Union Assurance celebrates 25 years of trust

Union Assurance (UA) operates on a solid and consistent 25-year track record, with 110 branches and over 4,500 employees and field staff touching the lives of half a million Sri Lankans island-wide.

In keeping with its pioneering spirit, UA recently felicitated 44 of its long standing staff for their committed service of 25 years. Most of the staff had advanced to key positions and were recognised for their dedicated loyalty and commitment to the company.

“The success of Union Assurance is a collective effort by its entire team. Upon reaching 25 years of excellence, we have every intention to build on our strong corporate reputation to fully exploit the opportunities that will follow rapid economic development,” commented Dirk Pereira – CEO of Union Assurance PLC.

The company has maintained an impressive record in terms of its financial performance, which could be attributed to the innovative and customised solutions and services it offers to Life and General insurance customers.

In addition to products and services, investing in cutting-edge technologies and nurturing people with structured training and development initiatives has enabled UA to secure new businesses and consolidate relationships with existing customers contributing to the growth of the organisation.  Building a strong position in both Life and General insurance, UA is consistently evolving to make insurance schemes more transparent and convenient for its customers. For the year ended 31 December 2011, UA’s combined life and general gross written premiums increased by 22% to Rs. 8.7 billion and profit after taxation increased by 36% to Rs. 696 million. The company consolidated its financial performance for the nine months ended September 2012, reporting a growth rate of 15% in combined gross written premiums and 15% growth in profit after tax compared to the previous period. At the recently-concluded Annual Report Awards ceremony conducted by the Institute of Chartered Accountants of Sri Lanka, UA triumphed in three main categories and achieved a Silver award for Overall Excellence in Financial Reporting, Gold award in the Insurance sector, and was also adjudged Joint Winner for Corporate Governance Disclosures. These awards reflect UA’s commitment to good governance and transparent reporting practices.

In recognition of UA’s business practices in the insurance sector, the company secured a Silver award at the National Business Excellence Awards 2012, conducted by the National Chamber of Commerce of Sri Lanka (NCCSL).

UA won the Service Brand of the Year – Silver award at the SLIM Brand Excellence and was also awarded for Brand Excellence in Banking and Financial Services at the Global Brand Congress held in Mumbai. UA also received the Best Insurer Technology award at the Asia Technology awards ceremony conducted by Asia Insurance Review.

“John Keells Holdings has placed its trust in Union Assurance and is pleased to be part of its success. The company has emerged as a leading player in the insurance industry and we have no doubt that the company is well positioned to capitalise on the opportunities that are available to grow both life and general insurance businesses in the years to come,” Ajit Gunewardene, Chairman of UA, and Deputy Chairman of John Keells Holdings. The Union Assurance brand is positioned on the promise of ‘trust’ and strives to deliver this promise by being transparent, convenient and respectful when dealing with all stakeholders.