Union Assurance wins Global Acclaim as the Fastest-Growing and Most Admired Insurance Company in Sri Lanka

Continuing its accolade-winning streak, Sri Lanka’s Life Insurance trailblazer Union Assurance has won 4 prestigious global awards. Presented by the World Economic Magazine, these awards recognized the Company’s industry-leading achievements in innovation and service excellence. The accolades are awarded annually to the most dynamic and innovative players from a range of industries across the world.   

The awards won by Union Assurance were Fastest Growing Life Insurance Company Sri Lanka, Most Admired Insurance Company Sri Lanka, Best Bancassurance Provider Sri Lanka, and Most Innovative Bancassurance Rewards Program Sri Lanka.        

The Chief Executive Officer of Union Assurance, Jude Gomes, said the awards bore testimony to their customer-centric strategy and visionary outlook. “We have always strived to offer the best, surpassing customer expectations through innovation and digitisation,” he asserted. 

While expressing delight in winning the awards, Mr. Gomes thanked the team for their hard work and passion in propelling the Company to such heights, and also the customers for their loyalty and trust in us. He noted that Union Assurance has always led the industry in enhancing the customer experience. “We have a legacy of excellence as a futuristic, digitally-driven Company, and have transformed Life insurance in Sri Lanka with our best-in-class solutions,” he added.

The award for Fastest Growing Life Insurance Company in Sri Lanka reflects the Company’s exceptional financial growth. In 2021, gross written premium exceeded Rs. 15 billion, a notable increase over the previous year’s figure of Rs. 13 billion. Profit before tax rose by 46% from Rs. 1.8 billion to Rs. 2.6 billion, and profit after tax increased from Rs. 921 million to Rs. 2.1 billion – a remarkable growth of 123%.

Bagging the award for Most Admired Insurance Company in Sri Lanka was another triumph. Besides financial growth, Union Assurance has led the field in various aspects. For example, it has earned a reputation for service excellence, driven by a digital experience that takes user-friendliness, convenience and accessibility to new heights. The Company also has an enriching work culture which nurtures and empowers employees. It has been recognized as a Great Place to Work for 9 consecutive years. Its success in producing a record number of qualifiers in the Million Dollar Round Table (MDRT) is also attributable to its emphasis on people development.

Two of the awards won by Union Assurance were in the Bancassurance field – Best Bancassurance Provider and Most Innovative Bancassurance Rewards Program in Sri Lanka.        

These accolades reaffirmed its position as the leading Bancassurance provider in the country. The Company is continuously expanding its Bancassurance footprint, boosted by innovative digital solutions that drive its exceptional growth. 

The Company has built strong, unshakeable relationships with all its bank partners. These partnerships have facilitated the delivery of expert consultation, superior solutions, and sound financial advice to customers.

Union Assurance is a part of the John Keells Group. It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a market capitalisation of Rs. 17.9 Bn, a Life Fund of Rs. 49.7 Bn and a investment portfolio of Rs. 58.5 Bn as of March 2022. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, investment, protection, and retirement needs of Sri Lankans. With an over 3,000-strong workforce, the Company has been recognised as a Great Place to Work© for nine consecutive years. Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry, with being the number one for Million Dollar Round Table (MDRT) in Sri Lanka in 2021.