Union Assurance PLC, Sri Lanka’s fastest growing Life insurer, garnered top recognition at the 56th Annual Report Awards organised by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka). The Company won a Silver award for Annual Financial Reporting under the Insurance category. This prestigious recognition was awarded to Union Assurance for its resilience and perseverance in promoting transparency, accountability, good governance, and social responsibility amidst the new pandemic-influenced business climate.
Commenting on the achievement, Asha Perera, the Chief Financial Officer, stated, “We are proud and humbled to receive the Silver Award in the Insurance Companies Category at the 56th Annual Report Awards. This award reaffirms the Company’s commitment to the value of transparency, accountability and integrity while maintaining excellence in financial reporting during this challenging period.”
Union Assurance closely adheres to the guiding principles and fundamental concepts outlined in the Integrated Reporting Framework in order to best serve the information needs of stakeholders.
The 2020 Annual Report of Union Assurance, presented under the theme, ‘360 of Value’ presents a balanced and concise analysis and an overview of the Company and its external environment, strategy, resource allocation, business model, performance, corporate governance, and prospects of the Company.
Union Assurance is a part of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a market capitalization of Rs. 15.9 Bn, a Life Fund of Rs. 47.5 Bn and a Capital Adequacy Ratio (CAR) of 250% as of September 2021. 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 islandwide branch network and an over 3,000-strong workforce, 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.