Union Assurance becomes first insurer to reach Top 10

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Bolstered by a strong focus on transparent reporting, Union Assurance PLC has become the first insurer to reach the Top 10 in Transparency in Corporate Reporting, according to Transparency International Sri Lanka’s (TISL) 2022 report. The TISL report published in 2022 ranked the Company at 8th place, a significant improvement from the 16th position in last year’s report. This achievement is a testament to the rigorous transparent reporting practices followed by the Company.    

The report evaluated the top 75 listed companies on the Colombo Stock Exchange (CSE) based on market capitalisation. It is an independent assessment of corporate disclosure practices, which ranks companies based on three areas crucial to prevent and combat corruption, – reporting on anti-corruption programmes, transparency in organisational holdings, and key financial information on domestic operations.

Chief Financial Officer, Union Assurance, Asha Perera, said the Company has a strong culture of corporate accountability.“This has not only built trust among all stakeholders, but also protected our employees and business while enhancing our brand,” she said.

According to her, they are guided by policies that promote transparency across the Company. She said a robust corporate governance structure mitigates the risk of corruption and other transgressions. “We have a compliance culture, sound internal controls, and risk management mechanisms, which create sustainable value,” she added.