Tops Rankings as the #1 Transparent Life Insurer in Sri Lanka

Union Assurance, Sri Lanka’s premier Life Insurer, has been recognised as the #1 Life Insurance Company in the latest Transparency in Corporate Reporting Assessment 2023 (TRAC) published by Transparency International Sri Lanka (TISL). The assessment, which evaluates corporate disclosure practices among 125 public limited companies in Sri Lanka, covers reporting on six key sections: anti-corruption programmes, organisational transparency, domestic financial reporting, country-by-country reporting, gender and non-discrimination reporting, and reporting on procurement related to government contracts and tenders. Union Assurance emerged as the frontrunner in the Life Insurance sector with an impressive TRAC score of 8.75 out of 10, demonstrating significant transparency across the board. This score surpasses the overall average TRAC score of 5.85 out of 10 in the assessment.

As a subsidiary of John Keells Holdings, Sri Lanka’s largest conglomerate, Union Assurance upholds rigorous governance policies. The Company has implemented a comprehensive governance structure and multiple initiatives, including anti-fraud, whistleblower, and anti-corruption policies. Union Assurance also enforces a strong code of conduct that guides and protects stakeholders, emphasising a zero-tolerance approach to offences. Furthermore, the Company takes pride in being an equal opportunity provider, maintaining a work environment free from discrimination based on race, religion, gender, age, nationality, social origin, disability, sexual orientation, gender identity, political affiliation, and opinion.

Union Assurance, in alignment with the John Keells Group’s people-related policies, has implemented several crucial initiatives to foster a supportive work environment, including a robust gender policy, equal opportunity and non-discrimination policy, anti-sexual harassment policy, and the ONE JKH initiative. Among the ONE JKH initiatives, Union Assurance actively addresses unconscious biases and promotes inclusivity with the introduction of the progressive 100-day equal parental leave policy, recognising the importance of supporting both mothers and fathers in their parenting roles. Union Assurance’s unwavering focus on gender parity has yielded impressive results, achieving true gender balance with 51% female representation. Moreover, Union Assurance encourages female employees to take on non-traditional roles, fostering increased participation and leadership opportunities for women within the organisation. The recent launch of the ‘Grow’ programme on International Women’s Day 2024 exemplifies Union Assurance’s commitment to empowering female employees. This initiative aims to strengthen women’s leadership capabilities and enhance their decision-making roles across the Company. By nurturing talent and promoting diversity, Union Assurance continues to set a positive example in the corporate landscape.

In reference to the ranking, Rehan Ismail, Assistant Vice President of Risk and Compliance at Union Assurance, expressed pride in the Company’s consecutive recognition by TISL. “This acknowledgement underscores our commitment to exemplify transparent practices within the Life Insurance sector and across Sri Lanka’s business landscape. In today’s digital era, stakeholders have easy access to information through technology, enabling data-driven decision-making, with transparent corporate reporting playing a pivotal role in this context. At Union Assurance, we firmly believe that doing the right thing is essential to leading as a responsible corporate citizen. As a result, we continually adapt our processes and structures to meet stakeholder needs, ensuring optimal value for all,” he stated.

Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 70 companies in 7 diverse industry sectors. The Company has completed over three decades of success with a Market Capitalisation of Rs. 23.7 Bn, and a Life Fund of Rs. 64.1 Bn as of end December 2023. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement, and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 3,800-strong, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.