29th November 2023: Commercial Bank of Ceylon PLC (“Commercial Bank”), Sri Lanka’s largest private bank and AIA Insurance Lanka Limited (“AIA Sri Lanka”), pioneers of Bancassurance in Sri Lanka are delighted to announce an exclusive long-term Bancassurance partnership.
This milestone marks a partnership between two corporate giants, each with a legacy of more than 100 years. Commercial Bank and AIA both bring unrivalled strength, experience and reputability. Combining AIA’s vast experience across Asia with Commercial Bank’s meaningful connections with local communities will set the ideal platform to deliver compelling propositions to Sri Lankans.
In this partnership, Commercial Bank will draw on AIA’s best-in-class capabilities to provide a broad range of carefully curated life and health insurance propositions to Commercial Bank’s extensive network of more than 3.5 million customers, spanning across 272 branches. This long-term exclusive partnership is expected to deliver better financial protection to more Sri Lankans, enhancing the insurance penetration and financial inclusivity of Sri Lankans in a sustainable manner.
Sanath Manatunge, Commercial Bank Managing Director said:
“Trust and financial strength are fundamental values that customers look for in a partner in both banking and insurance. This collaboration brings together two of the most trusted and strongest financial services brands in the market, creating a force to be reckoned with in the sphere of Bancassurance. We are delighted to partner with AIA to promote protection and saving at a time when these aspects have become extra relevant.”
Chathuri Munaweera, AIA Sri Lanka CEO, said:
“This partnership brings together two respected corporates in our country, unlocking a strong potential to provide unparalleled protection to Sri Lankans. We are both aligned in our mission to help Sri Lankans live healthier, longer, better lives and in our pursuit of sustainable growth powered by digital and technological transformation.”
“In 2006, we pioneered Bancassurance in Sri Lanka and have been at the forefront ever since. Our financial strength is demonstrated through the Capital Adequacy Ratio (CAR) of 798% by end of third quarter of 2023 which is more than six times the regulatory threshold and remains significantly higher compared to the industry.”
“We have always been committed to Sri Lanka’s economic development and believe this partnership creates a unique opportunity to harness the country’s full growth potential.”
Tan Hak Leh, AIA Sri Lanka Chairman and Regional Chief Executive of AIA Group, said:
“The partnership is aligned with AIA’s Bancassurance strategy of partnering with leading financial institutions to broaden our distribution capabilities across the region, and we expect it to deliver strong value for both AIA’s and Commercial Bank’s customers.”
“AIA believes in the strength of long-term relationships and we assure Commercial Bank and its customers of our commitment to a long-term partnership that provides world-class protection.”