UA continuously striving for quality
by a staff reporter
Currently in its 21st year of operation, Union Assurance (UA) has
steadily and consistently ensured leadership in quality, standards,
values and ethics and permeated these to the entire industry. Union
Assurance has won a plethora of awards over the years which are
indicative of the world class practices incorporated within the company.
AGM (Finance & Planning), Indika Prematunga said the annual report
has been adjudged the Best Presented Accounts in the entire South Asian
Region by the South Asian Federation of Accountants for two years
running, which is ample testimony to our efforts for transparency and
good practices.
We are the only insurance company in Sri Lanka to have won this award
and we are proud to have placed Sri Lanka on the map once again,
competing against some of the largest and highly prestigious companies
from India, Pakistan and Bangladesh.
SAFA is an Apex Body of the South Asian Association for Regional
Co-operation (SAARC) and the Regional Grouping of International
Federation of Accountants (IFAC), representing over 170,000 accountants
who are members of national chartered accountancy and cost and
management accountancy institutions in South Asia.
The SAFA awards appraises companies on corporate performance,
accounting policies and disclosures, governance and stakeholder
information, timeliness in issuing accounts, holding annual general
meetings and annual report presentation.
“We were also recognised by the Institute of Chartered Accountants of
Sri Lanka for our corporate best practices including a silver for
corporate social responsibility and a bronze for corporate governance
disclosure.
The awards we have won from both SAFA and the Institute of Chartered
Accountants of Sri Lanka over time is ample testimony to our consistent
and unswerving tenets and principles.
We have continued to improve on our performance, our systems,
processes, products and most importantly on governance, which to us
remains at the apex of our business.
Thus we have built a professionally managed company that has equal
focus on all stakeholders, made astute investments that have enabled a
robust top line growth and ensured multi dimensional investments into
people, infrastructure and our brand with an overarching emphasis on
transparency and accountability.”
Prematunga said that Union Assurance strives to ensure that
shareholders and policyholders alike are given stability and good
returns on their investments through prudent practices to maintain a
healthy risk return balance in addition to maintaining solvency margins
in excess of the amounts stipulated by the Insurance Board of Sri Lanka.
“As an insurance company, we are accountable not only to our
shareholders but also to our policyholders to provide stability and good
returns on their investments.
In a very competitive industry and in challenging economic times
Union Assurance has consistently maintained assets of more than Rs.400
million in excess of the solvency margin stipulated by the Insurance
Board of Sri Lanka over the past few years which is testimony to the
strength and stability of the company and the prudent practices in place
within the company.”
“The company has maintained steady asset growth over the years. In
addition we have a massive investment portfolio in excess of Rs.8
billion which is managed by an expert investment committee together with
qualified staff to ensure that all policyholders obtain excellent
returns on their investments.”
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