Union Assurance with NTB to continue Bancassurance Leadership


Sri Lanka’s premier life insurer Union Assurance (UA) extended their long-term partnership with Nations Trust Bank (NTB) for five more years, in a strategic move to enhance portfolio value and pave the way for sustainable business growth.

The signing took place on April 9 between Union Assurance Chief Executive Officer, Jude Gomes and Nations Trust Bank Chief Executive Officer/ Director, Priyantha Talwatte.

“We are honored to extend this partnership with Nations Trust Bank. In our journey to provide services of exceptional quality and value, strategic partnerships have proved to be an absolute necessity and it takes a collaborative effort to deliver exceptional services to customers and increase market penetration,” stated Union Assurance Chief Executive Officer, Jude Gomes.

“We believe that Union Assurance’s partnership with Nations Trust Bank has been an example of how two towering organizations can come together and collaborate to satisfy the multiple needs of clients. To this end, we will also continue to intensify our use of artificial intelligence, and analytics to transform our customer experience and optimize engagement,” he also stated.

Despite the unprecedented challenges posed by the COVID-19 pandemic in 2020, the Union Assurance and Nations Trust Bank partnership was able to deliver robust performance to maintain undisputed market leadership, and was recognized as Bancassurance Partnership of the Year at the Business Leadership Awards.

“The signing of this partnership signifies the largest bancassurance strategic alliance in the financial industry and is indeed a true milestone for both Nations Trust Bank and Union Assurance. As the leader in the bancassurance offering, this is a natural next step for us at Nations Trust Bank in offering our valued customers holistic financial solutions with industry-leading customer service standards, and we look forward to working with Union Assurance in continuing to provide the same quality services,” said Priyantha Talwatte, Director/Chief Executive Officer, Nations Trust Bank.

With a drive to leverage digital technology to reimagine processes and deliver exceptional value for consumers, Union Assurance and Nations Trust Bank have continued to adapt and reshape their business strategies resulting in the implementation of a best-in-class digitalization process to enhance client accessibility to services and solutions, through an internationally recognized sales force.

Considering customer centricity as a core corporate value and having focused heavily on accountability and transparency through diligent governance, both entities emphasize the implementation and management of a secure governance framework to assure financial stability for all stakeholders.

Union Assurance:

Union Assurance is a part of the John Keells Group, Sri Lanka’s largest listed conglomerate, and completes over three decades of success with a market capitalization of Rs. 18 Bn, a Life Fund of Rs. 42 Bn and a Capital Adequacy Ratio (CAR) of 325% as of February 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.

The company was recently recognized as LMD’s #1 Most Awarded insurance company in Sri Lanka and received the most respected international accolade for financial advisors in life insurance for producing the highest number of MDRTs (Million Dollar Round Table achievers) in 2020.

With 75 branches and an over 3500-strong workforce, Union Assurance continues to invest in people, products, and processes with a customer-centric focus to be responsive to emerging trends in the Life Insurance industry.