Union Assurance
A Sri Lankan insurance company focused on life insurance and related financial protection services.
Last updated August 26, 2026
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Overview
Union Assurance PLC is a Sri Lankan insurance company whose present business is centered on life insurance. It was established in 1987 by Aitken Spence, Carson Cumberbatch, Mercantile Credit and Whittall Boustead, entering the market shortly after Sri Lanka ended the government monopoly over insurance through the Control of Insurance Act No. 42 of 1986. The company began operations during a period in which private insurers were able to develop a broader role in the national financial-services sector. Union Assurance was listed on the Colombo Stock Exchange in 1988, the year after its formation. For much of its earlier history, the company operated both life and non-life insurance businesses. A major change occurred in 2009, when John Keells Holdings acquired an 81% stake, giving the Sri Lankan conglomerate control of Union Assurance. The transaction placed the insurer within one of the country's largest diversified business groups and shaped its subsequent strategic development. In 2015, Union Assurance separated its life and non-life activities and divested its interest in the general-insurance business to Fairfirst Insurance. Following that transaction, the company concentrated on life insurance rather than maintaining a combined life and general-insurance model. The repositioning was reinforced by a new corporate logo introduced in 2020, which emphasized the brand's focus on life insurance. The company's offering includes life-protection and long-term financial-planning products distributed through its own branch and agency network, bank partnerships and digital channels. Union Assurance also provides bancassurance services in collaboration with several Sri Lankan banks. Its distribution footprint includes branches across Sri Lanka, supported by a field agency force and digital services such as the Clicklife mobile application. Reference material states that, as of 31 December 2025, the company had 95 branches covering all nine provinces, 2,698 field agents and five bancassurance partnerships. Union Assurance has been recognized in several Sri Lankan and regional business rankings. It was included in Forbes Asia's Best Under a Billion list in 2018, reportedly the only Sri Lankan company selected that year. It has also appeared in the LMD 100 ranking of publicly traded Sri Lankan companies and in rankings of the country's most valuable brands. Brand Finance reported a Union Assurance brand value of LKR 1,982 million in 2022, representing 10.5% growth; this figure is a brand valuation rather than company revenue. The company has used market research to highlight the limited level of household saving in Sri Lanka and to support the role of insurance and structured financial planning. It appointed Jude Gomes as chief executive officer in 2019. Union Assurance has also received workplace-related recognition, including an award at the 2022 Women Friendly Workplace Awards. Its current identity is therefore that of a locally listed, John Keells-controlled life insurer with nationwide distribution and a mix of agency, bancassurance and digital channels.
History
Union Assurance was founded in Sri Lanka in 1987 by Aitken Spence, Carson Cumberbatch, Mercantile Credit and Whittall Boustead. Its creation followed the opening of the country's insurance market after the Control of Insurance Act No. 42 of 1986 ended the government's monopoly over insurance. The company commenced operations soon after its establishment and obtained a listing on the Colombo Stock Exchange in 1988. The insurer initially operated across both life and non-life insurance. Its ownership changed significantly in 2009, when John Keells Holdings acquired 81% of Union Assurance's shares. The acquisition gave the conglomerate control and integrated Union Assurance into the wider John Keells business group. A strategic restructuring took place in 2015. Union Assurance divided its life and non-life operations and divested its interest in the general-insurance business to Fairfirst Insurance. The company consequently became more focused on life insurance and associated long-term protection and financial-planning services. This focus was later reflected in a new logo introduced in 2020 as part of the brand's repositioning. Union Assurance has developed several distribution routes in the Sri Lankan market. In addition to its branch and agency network, it works with banks through bancassurance arrangements and uses digital channels, including the Clicklife mobile application. Reference material reports that, at 31 December 2025, the company operated 95 branches across all nine provinces, with 2,698 field agents and five bancassurance partnerships. The business has appeared in Sri Lankan corporate and brand rankings. It was included in Forbes Asia's Best Under a Billion list in 2018 and has been listed in the LMD 100. It has also been identified among Sri Lanka's most valuable brands. Brand Finance reported a brand value of LKR 1,982 million in 2022, up 10.5% from the prior comparison period cited in the reference material. These figures describe brand valuation and should not be treated as insurance revenue or profit. Union Assurance's public positioning has included encouraging greater household saving and financial preparedness. Company research cited in reference material found that many Sri Lankans saved less than commonly recommended proportions of income, with a substantial share reporting no savings or only limited savings. The company appointed Jude Gomes as chief executive officer in 2019 and later received recognition at the 2022 Women Friendly Workplace Awards. The available material does not establish a separate current chief executive, founder beyond the founding organizations, or a standalone official website URL.
- 2020
A new corporate logo reinforced the life-insurance focus
[1]The company introduced a new logo as part of its repositioning in the life-insurance sector.
- 2018
Forbes Asia recognition
[1]Union Assurance appeared on Forbes Asia's Best Under a Billion list.
- 2015
The business separated life and non-life operations
[1]Union Assurance divided its life and general-insurance businesses and divested the non-life activity to Fairfirst Insurance.
- 2009
John Keells Holdings acquired control
[1]John Keells Holdings acquired an 81% shareholding in Union Assurance.
- 1988
The company was listed on the Colombo Stock Exchange
[1]Union Assurance commenced operations and became listed on the Colombo Stock Exchange the following year.
- 1987
Union Assurance was founded
[1]Aitken Spence, Carson Cumberbatch, Mercantile Credit and Whittall Boustead founded Union Assurance in Sri Lanka.
- 1986
Sri Lanka opened the insurance market to private-sector competition
[1]The Control of Insurance Act No. 42 of 1986 ended the government monopoly over insurance and created the market conditions in which Union Assurance was established.
Products and positioning
A Sri Lankan life-insurance specialist combining nationwide personal distribution with bancassurance and digital channels, under the ownership of John Keells Holdings.
Insurance
Life insurance
Union Assurance's principal business is life insurance. Its life-insurance activities are designed to provide financial protection and support longer-term household financial planning in the Sri Lankan market. The available reference material does not specify individual policy names, coverage limits or premium structures.
Distribution service
Bancassurance
Union Assurance distributes insurance through partnerships with banks in Sri Lanka. Bancassurance gives the company an additional customer-acquisition and servicing channel alongside its branches and agency force. Reference material identifies five such partnerships as of 31 December 2025 but does not name all participating banks.
Digital insurance channel
Clicklife
Clicklife is Union Assurance's mobile application and part of the company's digital service offering. It complements the insurer's physical branch network, agents and bancassurance channels. The available references do not provide a complete list of its functions or launch date.
Brand decisions
2020
The company refreshed its logo and brand positioningStrategyBackground
Following the separation from general insurance, Union Assurance sought to emphasize its life-insurance identity.
Action taken
The company introduced a new logo highlighting its repositioning in the life-insurance sector.
Aftermath
The visual identity supported the company's narrower life-insurance positioning.
2015
Union Assurance focused on life insuranceStrategyBackground
The company had previously operated both life and non-life insurance businesses.
Action taken
Union Assurance separated its life and non-life activities and divested its non-life insurance business to Fairfirst Insurance.
Aftermath
The company concentrated its operations and brand positioning on life insurance.
2009
John Keells Holdings took control of Union AssuranceM&ABackground
Union Assurance had operated as a listed Sri Lankan insurer since 1988. John Keells Holdings pursued a controlling investment in the company.
Action taken
John Keells Holdings acquired 81% of Union Assurance's shares.
Aftermath
Union Assurance became a controlled company within the John Keells Holdings group.
Recent events
Union Assurance launches HEALTH 360[2]
Reported:
Union Assurance launched HEALTH 360, a health insurance solution covering health protection needs for the family across three generations.
Union Assurance launches Lifestyle Bonus 2021[3]
Reported:
Union Assurance launched its Lifestyle Bonus 2021 campaign on 4 January, offering eligible customers a raffle draw and partner discounts.
John Keells Properties and Union Assurance partner on TRI-ZEN life cover[4]
John Keells Properties signed a partnership agreement with Union Assurance to provide TRI-ZEN customers with life insurance cover of LKR 7 million, with John Keells Properties bearing the premium until the project is completed in 2023.
Union Assurance appoints Jude Gomes as CEO[5]
Reported:
Union Assurance appointed Jude Gomes as its new Chief Executive Officer. Gomes is scheduled to take office on December 1, 2019.
Sources5 sources
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