Union Assurance declares higher dividends, exceeds customer expectations

Union Assurance, Sri Lanka’s trusted insurance provider, declared a 9.5% dividend rate on their Life Advantage Plan for 2015. This is a significantly higher rate than the minimum guaranteed rate of 8% for 2015, a rate that is still higher than the average market interest for 2015, which stood at 5.99%. The year’s bonus payout is consistent with the company’s practice of providing policyholders with a significantly higher return than promised. This is the third year running that Union Assurance presented its policy holders with a higher than expected dividend rate.

Policyholders of ‘Union Life Advantage’ policies were able to enjoy this rate of dividend, which is based on the investment earnings on the life fund attributable to the dividend-based products of the company. The investment account maintained for each individual dividend based policyholder is credited with the dividend on monthly compounding basis.

The company’s ‘With Profit’ policyholder’s who were in force as at 31 December 2015 will receive an annual bonus for 2015, which will be added to their policy. The company has been able to pay higher benefits to its valued policyholders due to its continued growth in 2015 by earning over Rs. 6.9 billion in gross written premiums. 

General Manager, Life Operations Iroshini Tittagalla commenting on the achievement stated, “The company’s performance in 2015 continued in the upward trajectory and it has considerably strengthened its position over that of 2014. The outlook for Union Assurance in 2016 continues to be extremely positive. The strong numbers this year demonstrates our determination to achieve, and our commitment to rewarding the trust and confidence placed upon us by our loyal customers.”