Monday, October 2, 2023

Union Assurance Becomes First Insurer to Reach Top 10 in Corporate Reporting Transparency

Bolstered by a strong focus on transparent reporting, Union Assurance PLC has become the first insurer to reach the Top 10 in Transparency in Corporate Reporting, according to Transparency International Sri Lanka’s (TISL) 2022 report. The TISL report published in 2022 ranked the Company at 8th place, a significant improvement from the 16th position in last year’s report. This achievement is a testament to the rigorous transparent reporting practices followed by the Company.    

The report evaluated the top 75 listed companies on the Colombo Stock Exchange (CSE) based on market capitalization. It is an independent assessment of corporate disclosure practices, which ranks companies based on three areas crucial to prevent and combat corruption – reporting on anti-corruption programmes, transparency in organizational holdings, and key financial information on domestic operations.

Chief Financial Officer, Union Assurance, Asha Perera, noted that the Company has a strong culture of corporate accountability. “This has not only built trust among all stakeholders, but also protected our employees and business while enhancing our brand,” she said.

According to her, they are guided by policies that promote transparency across the Company. She said that a robust corporate governance structure mitigates the risk of corruption and other transgressions. “We have a compliance culture, sound internal controls, and risk management mechanisms, which create sustainable value,” she added.

Assistant Vice President, Audit and Compliance, Union Assurance, Rehan Ismail, said they were extremely proud to achieve the accolade from TISL. “We consider it a significant milestone, which bears testimony to our continuous improvements in transparent reporting,” he added.

According to him, the assessment by a reputed organization such as TISL reflects the strong disclosure policies, systems, and processes in place at Union Assurance. He said the Company pursues a zero-tolerance approach to bribery and corruption. “A code of best conduct inculcates ethics among all our employees, regardless of seniority,” he emphasized.

Union Assurance is a subsidiary of the reputed conglomerate John Keells Holdings PLC. Known for its strong ethical values, JKH was ranked number one in Transparency in Corporate Reporting in TISL’s 2022 report.

Union Assurance is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a market capitalisation of Rs. 17.9 Bn, a Life Fund of Rs. 49.7 Bn and an investment portfolio of Rs. 58.5 Bn as of March 2022. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, investment, protection, and retirement needs of Sri Lankans. With an over 3,000-strong workforce, the Company has been recognised as a Great Place to Work© for nine consecutive years. 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 with being the number one for Million Dollar Round Table (MDRT) in Sri Lanka in 2021.

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