Union Assurance delivers progressive growth in Q2

Union Assurance reported steady progress in the life insurance business, reporting 19% growth in gross written premium compared with the previous year. Profit amounted to Rs. 175 million compared with 119 million 2016. Profit for the period does not include a surplus from the life business which is actuarially valued at year end.

As at 30 June, UA’s life fund stood at Rs. 34 billion with a healthy solvency ratio indicating the financial strength of the business.

UA’s financial performance is underpinned by a continuous focus on innovation, brand management and people development. The company won ‘Innovative Product of the Year 2017’ at the recently concluded Fintelekt Insurance Awards (a platform to recognise the best insurance companies operating in Sri Lanka) for its unique health insurance solution – Union Smart Health. 

The recognition was based on several unique features including an automatic increase in limits (subject to use) and a revive benefit allowing customers’ to claim the annual limit on the policy twice in one year (provided the second incident is not related to the first). UA’s unique branding and marketing initiatives were highlighted at the 8th CMO Asia Awards, Singapore where the company received the prestigious ‘Global Master Brand’ status and award for ‘Excellence in Branding & Marketing.’ 

The company’s HR practices were acknowledged with an array of awards and accolades including ‘Best Employer Brand Award’ and ‘Dream Employer of the Year Award’ at the Employer Brand Awards along with the ‘Best HR Practices in Finance Sector’ at the Asia Banking, Financial Services & Insurance Excellence Awards, in Singapore. 

Union Assurance is anchored by a team of experienced and dynamic professionals and is backed by a strong capital base and reinsurance partnerships with highly rated global reinsurers. Celebrating 30 years of excellence in 2017, Union Assurance continues to invest in people, products and processes to become a true partner in success for all its stakeholders.