Union Assurance, #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. 

Union Assurance Assistant Vice President Risk and Compliance Rehan Ismail said, “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.”