Union Assurance Celebrates Partnership with Commercial Bank

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Strengthening a decade-long Bancassurance partnership, Union Assurance recently hosted an annual awards ceremony for the Commercial Bank Bancassurance business. The gala event on the 15th of February, attended by dignitaries of Union Assurance and Commercial Bank, rewarded the top performing Regions, Branches, and staff members of Commercial Bank.

The partnership between the industry leading Bancassurer Union Assurance and Commercial Bank, the largest private bank in Sri Lanka, has grown exponentially over the years.

2021 was a special year for the partnership, with two new propositions being added to the portfolio, broadening the solutions available for our valued customers. The partnership has continued to thrive in the digital space, where the customer journey is seamless and convenient, which is critical in the present environment. Furthermore, the partnership achieved its highest ever production and year-over-year growth, generating substantial fee income for the Bank.

In 2021, Union Assurance became the number one Bancassurance provider in Sri Lanka, with over Rs. 1 billion ANBP.

The Chief Executive Officer of Union Assurance, Jude Gomes, thanked and congratulated the Commercial Bank team. “The partnership did exceptionally well, and our awards ceremony was held to recognise and reward their exemplary hard work and dedication,” he said.

Though 2021 was a very challenging year for the industry as a whole, Union Assurance saw significant growth in several key areas, including its Bancassurance business, consolidating its market leadership.

The Company offers innovative solutions that promise more fulfilling lives while empowering the Sri Lankan dream.

The Chief Bancassurance Officer of Union Assurance, Vindya Cooray, applauded the team in the Commercial Bank channel for their professionalism and commitment. “Service excellence has been a key aspect of our success in delivering exceptional results,” she noted.          

She further added that Union Assurance has developed strong relationships with bank partners based on integrity and trust. The Bancassurance partnerships have enhanced the Company’s portfolio value and paved the way for sustainable business growth.

Union Assurance is a part of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. It is among the most awarded Insurance companies in Sri Lanka, completing over three decades of success with a market capitalization of Rs. 17.3 Bn, a Life Fund of Rs. 49.8 Bn and a Capital Adequacy Ratio (CAR) of 228% as of December 2021. Set to empower the Sri Lankan Dream, Union Assurance offers Life Insurance solutions that cover education, health, investment, protection, and retirement needs of Sri Lankans. With an Islandwide branch network and over 3,000-strong workforce, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.

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