Union Assurance recognized at SAFA Awards
Union Assurance (UA) walked away with two prestigious awards at the
recently concluded SAFA Awards ceremony for financial reporting in the
South Asian region. The winners were selected through stringent
selection criteria with an eminent panel of judges from the region.
Award winners were selected objectively, and the selection criteria
itself was based on the presentation and disclosure of high quality,
relevant and reliable financial and non-financial information.
Sherin Cader, General Manager Finance and planning at Union
Assurance receiving the SAFA award at the event
It is the 6thconsecutive year UA has been recognized at the SAFA
awards, further strengthening the company's commitment to enhance
transparency, good governance and adequate disclosures to satisfy varied
expectations of diverse stakeholders.
UA was presented with the 1st runner-up award in recognition for its
efforts to present high quality financial statements while also being
awarded 2nd runner-up for Corporate Governance Disclosures. It is
important to note that UA was the only insurer in the region to have
bagged two awards this year as well. Good governance and transparency
are the main pillars of UA's operating model. The company has also
adopted a code of best practice issued jointly by the Institute of
Chartered Accountants of Sri Lanka and the Securities and Exchange
Commission of Sri Lanka as well as Corporate Governance rules as per the
listing rules of the Colombo Stock Exchange.
"For UA, transparency and good governance is a journey and not a
destination. We will continue to embark on our journey of achieving
excellence by providing relevant, reliable and objective information to
be the most transparent corporate citizen in the country", said Ms.
Sherin Cader - General Manager Finance and planning.
It is important to note that UA was recognized at the recently
concluded Annual Report Awards ceremony conducted by the Institute of
Chartered Accountants of Sri Lanka. UA triumphed in 3 main categories,
achieving a Silver award for Overall Excellence in Financial Reporting,
a Gold award in the Insurance sector and adjudged Joint winner for
Corporate Governance Disclosures.
In recognition of UA's business practices in the insurance sector,
the company secured a Silver Award at the National Business Excellence
Awards 2012, conducted by the National Chamber of Commerce of Sri Lanka
(NCCSL) for the 5th consecutive year.
UA's combined life and general gross written premiums increased to Rs.
9.7 billion achieving a 12% growth from the previous year. Life
insurance premiums increased by 14%, to Rs. 5.1 billion for the year
2012. Non-life insurance premiums contributed Rs. 4.6 billion to the
combined turnover with a 9% growth, while maintaining disciplined
underwriting practices. Both retail and corporate distribution channels
maintained steady momentum in business volumes in achieving this growth
and were able to leverage the professionalism of the distribution and
technical teams as well as reinforce its reputation as a trusted service
provider completing 25 years of operations.