AIA Insurance enters into bancassurance partnership with Commercial Bank

AIA Insurance entered into a bancassurance partnership with Commercial Bank to bring the bank’s customers the convenience of insuring themselves, as an extension of the comprehensive banking services offered. AIA Insurance’s agreement with Commercial Bank is for the distribution of life insurance products to the bank’s customers.  

The bancassurance partnership was formalised by the Memorandum of Understanding signed by Shah Rouf, Managing Director of AIA Insurance and Ravi Dias, Managing Director/Chief Executive Officer of Commercial Bank.

“The partnership with Commercial Bank is another timely forward step in our endeavour to provide the bank’s customers with opportunities that add greater protection and value to their lives through our range of need-based insurance solutions,” said Shah Rouf Managing Director of AIA Insurance.  

Ravi Dias, Managing Director/Chief Executive Officer of Commercial Bank, stated: “Commercial Bank is one of the leading providers of bancassurance services in the country and we are pleased to tie up with AIA Insurance and are confident that these services will strengthen the relationship with our customers.”

Bancassurance from AIA will be spread out to Commercial Bank branches in gradual stages, starting initially from Colombo and its suburbs.  

The largest private bank in Sri Lanka and the only Sri Lankan Bank to be listed for two years consecutively in the world’s Top 1,000 Banks, Commercial Bank operates a network of 232 branches and service points in Sri Lanka and a network of 563 ATMs in Sri Lanka. The bank also operates 18 outlets in Bangladesh. The bank has been adjudged the Best Bank in Sri Lanka by the Global Finance magazine for a record 15 consecutive years and has also won multiple awards as the country’s best bank from ‘The Banker’, ‘FinanceAsia’, ‘Euromoney’ and ‘Trade Finance’ magazines.

AIA Group recently made Sri Lanka its 16th Asian market, further expanding its pan-Asian leadership position by acquiring AIA Insurance Lanka PLC. AIA Group was first established over 90 years ago and is the fifth largest listed insurer worldwide by market capitalisation (as at 30 November 2012) and holds market leading positions around the pan-Asian region. It serves holders of over 24 million life policies and its total assets as at 31 May 2012 was $ 119 billion.