Union Assurance

Last updated
Union Assurance PLC
Type Public
CSE:  UAL.N0000
ISIN LK0179N00008
Industry Insurance
FoundedJanuary 8, 1987;37 years ago (1987-01-08)
Headquarters
Colombo
,
Sri Lanka
Number of locations
78 (2022)
Key people
RevenueIncrease2.svg LKR23.316 billion (2022)
Increase2.svg LKR3.490 billion (2022)
Increase2.svg LKR2.747 billion (2022)
AUM Increase2.svg LKR64.456 billion (2022)
Total assets Increase2.svg LKR75.969 billion (2022)
Total equity Decrease2.svg LKR14.214 billion (2022)
Number of employees
Increase2.svg 798 (2022)
Parent John Keells Holdings
Website unionassurance.com
Footnotes /references
[2]

Union Assurance PLC is an insurance company in Sri Lanka. Union Assurance was founded in 1987 and was listed on the Colombo Stock Exchange in the following year. In 2009, John Keells Holdings acquired a controlling stake in the company. The company divested its general insurance business to Fairfirst Insurance and focused on life insurance in 2015. The company was a constituent of Forbes Asia's Best Under a Billion list in 2018. Union Assurance is one of the LMD 100 companies in Sri Lanka. The company is also one of the 100 most valuable brands in Sri Lanka.

Contents

History

Union Assurance was founded in 1987 by Aitken Spence, Carson Cumberbatch, Mercantile Credit and Whittall Boustead. [1] The company commenced operations and was listed on the Colombo Stock Exchange in the following year. Union Assurance entered the market when the Government of Sri Lanka ended the government monopoly of the insurance sector with the enactment of the Control of Insurance Act No. 42 of 1986. [3] Sri Lankan conglomerate John Keells Holdings acquired 81% shares in Union Assurance in 2009 thus giving them control of the company. [2]

Union Assurance divided its life and non-life businesses in 2015, and divested its stake in the non-life insurance business to Fairfirst Insurance. [4] Union Assurance held 8.7% of insurance sector assets in 2016, making them the fourth biggest player behind Sri Lanka Insurance, Ceylinco Insurance and AIA Insurance. [5] In 2018, Union Assurance was included in Forbes Asia's Best Under a Billion list. [6] The company was the only Sri Lankan company on the list that year. [7] The company introduced its new logo in 2020, which emphasises the company's repositioning in the life insurance sector. [1]

Operations

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. [8] 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. [9] Union Assurance provides bancassurance in collaboration with several banks in Sri Lanka. [10] [11] [12]

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. [13] 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. [14] Union Assurance won an award at the 2022 Women Friendly Workplace Awards. [15]

Finances

Financial summary
Financial figures are in LKR (mns)
Year GWP ProfitAssetsEquityEmployees
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
20135,51679130,3195,1171,157
20125,10653325,8834,3091,088

Source: Annual Report, 2022 (pp. 292–293) [2]

See also

Related Research Articles

<span class="mw-page-title-main">Ceylinco Insurance</span> Sri Lankan conglomerate holding company

Ceylinco Insurance PLC is the largest private sector insurance company in Sri Lanka. The company is also engaged in the education and renewable energy sectors. The company offers both life insurance and all classes of general insurance. The company was incorporated in 1987 when the government ended its state monopoly over the insurance sector and the company was listed on the Colombo Stock Exchange the following year. Ceylinco Insurance is an LMD 100 company, an annual list of public companies in Sri Lanka by revenue and ranked 23rd in the 2020/21 edition.

<span class="mw-page-title-main">C T Holdings</span> Sri Lankan conglomerate holding company

C T Holdings PLC, formerly known as Ceylon Theatres Limited, is one of the largest conglomerate companies in Sri Lanka. The company was incorporated in 1928 by Chittampalam A. Gardiner and quoted on the Colombo Stock Exchange ever since. In 2019, Brand Finance ranked C T Holdings eighth amongst the most valuable conglomerates in Sri Lanka with a brand value of LKR18,981 million. C T Holdings also ranked eighth in the LMD 100, a list of leading listed companies in Sri Lanka by the business magazine, LMD.

<span class="mw-page-title-main">Cinnamon Hotels & Resorts</span> Sri Lankan luxury hotel chain brand

Cinnamon Hotels & Resorts is a major Sri Lankan luxury hotel chain brand. Cinnamon Hotels was recognised as the most valuable hospitality brand in Sri Lanka for 2019 with a brand equity of seven billion Sri Lankan Rupees. Philip Kotler, the renowned marketing author included a 10-page reference of the brand in his 2010 co-authored book, Asian Competitors: Marketing For Competitiveness In The Age Of Digital Consumers on the effective use of social media and various digital initiatives.

<span class="mw-page-title-main">John Keells Hotels</span> Sri Lankan hotel holding company

John Keells Hotels PLC is a hotel holding company in Sri Lanka. John Keells built its first resort in 1973 in Habarana. John Keells' hotel management company operated under several names. In the 1970s, the company was known as Walkers Tours Hotels. Then in the 1980s, it was known as simply Hotel Management & Marketing Services, and finally, in the 1990s, the company became to known as John Keells Hotels. John Keells ventured into the Maldives in 1996 with the acquisition of Velidhu Resort Hotel. In 2004, the hotel chain underwent a major restructuring. All resorts were brought under John Keells Hotels Limited, and the company was listed on the Colombo Stock Exchange.

<span class="mw-page-title-main">Central Finance Company</span> Sri Lankan non-banking financial company

Central Finance Company PLC is one of the oldest non-bank financial institutions (NBFIs) in Sri Lanka having founded in 1957. The company is listed on the Colombo Stock Exchange in 1969. Brand Finance ranked the company the 28th most valuable brand in Sri Lanka for the year 2021. Central Finance Company was ranked 44th in the LMD 100 for the fiscal year 2019/20 by LMD.

<span class="mw-page-title-main">Royal Ceramics</span> Sri Lankan manufacturing company

Royal Ceramics Lanka PLC branded as Rocell, is a Sri Lankan holding company and is also engaged in manufacturing ceramic tiles and bath ware. The company was founded in 1990 and in 1994, it was listed on the Colombo Stock Exchange. The company is one of the constituents of the S&P Sri Lanka 20 Index. LMD, a Sri Lankan business magazine placed the company 38th in the LMD 100, a list of leading listed companies in Sri Lanka. Brand Finance ranked 74th amongst the 100 most valuable brands in Sri Lanka.

<span class="mw-page-title-main">Cinnamon Citadel Kandy</span> Building in Kandy, Sri Lanka

Cinnamon Citadel Kandy, formerly known as The Citadel Kandy, is a four-star hotel located in Kandy, Sri Lanka. The hotel is located on the bank of the Mahaweli River. The hotel's main deck is decorated with Dumbara weaving designs and an 18-foot handwoven wall hanging by Ena de Silva.

<span class="mw-page-title-main">Diesel & Motor Engineering</span> Sri Lankan conglomerate company

Diesel & Motor Engineering PLC, commonly abbreviated as DIMO, is a Sri Lankan conglomerate company. The company engaged in vehicle sales, after-sales services, retail, construction and logistics solutions and agriculture sectors. The company was founded in 1939 and was listed on the Colombo Stock Exchange in 1964. DIMO is one of the LMD 100 companies, a list of quoted companies in Sri Lanka by revenue and ranked 39th in the 2020/21 edition.

<span class="mw-page-title-main">Brown and Company</span> Sri Lankan conglomerate holding company

Brown and Company PLC, sometimes called Browns Group, is a conglomerate holding company in Sri Lanka. The company was founded by James Brown, a 25-year-old engineer and mechanic from London who arrived in Ceylon in 1872. In 1892, the company was incorporated and in 1991 the company became a listed company on the Colombo Stock Exchange. The company was included in S&P Sri Lanka 20 Index in June 2021. Brown and Company is one of the LMD 100 companies, an annual list of Sri Lankan listed companies by revenue, having ranked 42nd in the 2020/21 edition.

<span class="mw-page-title-main">Vallibel Power Erathna</span> Renewable energy company in Sri Lanka

Vallibel Power Erathna PLC is a renewable energy company in Sri Lanka. The company operates three small hydropower projects. The company was incorporated in 2001 and in 2006, the company was listed on the Colombo Stock Exchange. Vallibel Power Erathna won the special honoree award in Forbes Asia's Best Under a Billion awards in 2015. Two projects of the company were eligible for the United Nations' Clean Development Mechanism.

<span class="mw-page-title-main">Janashakthi Insurance</span> Insurance company in Sri Lanka

Janashakthi Insurance PLC is an insurance company in Sri Lanka. The company was incorporated in 1992 and its operations were commenced in 1994. Janashakthi Insurance became the first company to specialise in life insurance in Sri Lanka. Janashakthi Insurance became a public company when the company was listed on the Colombo Stock Exchange in 2008. The company was a constituent of the S&P Sri Lanka 20 Index in 2016. Janashakthi Insurance is ranked 85th in LMD 100, an annual list of listed companies by revenue in Sri Lanka. Janashakthi Insurance is known for its long-term patronage of sports, especially cricket.

<span class="mw-page-title-main">HDFC Bank of Sri Lanka</span> Specialised bank in Sri Lanka

The Housing Development Finance Corporation Bank of Sri Lanka PLC, commonly abbreviated as HDFC Bank of Sri Lanka PLC, is a specialised housing bank in Sri Lanka. The bank commenced operations in 1984 as a building society. Through successive acts in the Parliament of Sri Lanka over the years, the bank transformed into a state-owned enterprise, then a specialised bank and a listed company on the Colombo Stock Exchange in 2005. Since widening its scope of business in 2011, the bank established itself as a supporter of small and medium-sized enterprises. The government of Sri Lanka holds 51% of the bank's stocks, mainly through the National Housing Development Authority. HDFC Bank is one of the LMD 100 companies in Sri Lanka. The bank ranked 78th in the 2020/21 edition. Brand Finance calculated the brand value of HDFC Bank to be LKR763 million in 2022. Due to the effects of the Sri Lankan economic crisis, Fitch Ratings placed the bank along with twelve other Sri Lankan banks on Rating Watch Negative.

<span class="mw-page-title-main">LAUGFS Gas</span> Energy company in Sri Lanka

LAUGFS Gas PLC is a liquefied petroleum gas (LPG) company based in Sri Lanka. The company commenced operations in 2001 and in 2010, was listed on the Colombo Stock Exchange following an initial public offering. LAUGFS Gas expanded its operations to Bangladesh and the United Arab Emirates. In 2019, the company opened an LPG terminal at the Hambantota International Port, the largest of its kind in South Asia. LAUGFS Gas is ranked 33rd in LMD 100, an annual list of Sri Lankan listed companies by revenue. The Sri Lankan economic crisis heavily affected the operations of the company. Difficulties in securing foreign exchange have resulted in the disruption of LPG imports, shortages in the market and long queues. The company controls a number of subsidiaries but divested its Bangladesh operations in November 2022.

<span class="mw-page-title-main">Renuka Holdings</span> Conglomerate company in Sri Lanka

Renuka Holdings PLC, also called Renuka Group, is a conglomerate company in Sri Lanka. Ceylonese businessman Alfred Thambiyah laid the foundations of the Renuka Group by acquiring the Crago Boat Dispatch Company in 1936 and establishing Renuka Hotel, named after his youngest daughter Indu Renuka in 1969. Indu Renuka Rajiyah founded Renuka Enterprises in 1975, and Renuka Holdings in 1979 marked the formal beginning of the group. Renuka Holdings went public in 2008 and following the listing on the Colombo Stock Exchange, the company pursued a growth strategy. Renuka Holdings is one of the LMD 100 companies in Sri Lanka and also one of the 20 largest conglomerates in Sri Lanka.

<span class="mw-page-title-main">Swisstek</span> Sri Lankan manufacturing company

Swisstek (Ceylon) PLC is a tile grout and tile mortar manufacturing company in Sri Lanka. The company was established in 1967 as Parquet (Ceylon) Ltd to manufacture parquetry. Parquet (Ceylon) signed an agreement with Switzerland-based Bauwerk AG for technology collaboration and started supplying for the domestic and foreign markets under the brand name "Swissparkett". The company was listed on the Colombo Stock Exchange in 1983. Parquet (Ceylon) switched its core business by switching to manufacturing tile grout and mortar in 2009. In 2011, the company was renamed Swisstek (Ceylon) and in 2013, became a part of the Vallibel One Group. Swisstek is one of the LMD 100 companies in Sri Lanka.

<span class="mw-page-title-main">Keells Food Products</span> Sri Lankan meat processing company

Keells Food Products PLC is a processed meat company in Sri Lanka. The company was incorporated in 1982 and was listed on the Colombo Stock Exchange in the following year. The company's Keells Krest brand has been the market leader in the processed meat market segment for thirty years. Keells Food Products' brand value is among the 100 most valuable brands in Sri Lanka. Hotels and airlines have remained long-term clients of Keells Food Products.

<span class="mw-page-title-main">Alumex</span> Sri Lankan manufacturing company

Alumex PLC is an aluminium extrusions manufacturing company in Sri Lanka. The company was incorporated as a South Korean-Sri Lankan joint venture in 1986. The company commenced commercial operations two years later. The Sri Lankan partners acquired the South Korean partner's stake partners in 2006. Sri Lankan conglomerate Hayleys acquired Alumex in 2010 and was listed on the Colombo Stock Exchange after an initial public offering in 2014. Alumex is the leading aluminium manufacturer in Sri Lanka, with a market share of 46%. Alumex is one of the LMD 100 companies in Sri Lanka.

<span class="mw-page-title-main">Aitken Spence Hotel Holdings</span> Sri Lankan hotel holding company

Aitken Spence Hotel Holdings PLC is a hotel chain holding company based in Sri Lanka. The Sri Lankan conglomerate Aitken Spence is the parent company of Aitken Spence Hotel Holdings. The company operates hotels in Sri Lanka, Maldives, Oman and India. Aitken Spence ventured into the hospitality business by building two seaside resorts designed by Geoffrey Bawa. The company was founded in 1978 as Ahungalla Hotels Ltd and is the proprietor of the Hotel Triton. Ahungalla Hotels Ltd was listed on the Colombo Stock Exchange in 1980. In 1994, after acquiring Aitken Spence Hotels Ltd, the company gained control of the properties of the hotel chain. Kandalama Hotel and the Tea Factory Hotel commenced operations in 1994 and 1996 respectively. The company opened its first resort in the Maldives in 1993.

<span class="mw-page-title-main">LOLC Finance</span> Sri Lankan non-banking financial company

LOLC Finance PLC is a non-banking financial company based in Sri Lanka. LOLC Holdings is the ultimate parent company of LOLC Finance. The company was founded as LOLC Finance Company Limited in 2001. In 2003, the company changed its name to Lanka ORIX Finance Company and commenced operations. Lanka ORIX Finance Company became a public company in 2011 with its listing on the Colombo Stock Exchange. The company adopted its current name in 2015. LOLC Finance is one of the LMD 100 companies in Sri Lanka. The company is also one of the 100 most valuable brands in the country. LOLC Finance has been a constituent of the S&P Sri Lanka 20 Index since the end of 2021. LOLC Finance merged with its sister company, Commercial Leasing & Finance PLC in 2022. The merger resulted in LOLC Finance becoming the largest non-banking financial company in the country.

<span class="mw-page-title-main">Softlogic Life Insurance</span> Insurance company in Sri Lanka

Softlogic Life Insurance PLC, formerly known as Asian Alliance Insurance, is an insurance company in Sri Lanka. The company was founded in 1999 as Asian Alliance Insurance, a joint venture between Asia Capital PLC and Richard Pieris & Company. Softlogic Holdings and its subsidiary Softlogic Capital PLC acquired a controlling stake in the Asian Alliance Insurance in 2011 for LKR3.3 billion. The company segregated its life and non-life insurance businesses and then divested its non-life insurance to Fairfax Financial. The company changed its name in 2016 to Softlogic Life Insurance. The company is a constituent of the S&P Sri Lanka 20 Index. Softlogic Life is one of the LMD 100 companies in Sri Lanka. The company is also ranked among the 100 most valuable brands in the country.

References

  1. 1 2 3 "Union Assurance unveils powerful new identity". Daily FT . Wijeya Newspapers. 18 March 2020. Retrieved 6 January 2023.
  2. 1 2 3 "Annual Report 2022" (PDF). cse.lk. Union Assurance PLC. Retrieved 9 April 2023.
  3. ↑ Sharma, K. (2006). "Summary, Findings, Conclusions & Policy Implications" (PDF). University of Moratuwa. p. 76. Retrieved 6 January 2023.
  4. ↑ "Fairfax set to transform general insurance landscape in Sri Lanka". Daily FT. Wijeya Newspapers. 10 February 2015. Retrieved 6 January 2023.
  5. ↑ The Report: Sri Lanka. Oxford Business Group. 12 May 2016. p. 93. ISBN   978-1-910068-59-5 . Retrieved 6 January 2023.
  6. ↑ "Union Assurance". Forbes . Retrieved 6 January 2023.
  7. ↑ "Union Assurance only Lankan firm to make it to Forbes 'Best Under Billion' List in 2018". Daily FT. Wijeya Newspapers. 27 August 2018. Retrieved 6 January 2023.
  8. ↑ "LMD 100". lmd100.lk. Media Services Pvt Ltd. 2022. p. 76. Retrieved 6 January 2023.
  9. ↑ "Sri Lanka 100 2022" (PDF). brandirectory.com. Brand Finance. 2022. p. 16. Retrieved 6 January 2023.
  10. ↑ "Union Assurance and Union Bank strike bancassurance deal". Daily FT. Wijeya Newspapers. 24 February 2012. Retrieved 6 January 2023.
  11. ↑ "Union Assurance celebrates partnership with Commercial Bank". Daily FT. Wijeya Newspapers. 5 April 2022. Retrieved 7 January 2023.
  12. ↑ "Union Assurance expands Bancassurance footprint with Pan Asia Bank partnership". The Island . Upali Newspapers. 8 August 2022. Retrieved 7 January 2023.
  13. ↑ "Union Assurance study reveals low saving patterns among Sri Lankans". The Island. Upali Newspapers. 29 October 2022. Retrieved 7 January 2023.
  14. ↑ "Union Assurance appoints a new Chief Executive Officer". Daily FT. Wijeya Newspapers. 4 November 2019. Retrieved 7 January 2023.
  15. ↑ "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.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.