Union Assurance Annual Report 2020: Moving from strength to strength

Friday, 12 March 2021 03:45 - - {{hitsCtrl.values.hits}}

Union Assurance CEO Jude Gomes

Year 2020 was a year of transformation for Union Assurance marked by an outstanding business performance. The company’s regular gross written premium reached the Rs.11.874 billion mark, securing its market standing as the fourth largest life insurance company in Sri Lanka, and claims payout of Rs. 3.8 billion.

According to CEO Jude Gomes: “Our promise ‘Your Life. Our Strength’ is what drives our 3,500 colleagues to deliver protection to over 250,000 Sri Lankans every day. We have stood for the protection of dreams, relationships, and lifestyles, as we empowered our customers to dream bigger and plan better. 2020 was a revolutionary year for Union Assurance in respect to products, services, platforms, people and processes – all with the view of enhancing the stakeholder experience.”

Among the company’s most noteworthy achievements of 2020, was its achievement of the highest number of MDRT (Million Dollar Round Table) achievers in Sri Lanka, including 10 Court of the Table and 5 Top of the Table achievers. It was also awarded the prestigious title Domestic Life Insurer of the Year by Asia Insurance Awards, #1 Most Awarded Brand in Insurance by LMD, Best Employer Brand by World HRD Congress, Best Brand and Sustainable Marketing Excellence by CMO Global/CMO Asia, and was recognised as a Great Place to Work for the eighth consecutive year by GPTW.

Looking ahead, Gomes continued: “Our robust performance amidst the unprecedented challenges of 2020 has set the benchmark for our future performance. We are optimistic of a gradual economic recovery towards the second half of 2021 and look forward to pushing the boundaries of the insurance industry in Sri Lanka to meet the evolving needs of our customers in the post COVID-19 new normal.”

Union Assurance is a part of the John Keells Group, Sri Lanka’s largest listed conglomerate, completing over three decades of success with a market capitalisation of Rs. 18 b, a Life Fund of Rs. 42 b and a Capital Adequacy Ratio (CAR) of 341% as at December 2020.

Set to empower the Sri Lankan Dream, Union Assurance offers life insurance solutions that cover protection, education, health, investment, and retirement needs of Sri Lankans. With 75 branches and an over 3,500-strong salesforce, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging trends in the life insurance industry.