Union Assurance completes 25 years, says most awarded insurer in Sri Lanka
View(s):Union Assurance (UA) which has completed 25 years as a top insurance company, has 110 branches, over 4,500 employees and field staff and says it has touched the lives of half a million Sri Lankans islandwide.
The company 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 recognized 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,” noted Dirk Pereira – CEO of Union Assurance PLC, in a media statement.
The company says it has maintained an impressive record in terms of its financial performance, which could be attributed to the innovative and customized solutions and services it offers to life and general insurance customers.
For the year ended 31st December 2011, UA’s combined life and general gross written premiums increased by 22 per cent to Rs. 8.7 billion and profit after taxation increased by 36 per cent to Rs. 696 million. The company consolidated its financial performance for the nine months ended September 2012, reporting a growth rate of 15 per cent in combined gross written premiums and 15 per cent 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 won in three main categories; securing a silver award for Overall Excellence in Financial Reporting, Gold award in the insurance sector and adjudged joint winner for Corporate Governance Disclosures. These awards reflect UA’s commitment to good governance and transparent reporting practices, the company said.
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 capitalize on the opportunities that are available to grow both life and general insurance businesses in the years to come”, said Ajit Gunewardene, Chairman of UA and Deputy Chairman of John Keells Holdings.
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