1948	On the 26th July, Mauritian Union is officially incorporated & started operating at 13, Sir William Newton Street, Port-Louis.
1949	Mauritius Union democratized Life Assurance by launching insurance plans at only Rs2 per month.
1971	We were the first to introduce household comprehensive insurance cover to Mauritian people.
1975	We moved to our new offices at 4, Leoville L’Homme Street, Port-Louis.
1976	Introducing IT systems in the finance & accounts department.
1981	Good Harvest became an accreditated agent of Mauritius Union. It started to operate at La Reine Street then move to Desforges Street up till now.
1992	Opening of our first regional branch at Flacq.
1993	Mauritius Union is quoted on the Stock Exchange of Mauritius under the symbol MUA.
1998	Inauguration of our new Head-Quarters, a modern building with 10 floors. The building costs Rs120 million & obtained the Best Architectural Design in an international competition.
2003	Excellent financial performance of Mauritius Union, whereby the reserve fund reached the billion rupee mark.
2007	Product launching: Investment Plus, Bonne Santé, Golf insurance and Electro insurance.
2008	Double events in March, we open 2 branches, one in Grand-Bay on the 3rd, and the other in Rose-Hill on the 17th, which is in line with our strategy to be nearer to clients.
2008	We celebrate our Diamond Jubilee, 60 years experience with a very strong financial position.

Timeline

The Mauritius Union Assurance Company Limited was founded by Noel Coignet on the 26th July 1948. He persuaded his friends to join in to form the Company. They were Mauritians of all ethnic groups. The first shareholders were Jules Constantin, Jean Ah-Chuen, Ebrahim Dawood, Ramlochun Lallah, Paul Mackay among others. Hence, the Company adopted the Mauritian culture well before the independence of the island.

The objective was to democratize insurance by providing affordable cover to the Mauritian population by introducing both life & general insurances. We offered life, pension, motor, household, fire policies among others, and we were also the first to give loans to Mauritians at affordable rates. Mauritius Union has always been very close to middle-class people to help them in their different life stages, in difficult times as well as help to make their dreams come true. We also help protect small and medium sizes businesses existing in Port-Louis at that time through a whole range of insurance business covers.

Year after year, the Company grew even if claims became more and more frequent, especially with the 2 violent cyclones Alix & Carol in 1960. The directors noted in the Annual Report of 1962: “Our policy of strict prudence continues to bear its fruits (...) The motto “Slowly but surely” which has been ours from the inception of the company will continue to be applied for the benefit of all those concerned.” The net profit reached Rs 173 350 in 1967.

After independence, there was economic growth in the island. Mauritian Union continued to offer protection to all new businesses in the sugar and commercial industries.

Due to a growth in our operations, Mauritius Union moved to new, more spacious offices at Leoville L’Homme Street and IT systems were introduced in our back-office. New staffs were also recruited. “We now enjoy pleasant and comfortable surroundings in which to carry out operations and to welcome our clients and visitors” the directors said in the Annual Report 1974.

Hence, Mauritius Union has made continuous effort to be in line with the economic progress in a very prudent and ethical manner, resulting in a spectacular growth. Indeed, our reserve fund increased from Rs 37 million in 1978 to reach Rs 177 million in 1988, a 500% growth!

3 major events marked the 90s: first of all, in 1993, Mauritius Union opens its shareholding to the general public and is listed on the Stock Exchange of Mauritius. In 1998, we celebrated our golden jubilee – 50 years. And, on that year, we inaugurated our new modern head-quarters. In fact, the Board of Directors approved the project in 1996 and Mr Paul Lim Fat was assigned as architect. General Construction was the contractor. It took 14 months to build and before that, 3 months were required to demolish the old building. Mr Paul Lim Fat even won a prize for this building and was awarded Best Architectural Design in an international competition.

From these humble beginnings 60 years ago, the Company now enjoys a very strong financial position. This is because Mauritius Union has always been managed prudently, slowly but surely, and with lots of ethics and modesty. Our clients can be sure that their investment is in safe hands. They trust us and we always make sure that we keep their investment safe, by minimising the risks. Our directors believe a lot in the Company. Our shareholders’ funds reached billions of rupees. Hence, Mauritius Union is bound to stay and serve our countrymen for decades.