Union Assurance, Sri Lanka’s premier Life Insurer known for its commitment to excellence and customer-centric approach, proudly announces the declaration of a 13.5% Universal Life Policyholder Dividend Rate for the financial year 2023. Once again, the Company has demonstrated its financial strength and resilience by surpassing expectations with this remarkable Dividend Rate of 13.5%, compared to the minimum guaranteed Dividend Rate of 10% for the year 2023. This achievement not only underscores the Company’s robust performance but also reaffirms its position as a trustworthy partner that maximises value for customers and shareholders alike.
The Chief Executive Officer of Union Assurance, Senath Jayatilake, stated, “We are delighted to announce an exceptional Dividend Rate, surpassing our guaranteed rate for 2023, which is a clear testimony to our commitment to delivering optimal value to our stakeholders. Notably, this marks the highest Dividend Rate declared in the past decade, underscoring our sustained progress over the years, even in the face of formidable external challenges.”
“Furthermore, this significant dividend payout directly contributes to the growth of our customers’ Life Fund, which reached a valuation of Rs. 64,510 Mn by the end of 2023, thereby enhancing their financial security. We extend our heartfelt gratitude to our customers and stakeholders for the trust they have placed in us,” he further stated.
The Chief Financial Officer of Union Assurance, Asha Perera, stated, “The declaration of a 13.5% Dividend Rate for 2023 is based on Union Assurance’s sound financial management and prudent investment strategies. Our disciplined approach and our ability to adapt to changing market dynamics while maintaining a focus on long-term value creation have been instrumental in our success. We remain committed to delivering superlative returns and value to all our stakeholders, ensuring continued confidence in Union Assurance.”
Union Assurance is a subsidiary of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. The Company has completed over three decades of success with a Market Capitalisation of Rs. 23.6 Bn, and a Life Fund of Rs. 64.5 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 4,000-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.
