,599

Property, plant and equipment

3,035,217

3,020,336

Right of use assets

585,240

590,235

Investment in equity accounted investee

2,490,585

2,419,176

Financial investments 9

90,465,056

95,567,444

Loans to life policyholders

2,732,651

2,651,478

Reinsurance receivable

439,735

418,852

Premiums receivable

1,003,289

1,066,641

Receivables and other assets

2,085,836

1,326,177

Cash in hand and at bank

1,576,176

1,614,403

Total assets

111,893,140

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

3,858,457

4,255,977

Other reserves

80,456

76,573

Retained earnings

9,968,211

12,398,147

Total equity

20,844,418

23,667,991

Liabilities

Insurance contract liabilities 11

81,820,602

78,399,507

Insurance contract liabilities - Unit Linked

734,402

792,176

Lease liabilities

571,634

606,916

Employee benefit liabilities

235,963

229,709

Reinsurance payables

755,697

587,668

Other liabilities

6,813,696

5,040,845

Bank overdraft

116,728

134,529

Total liabilities

91,048,722

85,791,350

Total equity and liabilities

111,893,140

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

09 May 2025

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 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

-

-

-

-

-

-

483,538

483,538

Other comprehensive income for the period

Net change in fair value of available for sale financial assets

-

-

-

-

207,016

-

-

207,016

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

-

-

-

-

459,517

-

-

459,517

Share of net change in fair value of available

for sale financial assets of equity accounted

investee, net of tax

-

-

-

-

(455)

-

-

(455)

Total other comprehensive income

-

-

-

-

666,078

-

-

666,078

Total comprehensive income for the period

-

-

-

-

666,078

-

483,538

1,149,616

Transactions with owners, transfers,

recorded directly in equity

Contributions and distributions

First and final dividend 2023

(5,156,250)

(5,156,250)

Share based payments

-

-

-

-

-

4,231

-

4,231

Total contributions and distributions

-

-

-

-

-

4,231

(5,156,250)

(5,152,019)

Balance as at 31st March 2024

1,000,000

3,381,934

2,563,095

16,752

4,000,133

64,022

9,132,732

20,158,668

STATEMENT OF CHANGES IN EQUITY

Reserves

Restricted

Reserve

Other reserves

Available Other

Stated

Rs. '000 capital

regulatory reserve

Revaluation on

reserve merger

for sale capital reserve reserves

Retained 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 -

-

- -

- -

516,492

516,492

Other comprehensive income for the period

Net change in fair value of available for sale

financial assets - - - - (260,776) - - (260,776)

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

in available for sale financial assets - - - - (123,141) - - (123,141) Share of net change in fair value of

available for sale financial assets of

equity accounted investee, net of tax

-

-

-

-

(13,603)

-

-

(13,603)

Total other comprehensive income

-

-

-

-

(397,520)

-

-

(397,520)

Total comprehensive income for the

period

-

-

-

-

(397,520)

-

516,492

118,972

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

-

-

-

- -

3,883

-

3,883

Total contributions and distributions

-

-

-

- -

3,883

(2,946,428)

(2,942,545)

Balance as at 31 March 2025

1,000,000

3,381,934

2,555,360

16,752 3,858,457

63,704

9,968,211

20,844,418

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

STATEMENT OF CASH FLOWS

For the period ended 31 March

Note

2025

Rs. '000

2024

Rs. '000

Cash flows from operations

Insurance premiums received

5,798,813

5,057,485

Reinsurance premiums paid

-

(130,424)

Insurance benefits and claims paid

(2,034,003)

(1,690,811)

Reinsurance claim received

223,682

248,123

Payments to intermediaries to acquire insurance contracts

(1,103,525)

(931,168)

Cash paid to and on behalf of employees

(518,466)

(443,832)

Interest received

2,916,385

2,828,065

Dividends received

60,055

29,032

Other operating cash flows

(1,991,259)

(975,194)

Cash generated from operating activities A

3,351,682

3,991,276

Interest paid

(14,431)

(11,366)

Income tax paid

(355,987)

(404,042)

Employee benefits paid

(4,356)

(6,091)

Net cash flow from operating activities

2,976,908

3,569,777

Cash flows used in investing activities

Purchase of investments

(21,312,018)

(13,415,495)

Maturity proceeds of investments

8,288,554

2,432,146

Proceeds from sale of investments

17,657,338

12,042,626

Purchase of property, plant and equipment

(47,396)

(29,410)

Purchase of intangible assets

(5,000,000)

(13,406)

Proceeds from sale of property, plant and equipment

1,764

-

Net cash used in investing activities

(411,758)

1,016,461

Net cash inflow before financing activities

2,565,150

4,586,238

Cash flows used in financing activities

Dividends paid to equity holders of the company

(2,493,011)

(4,352,517)

Settlement of lease liabilities

(92,565)

(44,978)

Net cash used in financing activities

(2,585,576)

(4,397,495)

Net increase / (decrease) in cash and cash equivalents

(20,426)

188,743

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

1,459,448

905,658

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

STATEMENT OF CASH FLOWS

For the period ended 31 March

Note

2025

Rs. '000

2024

Rs. '000

NOTE A. Cash generated from operating activities

Reconciliation of profit before taxation with cash from operating activities

Profit before tax

704,215

656,133

Non - cash items included in profit before tax

Depreciation and amortisation

175,374

147,949

Provision for employee benefits

10,610

8,671

Net realised gains

(283,010)

(180,665)

Net fair value (gains)/losses

282,215

(503,402)

(Gain) / loss on sale of property, plant and equipment

(901)

63

Amortisation of financial investments

(214,604)

(143,683)

Amortisation of lease liabilities

14,431

11,366

Scrip dividend income

(738)

(1,891)

Share of results of equity accounted investee

(85,012)

(64,095)

Share based payment expenses

3,883

4,231

Profit before working capital changes

606,463

(65,323)

Net change in operational assets

Net change in reinsurance assets

(20,883)

18,064

Net change in premiums receivable

63,352

170,258

Net change in receivables and other assets

(542,823)

119,528

Net change in operational liabilities

Net change in life insurance contract liabilities

3,363,321

3,748,791

Net change in reinsurance liabilities

168,029

(47,279)

Net change in other liabilities

(285,777)

47,237

Cash generated from operating activities

3,351,682

3,991,276

NOTE B.

Cash and cash equivalents at the end of the period

Cash in hand and at bank

1,576,176

980,601

Bank overdraft

(116,728)

(74,943)

Cash and cash equivalents at the end of the period

1,459,448

905,658

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

31.03.2025

Rs. '000

31.12.2024

Rs. '000

Assets

Intangible assets

472,172

508,157

Property, plant and equipment

3,035,217

3,020,336

Right of use assets

585,240

590,235

Financial investments

82,004,689

82,119,212

Loans to life policyholders

2,732,651

2,651,478

Reinsurance receivable

439,735

418,852

Premiums receivable

1,003,289

1,066,641

Receivables and other assets

2,338,667

1,307,486

Cash in hand and at bank

1,085,470

1,577,123

Total assets

93,697,130

93,259,520

Reserves and liabilities

Reserves

Available for sale reserve

3,203,824

3,326,965

Revaluation reserve

2,079,500

2,079,500

Other reserves

(31,286)

(31,286)

Total reserves

5,252,038

5,375,179

Liabilities

Insurance contract liabilities 11

81,820,602

78,399,507

Insurance contract liabilities - Unit Linked

734,402

792,176

Lease liabilities

571,634

606,916

Employee benefit liabilities

235,963

229,709

Reinsurance payables

755,697

587,668

Other liabilities

4,210,066

7,133,836

Bank overdraft

116,728

134,529

Total liabilities

88,445,092

87,884,341

Total reserves and liabilities

93,697,130

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 three months ended 31 March 2025 were authorised for issue by the Board of Directors on 09 May 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 31 December 2024 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 31 March

    2025 2024

    Rs. '000 Rs. '000

    Conventional

    5,732,402

    4,884,864

    Unit linked

    3,059

    2,363

    Total gross written premium

    5,735,461

    4,887,227

  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 31 March

      2025 2024

      Rs. '000 Rs. '000

      Current tax expense for the period

      (187,723)

      (172,595)

      (187,723)

      (172,595)

  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

    31.03.2025 31.12.2024

    As at

    Rs. '000 Rs. '000

    Held to maturity financial assets (HTM)

    48,103,392

    46,244,375

    Loans and receivables (L&R)

    11,810,380

    14,442,825

    Available for sale financial assets (AFS)

    22,491,093

    27,164,487

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

    8,060,191

    7,715,757

    Total financial investments

    90,465,056

    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.

    31.03.2025 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

    31.03.2025 31.12.2024

    As at

    Rs. '000 Rs. '000

    Life insurance fund

    80,890,676

    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

    573,935

    529,259

    Total insurance contract liabilities

    81,820,602

    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

      31.03.2025 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

      3,360,987

      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

      47,170

      (10,884)

      Balance as at period end - Conventional Life insurance

      81,485,092

      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

      15,432

      69,692

      Net change in unclaimed benefits

      (2,494)

      7,119

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

      335,510

      322,572

      81,820,602

      78,399,507

  12. AUDIT OF THE INTERIM FINANCIAL STATEMENTS

    Figures for the three 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 31 March

    2025 2024

    Rs. '000 Rs. '000

    Investment in shares

    1,256,072

    628,299

    Payable for shared services

    (3,484)

    (38,112)

    For the period ended 31 March

    Transaction amount during the period

    2025 2024

    Rs. '000 Rs. '000

    Receiving of services

    (34,069)

    (49,296)

    Dividend income received

    3,043

    1,625

    Dividend paid

    (2,651,786)

    (3,977,373)

    Net Purchase / (Sale) of share Investments

    328,915

    (2,108)

    Transactions with companies under common control

    As at 31 March

    2025 2024

    Rs. '000 Rs. '000

    Debenture, share Investments and distribution rights

    561,711

    849,604

    Payable for shared services

    (11,487)

    (10,014)

    NOTES TO THE FINANCIAL STATEMENTS

    For the period ended 31 March

    Transactions during the period

    2025 2024

    Rs. '000 Rs. '000

    Purchase of goods

    (3,522)

    (1,802)

    Receiving of services

    (148,634)

    (128,452)

    Purchase of property, plant and equipment

    (14,213)

    (6,740)

    Interest received

    9,125

    12,734

    Dividend received

    1,184

    -

    Net Purchase / (Sale) of share Investments

    89,462

    (9,107)

    Transactions with Associates

    As at 31 March

    2025

    Rs. '000

    2024

    Rs. '000

    Amount receivable / (payable)

    -

    -

    For the period ended 31 March

    Transactions during the period

    2025 2024

    Rs. '000 Rs. '000

    (86)

Receiving of services (20,071)

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

Transactions during the period

2025 2024

For the period ended 31 March Rs. '000 Rs. '000

Rendering / (Receiving) of services

(11,981)

(3,574)

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 assessments on the Company for the years of assessments 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 a valid appeal with the Commissioner General of Inland Revenue against the said assessments. The Commissioner General of Inland Revenue issued the determination against the company and the company appealed to the Tax appeals commission.

  3. SHARE INFORMATION

    Market Price Per Share

    For the quarter ended 31 March

    2025

    Rs.

    2024

    Rs.

    Last traded

    54.90

    46.80

    Highest price per share for the period

    68.90

    58.00

    Lowest price per share for the period

    52.00

    38.00

    31.03.2025 31.12.2024

    As at

    Rs.

    Rs.

  4. NET ASSETS PER SHARE

    35.37

Net assets per share 34.21

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

31.03.2025 31.12.2024

  1. STATED CAPITAL

589,285,720

Ordinary shares 589,285,720

NOTES TO THE FINANCIAL STATEMENTS

As at 31 December 2024 No. of Shares %

20 TWENTY LARGEST SHAREHOLDERS

As at 31 March 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

J.B. Cocoshell (PVT) LTD

3,663,673

0.6

3,698,495

0.6

4

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

3,525,510

0.6

3,415,510

0.6

5

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

1,513,730

0.3

1,513,730

0.3

6

Seylan Bank PLC / Channa Nalin Rajahmoney

1,344,670

0.2

1,780,480

0.3

7

Mrs. A. Selliah

1,080,000

0.2

1,080,000

0.2

8

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

1,037,275

0.2

957,460

0.2

9

Mr. V. Sharda

692,000

0.1

692,000

0.1

10

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

665,190

0.1

665,190

0.1

11

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

665,190

0.1

665,190

0.1

12

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

652,703

0.1

637,380

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

375,000

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

26,308,629

4.3

26,068,135

4.2

589,285,720

100

589,285,720

100

21 DIVIDENDS PAID

For the period ended 31 March

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

    31.03.2025 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

  2. CHIEF EXECUTIVE OFFICER'S SHAREHOLDING

    No. of shares as at

    31.03.2025 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 is as given below:

    No. of shares as at

    31.03.2025 31.12.2024

    Public shareholding (%)

    10.00

    10.00

    Public shareholders

    2,808

    2,390

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

    3.2

    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 other than the following.

Ms. Christine Malkanthi Lakshmi Dias Bandaranaike has been appointed to the Board of Directors of the Company as an Independent Non-Executive Director with effect from 28 April 2025.

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. Dias 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. Dias 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



Union Assurance PLC

20, St. Michael's Road, Colombo 03, Sri Lanka.

+94 11 2990990

https://www.unionassurance.com

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