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Universal Life Insurance Co Ltd

Company Description

Universal Life was established in 1970 to carry out long term insurance business and was soon to hold a predominant position in a highly competitive environment.

In 1974 Universal Life acquired the Life Insurance portfolio of the British Insurance Company Gresham Life in Cyprus to be followed by the acquisition of the Italian Insurance Company Assicurazioni Generali in 1977.

Following such a success, the Company acquired new dimension and achieved, through a carefully designed strategy, a leading position amongst the life branch Insurance Companies, realising the highest premium earnings within just eight years from its establishment.

The Company's growth continued at a considerably high rate, where by 1982 Universal life takes the lead in the Insurance market surpassing in premium earnings all other companies, including those the General Insurance Branch.

In 1987 Universal Life increases its share capital and becomes a Public Company. In 1990 the Company responds to the 1992 challenge, making the first step towards internationalisation by expanding operations into the Greek market. For that purpose the life branch services of "Hellenic Reliance" changes hands and becomes Universal Life (Hellas).

<b>Universal Life today</b>

Universal Life is by far the leading Insurance Company in Cyprus. The Company holds a 31% share of the market with an insured capital exceeding CY £890 million or 364 billion drachmas and insured reserves of more than CY £43 million or 17.5 billion drachmas. These amounts are by far greater than those held by the second in line Insurance Company.

Manned with highly qualified personnel and equipped with fully computerised systems, Universal Life considers the use of advanced technology as an essential prerequisite for the achievement of its objectives. Furthermore, firmly believing that Human Resource Development constitutes a guarantee for success of any organisation aiming to offer services of high quality Universal Life continuously invests in Training and Development.

A large number of Universal Life agents are awarded every year the LIMRA (Life Insurance Marketing & Research Association) International Quality Award, a fact not only demonstrating the high standard of professionalism of the Company' s Sales Team but also reflecting the particular attention given to proper salesmanship and service to clients.