Union Assurance’s GWP reaches Rs. 11.8 bln in 2020

Union Assurance’s gross written premium reached Rs.11.874 billion last year, securing its market standing as the 4th largest life insurance company in Sri Lanka, while claims payout was Rs. 3.8 billion.

According to CEO Jude Gomes (in a media release issued by the company), “Our promise ‘Your Life. Our Strength’ is what drives our 3,500 colleagues to deliver protection to over 250,000 Sri Lankans every day. We have stood for the protection of dreams, relationships, and lifestyles, as we empowered our customers to dream bigger and plan better. 2020 was a revolutionary year for Union Assurance in respect to products, services, platforms, people and processes - all with the view of enhancing the stakeholder experience.”

Among the company’s most noteworthy achievements of 2020, was its achievement of the highest number of MDRT (Million Dollar Round Table) achievers in Sri Lanka, including 10 Court of the Table and 5 Top of the Table achievers. It was also awarded the prestigious title Domestic Life Insurer of the Year by Asia Insurance Awards, #1 Most Awarded Brand in Insurance by LMD, Best Employer Brand by World HRD Congress, Best Brand and Sustainable Marketing Excellence by CMO Global/ CMO Asia, and was recognized as a Great Place to Work for the eighth consecutive year by GPTW.

Looking ahead, Mr. Gomes said, “Our robust performance amidst the unprecedented challenges of 2020 has set the benchmark for our future performance. We are optimistic of a gradual economic recovery towards the second half of 2021 and look forward to pushing the boundaries of the insurance industry in Sri Lanka to meet the evolving needs of our customers in the post COVID-19 new normal.”