Commercial Bank and Allianz Lanka in Bancassurance partnership

The Commercial Bank of Ceylon has entered into an agreement with Allianz Lanka to offer General and Life insurance products of the two insurance companies operating under the Allianz name through the Bank’s network of branches island-wide.

The agreement strengthens Commercial Bank’s commitment to offer a wide choice in Bancassurance to existing and potential customers, through partnerships with the country’s leading insurance providers.

The agreement paves the way for Allianz’s innovative insurance products such as Universal Life insurance (Universal life family, Allianz ithurum, and Allianz retirement), Mortgage Reducing Term Assurance (MRTA) and a variety of Group Life insurance solutions to be available to customers at Commercial Bank’s 226 branches and service points.

The Bank’s extensive network also enhances convenience of making premium payments for Allianz policyholders.

Allianz is the world’s largest general insurance company and with life insurance, is among the top four largest insurers in the world in terms of assets and premium income. Allianz Insurance Lanka, and Allianz Life Insurance Lanka, are fully-owned subsidiaries of the insurance giant. Some of the major infrastructure projects and buildings in Sri Lanka insured by Allianz Lanka include the World Trade Centre Twin Towers, oil exploration in the Mannar basin, the first wind power project and the Southern Expressway when it was under construction.  

The largest private bank in Sri Lanka, Commercial Bank is the only Sri Lankan bank to be listed two years consecutively in the world’s top 1,000 banks. The bank operates a network of 226 service points in Sri Lanka and a network of 546 ATMs, the single largest ATM network operated by a bank in the island. It also operates 17 service points in Bangladesh. The Bank has been adjudged ‘best bank in Sri Lanka’ for 14 consecutive years by ‘Global Finance’ magazine, and has won multiple awards as the country’s best bank from ‘The Banker,’ ‘Finance Asia,’ ‘Euromoney’ and ‘Trade Finance’ magazines.