Union Assurance
Union Assurance PLC is Sri Lanka's first private life insurer (est. 1987), publicly listed on the Colombo Stock Exchange and a subsidiary of John Keells Holdings. It serves 500,000+ customers across the country through 113 branches, a 3,000+ sales force, bancassurance partnerships, and the Clicklife digital super app.
- Company typePublic
- Founded1987
- HeadquartersColombo, Sri Lanka
- Headcount1,001–5,000
- GTM typeB2C
- OfferingServices
What Union Assurance does
Union Assurance PLC is Sri Lanka's first private life insurer, established in 1987 and publicly listed on the Colombo Stock Exchange under the ticker UAL, operating as a subsidiary of John Keells Holdings PLC, one of Sri Lanka's largest diversified conglomerates. The company offers a comprehensive life insurance portfolio spanning investment-linked plans (FlexLife, Single Premium Advantage, Smart Wealth Builder, Super Investor), protection products (Ultra Protect, Advantage Starter), retirement (Union Pension Advantage), education (Union Sisumaga Plus), and health (Union Health 360), supplemented by an extensive catalogue of optional covers (hospitalisation, critical illness, disability, accidental death, waiver of premium). Pricing follows a subscription/recurring premium model with monthly, quarterly, semi-annual, and annual billing options, plus single-premium investment products and add-on covers.
The company operates a multi-channel distribution model combining 113 island-wide branches, a 3,000+ field sales force of certified financial advisers, and the largest bancassurance network in Sri Lanka through partnerships with Sampath Bank, Nations Trust Bank, Commercial Bank, and Standard Chartered Bank. Its digital layer is anchored by the Clicklife App, a super app for policy self-service, premium payments, claims tracking, and health-and-rewards engagement, integrated with Google Fit, Google Health Connect, and Apple Health, and augmented by Suwamaga+ AI-driven personalised wellness insights. Supporting digital tools include the Customer Portal, Quick Pay, and three financial calculators (retirement, education, protection). The company reports 500,000+ customers, the largest Net Asset base among Sri Lanka's private sector insurers, a 95% customer satisfaction rate, and a 4.7/5 app-store rating. Operations are entirely domestic (Sri Lanka), regulated by the Insurance Regulatory Commission of Sri Lanka (IRCSL).
Union Assurance firmographics
Firmographics- Name
- Union Assurance
- Legal name
- Union Assurance PLC
- Website
- https://unionassurance.com
- Company type
- Public
- Founded year
- 1987
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Union Assurance PLC is Sri Lanka's first private life insurer (est. 1987), publicly listed on the Colombo Stock Exchange and a subsidiary of John Keells Holdings. It serves 500,000+ customers across the country through 113 branches, a 3,000+ sales force, bancassurance partnerships, and the Clicklife digital super app.
- Ownership category
- akta.pro rank
Union Assurance industry classification
Industry- Product category
- Life Insurance
- NAICS
- Direct Life Insurance Carriers (524113), Direct Health and Medical Insurance Carriers (524114), Insurance Carriers and Related Activities (524)
- SIC
- Life Insurance (6311), Accident & Health Insurance (6321)
- akta.pro primary industry
- Universal Life (UL) Insurance (FSAIABAB)
- akta.pro secondary industries
- Variable Universal Life (VUL) Insurance (FSAIABAD), Simplified Issue Whole Life / UL Insurance (FSAIABAH)
Keywords
Where Union Assurance is headquartered
LocationHeadquarters
- HQ city
- Colombo
- HQ country
- Sri Lanka
- HQ region
- Asia
Offices5 records
Markets served
Union Assurance business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others
Revenue model
- Life Insurance Premiums: Recurring premium revenue from life insurance policies including investment, protection, retirement, education, and health products. Premiums can be paid monthly, quarterly, semi-annually, or annually.
- Single Premium Products: One-time investment products like Single Premium Advantage delivering returns with protection benefits
- Optional Cover Add-ons: Additional revenue from optional covers including hospitalization, critical illness, disability, and accidental death benefits that can be added to base policies
- Investment Returns (Dividends): Declared dividend rates credited to policyholder funds, ranging from 8% to 13.5% historically, generating returns for policyholders and maintaining fund value
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Standard Premium Payment Plans |
| Subscription | Annual | Optional Cover Add-ons |
Go-to-market motion3 records
Distribution channels7 records
Marketing channels10 records
Union Assurance product offering
Product offeringCore offering
Union Assurance PLC is Sri Lanka's first private life insurer, underwriting and distributing a comprehensive portfolio of life insurance products (investment, protection, retirement, education, and health) along with optional add-on covers, distributed through 113 branches, a 3,000+ certified financial adviser field force, the largest bancassurance network in Sri Lanka, and the Clicklife App digital self-service platform. The company also operates the Platinum Circle high-value policyholder tier and the Suwamaga CSR health programme.
Product overview
Union Assurance is Sri Lanka's first private life insurer, offering a comprehensive portfolio of life insurance products and services. The core offering spans five product categories: Investment (including FlexLife, Single Premium Advantage, Smart Wealth Builder, Super Investor), Protection (Ultra Protect, Union Advantage Starter), Retirement (Union Pension Advantage), Education (Union Sisumaga Plus), and Health (Union Health 360). These are supplemented by a broad range of optional add-on covers including hospitalisation, disability, loss of income, and additional death benefits. The digital ecosystem is anchored by the Clicklife App — an all-in-one mobile super app for policy management, premium payments, claims tracking, and AI-powered health insights (Suwamaga+) integrated with Google Fit, Google Health Connect, and Apple Health — alongside the Customer Portal, Quick Pay, and three financial calculators (retirement, education, protection). Optional covers like Union Smart Health Premier and Hospital Cash Benefit extend the health proposition as add-ons to base policies. The company also operates a flagship CSR health programme, Union Assurance Suwamaga, and publishes a Well-being Essentials content platform.
Differentiator
Problem solved
Functional benefit
Brands
- Clicklife: All-in-one mobile super app for life insurance self-service, healthy living, and instant rewards
- Suwamaga
- Sisumaga Plus
- Union Manushyathwaya
- Union Assurance Platinum Circle
Products and services
- FlexLife Flexible life insurance investment plan designed to meet the policyholder's evolving needs over time, with flexible contributions and capital growth features.
- Smart Life Life insurance product available through Union Assurance's policy portfolio offering protection with investment-linked benefits.
- Single Premium Advantage Single premium investment insurance plan designed to deliver greater returns and a secure future through one-time premium payment.
- Union Advantage Starter Affordable life insurance plan offering comprehensive protection positioned as an entry-tier product.
- Union Life Plus Life insurance plan offering comprehensive protection combined with attractive investment returns.
- Sampath Smart Investor Life insurance investment product distributed through Sampath Bank as part of the bank's bancassurance offering.
- Union Sisumaga Plus Education-focused life insurance plan helping parents build a fund to secure and support their child's educational aspirations.
- Smart Wealth Builder Wealth-building life insurance investment plan designed to support long-term capital accumulation.
- Super Investor Investment-focused life insurance plan designed for long-term wealth accumulation through regular premiums.
- Ultra Protect Protection-oriented life insurance plan focused on delivering life cover with minimal investment component.
- Advantage Premier Premium-tier life insurance product offering comprehensive coverage and attractive investment returns.
- Union Pension Advantage Retirement planning insurance product designed to help build a retirement fund for peace of mind.
- Union Health 360 Comprehensive health insurance covering hospitalisation expenses due to illness or surgery in Sri Lanka or worldwide (excluding USA and Canada), with optional maternity and optical benefits.
- Clicklife Digital Life Insurance Digital life insurance product accessible and manageable through the Clicklife App for policyholders preferring digital policy management.
- Clicklife App All-in-one self-service mobile app for life insurance management, health tracking, and rewards, enabling real-time policy visibility, premium payments, claims submission and tracking, and AI-powered Suwamaga+ health insights with fitness data sourced from Google Fit, Google Health Connect, and Apple Health.
- Dividend Returns Programme Policyholder dividend programme delivering consistent returns since 2013, with minimum guaranteed rates and declared dividend rates published annually, historically ranging from 8% to 13.5%.
Quantifiable outcome
- 95% customer satisfaction rate
- +3 more outcomes
Companies that use Union Assurance
Customer profileNamed customers7 records
Segments4 records
Ideal customer profiles3 records
Union Assurance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration10 records
AI capability4 records
Feature4 records
Union Assurance partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core, minor and major.
- Sampath BankcoreBancassurance partnership through Life Leads program. Joint annual awards ceremony recognizing top performers. Sampath Bank serves as a key distribution channel for Union Assurance life insurance products with dedicated bank channel categories in awards programs.
- Nations Trust BankcoreBancassurance channel partner with dedicated Champions of Champions award category (Category 1). NTG branch serves Nations Trust Bank channel representatives in agency awards programs.
- Commercial BankcoreBancassurance distribution partner with Corporate Channel Champion award category. Commercial Bank branch representatives recognized at annual agency distribution awards.
- Standard Chartered BankminorOnline banking payment partner for premium payments. Customers can pay insurance premiums through Standard Chartered online banking platform.
- Health Promotion Bureau of Sri LankamajorPublic-private partnership for health awareness campaigns. Collaborated on public service message campaign promoting health and wellness alongside Union Assurance's Suwamaga CSR initiative.
- Cinnamon Hotels & ResortsminorCSR partnership during flood relief efforts, distributing over 3,000 meals to flood victims through joint community initiative.
- Google Health ConnectcoreHealth data integration through Google Health Connect API enabling collection of health metrics including heart rate, steps, calories, sleep data, blood oxygen, and ECG for Clicklife App health tracking features.
- Google Fit APIscoreFitness data integration through Google Fit enabling activity tracking data collection for wellness rewards and health insights in Clicklife App.
- Apple HealthcoreHealth data integration through Apple HealthKit enabling iOS users to sync health metrics including heart rate, activity, sleep, and other health data with Clicklife App.
- SLIM (Sri Lanka Institute of Marketing)minorPartnership for certified financial adviser training program. Union Assurance celebrates graduation of certified financial advisers in partnership with SLIM.
Scale indicators9 records
Recent moves6 records
Expansion highlights3 records
Union Assurance competitors and assessment
Company assessmentDirect peers
- HNB Assurance: HNB Assurance provides life and general insurance in Sri Lanka, leveraging HNB bank's branch network for bancassurance distribution similar to Union Assurance's bank-channel strategy.
- Softlogic Life Insurance: Softlogic Life is a Sri Lankan life insurer targeting similar middle-market customers with investment-linked and protection products, competing with Union Assurance for bancassurance and digital distribution channels.
- Prudential Sri Lanka (formerly Ceylinco Insurance Life): Prudential Sri Lanka is a multinational life insurer offering linked insurance, savings, and protection products to retail and bancassurance customers, making it a direct competitor to Union Assurance's UL-style investment-linked offerings.
- Ceylinco Life Insurance: Ceylinco Life is one of Sri Lanka's largest private life insurers, competing head-to-head with Union Assurance in life insurance, investment-linked policies, and bancassurance distribution across the same Sri Lankan market.
- Allianz Life Insurance Lanka: Allianz Life Lanka is a multinational life insurer operating in Sri Lanka offering UL/VUL and protection products, directly competing for the same affluent and corporate-bancassurance customers as Union Assurance.
- Janashakthi Insurance Company: Janashakthi Insurance offers both life and non-life insurance products in Sri Lanka, competing with Union Assurance in retail life insurance, investment plans, and corporate group life solutions.
- LOLC Life Assurance: LOLC Life Assurance, part of the LOLC Group conglomerate, offers life insurance products in Sri Lanka with comparable bancassurance and digital distribution, directly competing with Union Assurance in the local market.
- Sri Lanka Insurance Corporation Life: SLIC is the state-owned life and general insurance company of Sri Lanka with a dominant share in life insurance, directly competing with Union Assurance across individual and group life products nationwide.
- AIA Sri Lanka: AIA Sri Lanka is the local subsidiary of AIA Group, offering comparable life, health, and investment-linked insurance products and bancassurance partnerships in Sri Lanka, directly competing for the same middle-class customer base.
Broad incumbents
- MetLife Sri Lanka: MetLife Sri Lanka is a subsidiary of MetLife Inc. offering life, health, and retirement products in Sri Lanka, overlapping with Union Assurance on group life and investment-linked individual policies in the same market.
Market position
Strengths5 records
Weaknesses4 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
Union Assurance social profiles
Digital presenceUnion Assurance compliance and trust
Trust signalCompliance1 record
Union Assurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Union Assurance leadership team
Management profileNumber of profiles
Profiles15 records
Union Assurance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Union Assurance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Union Assurance
What does Union Assurance do?
Union Assurance PLC is Sri Lanka's first private life insurer, underwriting and distributing a comprehensive portfolio of life insurance products (investment, protection, retirement, education, and health) along with optional add-on covers, distributed through 113 branches, a 3,000+ certified financial adviser field force, the largest bancassurance network in Sri Lanka, and the Clicklife App digital self-service platform. The company also operates the Platinum Circle high-value policyholder tier and the Suwamaga CSR health programme.
Is Union Assurance a public or private company?
Union Assurance is a public company. It is classified as public and is currently operating.
When was Union Assurance founded?
Union Assurance was founded in 1987. It employs 1,001 to 5,000 people.
Where is Union Assurance based?
Union Assurance is headquartered in Colombo, Sri Lanka, in the Asia region.
How does Union Assurance make money?
Four revenue lines are on record. Life Insurance Premiums are the primary driver. The others are single Premium Products, optional Cover Add-ons and investment Returns (Dividends).
Who are Union Assurance's main competitors?
Direct peers on record are HNB Assurance, Softlogic Life Insurance, Prudential Sri Lanka (formerly Ceylinco Insurance Life), Ceylinco Life Insurance, Allianz Life Insurance Lanka, Janashakthi Insurance Company, LOLC Life Assurance, Sri Lanka Insurance Corporation Life and AIA Sri Lanka. MetLife Sri Lanka is listed as a broad incumbent.
Does Union Assurance have an API?
No public API is recorded for Union Assurance.
What industry is Union Assurance in?
Union Assurance's product category is Life Insurance. Its primary akta.pro industry code is FSAIABAB, Universal Life (UL) Insurance, with a secondary code of FSAIABAD, Variable Universal Life (VUL) Insurance. Its NAICS code is 524113 and its SIC code is 6311.