Union Assurance (UA) declared a 10.25% dividend rate on their dividend-based policies for 2017.
This is a higher rate than the minimum guaranteed rate of 10% and is also higher than the average market interest rate of 9.01% for 2017.
Throughout the past years, UA has consistently provided policyholders with a higher return than promised.
Policyholders with dividend-based products were able to enjoy this rate of dividend based on the investment earnings on the life fund attributable to such products. An investment account is maintained for each individual dividend-based policyholder which is credited with the dividend on a monthly compounding basis.
The company’s ‘With Profit’ policyholders whose policies were in force as at 31 December 2017 will also receive an annual bonus, which will be added to their policies.
The company has been able to offer higher benefits to its valued policyholders due to its continued growth, prudent management of investments and financial strength.
In line with UA’s commitment to foster ‘life changing partnerships’, the company has declared an interim dividend rate of 10% for all the dividend-based policies for 2018.
Life Operations General Manager Iroshini Tittagalla, commenting on the achievement, stated: “UA had the best year in history in 2017 with a 10.1 billion Gross Written Premium, which was a 22% growth from the previous year. Being financially stable, and with the best team in the industry, the outlook for Union Assurance in 2018 continues to be extremely positive. We have set ourselves ambitious targets which demonstrate our determination to achieve, and our commitment to be the life changing partner to our loyal customers and to all Sri Lankans.”