Union Assurance achieves targets

by Surekha Galagoda

Union Assurance PLC will continue to maintain growth and profits with focused investments in the areas of new products, training and development as well as information technology to enhance the convenience of customers leveraging on technology, said Deputy CEO Dirk Perera.

He said that during 2005/2006 they implemented the five-year plan and are doing reasonably well within the time frame achieving the targets set by the company.

At present we are not the biggest insurer in the country but we are the strongest corporate insurer. Therefore, we want to stabilise in the retail sector while expanding more into the life insurance business.

Perera said that in an ultra competitive industry all their efforts were richly rewarded when they received the award for the best Corporate report as well as three other awards at the Annual Reports Awards ceremony organised by the Institute of Chartered Accountants of Sri Lanka.

"It is good to be recognised among the top corporate reports in the country and is a great tribute to the excellent teamwork and dedication of our people at all levels of the organisation as well as to our customers and shareholders who have placed their trust and confidence in us".

He said that in addition to improving the financial statements, they also presented the key value drivers of the business, the associated risks, our corporate governance practices as well as our commitment to all our stakeholder groups in a user friendly, transparent manner.

Perera said that during the past year the company launched several initiatives such as innovative motor insurance product Union "Call & Go", Union Advantage life insurance solution which provides enhanced flexibility, protection and the highest guaranteed returns, expanding/upgrading branch network to enhance customer convenience, tied up with several new banking partners to expand the Union Pay Easy scheme - the country's first automated payment system enabling life insurance policyholders to pay their premia at over 800 bank branches islandwide,.

He said that they were the only insurance company to win an award at the NCE Exporters Awards and placed second in the insurance category at the NCC National Business Excellence Awards.

The company has also made significant investments in the CSR initiatives under the Union Assurance's Neth Hamuwa .

He said that as an institution in the financial services industry, which is dealing in public funds and accepting risks on behalf of customers across the business spectrum, Union Assurance is committed to the highest standards of professionalism, transparency and integrity in all its dealings.

Speaking of market conditions, he said the external sector is faring in a normal manner driving the margins very thin. Therefore, we can't guarantee a return on investments and as such we are planning not to invest heavily on the expansion of the distribution sector, said Perera.

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