Union Assurance continues to strengthen its branch network
Thursday, 27 March 2014 00:00
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Union Assurance added another branch to its already impressive coverage of the island, by opening a regional office in Kadawatha, offering customers in the potential business hub a wide array of Life insurance solutions.
The branch was declared open on 25 March 2014 and is conveniently situated at No. 144/1/D, Sumito Building, Kandy Road, Kadawatha with ample parking space, open from 8:30 a.m. to 5 p.m. Service areas for Life insurance customers, a training centre for staff, and many other customer facilities are available at all times. Kadawatha is currently developing at a rapid pace and is a highly commercialised city in the country, which is the main reason UA decided to open its new branch in the region.
The branch is also fully IT enabled while Personal Financial Advisors (PFA) are equipped with the latest technology such as tablet devices and online systems in place to service customers efficiently. This seamless network helps advisors to give a full service to customers, even whilst out in the field.
UA General Manager Marketing Rukman Weeraratne commenting on the strengthening of its reach stated: “We are extremely pleased to be able to provide our valued customers with easy access to the wide range of services offered by Union Assurance. Opportunities in the regions have expanded and have prompted us to engage in this rapid growth, and we will continue to aggressively meet future growth demands.”
UA continued to report growth in terms of premium income and profitability. Combined life and non-life insurance premiums crossed Rs. 10 billion in 2013 and profit after tax passed the Rs. 1 billion mark as well. Life insurance premiums increased by 10% from Rs. 5.1 billion in 2012 to Rs. 5.5 billion in 2013. Non-life insurance premiums also grew by 17% from Rs. 4.6 billion to Rs. 5.4 billion over the same period. The life segment reported a profit of Rs. 791 million and the Non-life segment accounted for the balance profit after tax.
The company hopes to keep its expanding efforts in motion, providing much needed employment and training to youth in the areas while also serving Sri Lankan individuals and enterprises the best in insurance protection. The company was adjudged the overall winner in ‘Excellence in Performance Management’ and the Gold award winner for ‘Business Excellence’ in the insurance sector at the prestigious National Business Excellence Awards organised by the National Chamber of Commerce in 2013.
Anchored by a team of experienced and dynamic professionals, a strong capital base, and reinsurance partnerships with highly rated global reinsurers Union Assurance is positioned on the promise of “trust” and strives to deliver this promise by being transparent, convenient, and respectful, when dealing with all stakeholders at all times.
