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// Workers AI · dad joke modeWhat did Union Assurance say to the policyholder? "You can union me anytime.

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From Wikipedia, the free encyclopedia
Union Assurance PLC
TypePublic
CSE: UAL.N0000
ISINLK0179N00008
IndustryInsurance
FoundedJanuary 8, 1987; 39 years ago (1987-01-08)
Headquarters
Colombo
,
Sri Lanka
Number of locations
85 (2023)
Key people
RevenueIncrease LKR29.958 billion (2023)
Increase LKR4.944 billion (2023)
Increase LKR3.758 billion (2023)
AUMIncrease LKR83.420 billion (2023)
Total assetsIncrease LKR95.670 billion (2023)
Total equityDecrease LKR24.161 billion (2023)
Number of employees
Decrease 780 (2023)
ParentJohn Keells Holdings
Websiteunionassurance.com
Footnotes
[2]

Union Assurance PLC is a Sri Lankan life insurance company headquartered at 20 St. Michael's Road, Colombo 03, Sri Lanka. Established on 8 January 1987, it is Sri Lanka's first private life insurer and is listed on the Colombo Stock Exchange (CSE: UAL.N0000).[3] The company is regulated by the Insurance Regulatory Commission of Sri Lanka (IRCSL), established under the Regulation of Insurance Industry Act, No. 43 of 2000, and is a subsidiary of John Keells Holdings PLC, which holds a 90% ownership stake.[4][5]

History

[edit]

Union Assurance was founded in 1987 by Aitken Spence, Carson Cumberbatch, Mercantile Credit, and Whittall Boustead, following the Government of Sri Lanka's decision to end the state monopoly on insurance through the Control of Insurance Act No. 42 of 1986.[6] In 2009, John Keells Holdings PLC acquired an 81% controlling stake in the company. In 2015, Union Assurance segregated its life and non-life insurance businesses, divesting a 78% stake in its general insurance operations to Fairfax Asia Limited to focus on life insurance.[7] In 2025, the company divested its remaining 22% stake in Fairfirst Insurance Limited, according to its own annual report.[5]

According to its 2025 annual report, Union Assurance had total assets of LKR 127.2 billion and gross written premium (GWP) of LKR 25.75 billion as of 31 December 2025, a reported 19% year-on-year increase.[8] The company states it serves more than 340,000 policyholders through a network of 95 branches across all nine provinces of Sri Lanka, supported by a field sales force it reports as exceeding 3,000 advisors, along with bancassurance partnerships with Sampath Bank, Nations Trust Bank, Union Bank, Seylan Bank, and Pan Asia Bank.[8] Its life insurance products span six categories — health, education, retirement, protection, investment, and group life — including Union Assurance FlexLife, a plan launched in September 2025 combining five individual coverage components into a single product.[8]

Since 2020, Union Assurance has introduced several digital initiatives in Sri Lanka's life insurance sector, including underwriting automation and customer-facing digital platforms. Its Clicklife mobile application, launched in 2020, allows policyholders to manage policies, access loyalty rewards, use telemedicine services, and purchase life insurance through the app; the company states this was the first such offering in Sri Lanka's life insurance industry.[9] The company also runs the BlogIT annual writing competition, launched in 2022 to promote financial literacy, and the Circle of Well-being YouTube talk show, which evolved from an earlier initiative called Good Cents.[10] Its corporate social responsibility programme, Union Assurance Suwamaga, launched in June 2024, has screened over 23,000 individuals across all 25 districts of Sri Lanka for diabetes, according to the company.[11]

Union Assurance's stated corporate vision is "Empowering Human Progress by Protecting What Matters."[5] The company was included in Forbes Asia's Best Under a Billion list in 2018, the only Sri Lankan company recognised that year.[12] It is ranked among the LMD 100, an annual listing of Sri Lanka's largest publicly traded companies by revenue. In 2025, Union Assurance stated it became the first life insurer in Sri Lanka to achieve ISO/IEC 27001:2022 certification for information security management, and the first insurer in the country to reach the YouTube Silver Play Button threshold of 100,000 subscribers.[8] That year, the company also received the John Keells Chairperson's Award for Disruptive Innovation for a core banking integration with Sampath Bank PLC.[8]

Operations

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Union Assurance is ranked 54th in LMD 100, an annual list of publicly traded companies in Sri Lanka ranked by revenue, in its 2020/21 edition.[13] Union Assurance is placed 51st amongst the most valuable brands in Sri Lanka. The brand value grew by 10.5% in 2022 to LKR1,982 million according to Brand Finance.[14] Union Assurance provides bancassurance in collaboration with several banks in Sri Lanka.[15][16][17]

Market research conducted by the company revealed low levels of saving patterns among Sri Lankans. The study revealed that Sri Lankans fall behind recommended 10%-15% of gross salary savings. A quarter of the population had no savings while 37% saved between 1%-5% of their income.[18] The company appointed Jude Gomes as the chief executive officer in 2019. At the time of his appointment Gomes was the chairman and CEO of Manulife China Bank Life Assurance Corporation in the Philippines.[19] Union Assurance won an award at the 2022 Women Friendly Workplace Awards.[20]

Union Assurance Branch Network

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As of 31 December 2025, Union Assurance operates a network of 95 branches across Sri Lanka, covering all nine provinces of the island. [21] The branches are supported by a field agency force of 2,698 agents and are complemented by five bancassurance partnerships and digital channels including the Clicklife mobile application. [21]

Finances

[edit]
Financial summary
Financial figures are in LKR (mns)
YearGWPProfitAssetsEquityEmployees
202318,8673,75895,67024,161780
202216,6752,74775,96914,214798
202115,4062,05470,76215,455770
202013,10992162,60015,108795
201911,6481,15855,24914,663764
201811,2443,24449,11713,672614
201710,1187,38443,06711,965529
20168,2711,31335,6933,867474
20156,9652,34731,0143,465450
20145,94588135,6046,211445

Source: Annual Report, 2023 (pp. 300–301)[2]

See also

[edit]

References

[edit]
  1. ↑ "Union Assurance unveils powerful new identity". Daily FT. Wijeya Newspapers. 18 March 2020. Retrieved 6 January 2023.
  2. 1 2 "Annual Report 2023" (PDF). cse.lk. Union Assurance PLC. Retrieved 7 March 2024.
  3. ↑ Union Assurance PLC. "Annual Report 2025" (PDF). Filed 27 February 2026. p.12 (founding date 8 January 1987; CSE ticker UAL.N0000).
  4. ↑ "About IRCSL". Insurance Regulatory Commission of Sri Lanka. Retrieved 2026-07-31.
  5. 1 2 3 Union Assurance PLC. "Annual Report 2025" (PDF). p.4 (JKH 81% stake 2009; 2025 Fairfirst divestment; 90% JKH ownership p.12); p.13 (vision statement).
  6. ↑ Control of Insurance Act No. 42 of 1986, Government of Sri Lanka.
  7. ↑ "Fairfax set to transform general insurance landscape in Sri Lanka". Daily FT. 2015-02-10.
  8. 1 2 3 4 5 Union Assurance PLC. "Annual Report 2025" (PDF). p.6 (LKR 127.2 Bn assets, LKR 25.75 Bn GWP, 19% growth, 340,000+ policyholders, 95 branches, 3,000+ advisors, CAR 215%, ISO cert, YouTube Silver); p.22 (five bancassurance partners); pp.20–21 (awards).
  9. ↑ "Union Assurance disrupts the future of life insurance with ClickLife". Union Assurance PLC. 2020-12-16.
  10. ↑ "Union Assurance hosts the industry's first blog competition in recognition of Life Insurance Awareness Month". UA Press Release. 15 September 2022; Annual Report 2025, p.151 (Circle of Well-being).
  11. ↑ Union Assurance PLC. "Annual Report 2025" (PDF). p.6 (23,000+ screened, 25 districts); pp.126–140 (Suwamaga full programme detail).
  12. ↑ "Union Assurance only Lankan firm to make it to Forbes Best Under Billion List in 2018". Daily FT. 2018-08-27.
  13. ↑ "LMD 100". lmd100.lk. Media Services Pvt Ltd. 2022. p. 76. Retrieved 6 January 2023.
  14. ↑ "Sri Lanka 100 2022" (PDF). brandirectory.com. Brand Finance. 2022. p. 16. Archived from the original (PDF) on 3 June 2022. Retrieved 6 January 2023.
  15. ↑ "Union Assurance and Union Bank strike bancassurance deal". Daily FT. Wijeya Newspapers. 24 February 2012. Retrieved 6 January 2023.
  16. ↑ "Union Assurance celebrates partnership with Commercial Bank". Daily FT. Wijeya Newspapers. 5 April 2022. Retrieved 7 January 2023.
  17. ↑ "Union Assurance expands Bancassurance footprint with Pan Asia Bank partnership". The Island. Upali Newspapers. 8 August 2022. Retrieved 7 January 2023.
  18. ↑ "Union Assurance study reveals low saving patterns among Sri Lankans". The Island. Upali Newspapers. 29 October 2022. Retrieved 7 January 2023.
  19. ↑ "Union Assurance appoints a new Chief Executive Officer". Daily FT. Wijeya Newspapers. 4 November 2019. Retrieved 7 January 2023.
  20. ↑ "Union Assurance recognised as one of Sri Lanka's most outstanding women-friendly workplaces". The Island. Upali Newspapers. 17 October 2022. Retrieved 6 January 2023.
  21. 1 2 Cite error: The named reference N1 was invoked but never defined (see the help page).
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