Union Assurance wins global acclaim  

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Continuing its accolade-winning streak, Union Assurance won four global awards. Presented by the World Economic Magazine, these awards recognised 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, a spokesman said.   

 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 Programme Sri Lanka.        

 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 nine 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, the spokesman added.

Two of the awards in the Bancassurance field were Best Bancassurance Provider and Most Innovative Bancassurance Rewards Programme in Sri Lanka.