Union Assurance Celebrates Spectacular Year with Commercial Bank Partnership

With a steadfast and fitting theme, ‘Above and Beyond,’ Union Assurance recently hosted the annual awards night 2022 for the Commercial Bank Bancassurance Channel. The event celebrated a spectacular record-breaking year for the partnership that has grown consistently over the last 12 years. Attended by dignitaries of both organisations, the event rewarded the top-performing regions, branches, and staff members of Commercial Bank.

‘Above and Beyond’ reiterated the strong bond between Union Assurance, the leading Bancassurer in Sri Lanka, and Commercial Bank, the largest private bank in the country. The ceremony was graced by the CEO of Union Assurance Jude Gomes, Managing Director/CEO of Commercial Bank Sanath Manatunge, Deputy CEO of Union Assurance Senath Jayatilake, and Deputy General Manager - Personal Banking, Commercial Bank, Delakshan Hettiarachchi along with Executive Committee members of both organisations.

The CEO of Union Assurance Jude Gomes expressed delight over the record-breaking success of the partnership. He noted that this long-standing partnership will be a pillar to drive Insurance penetration in Sri Lanka, narrow the protection gap whilst empowering the Sri Lankan dream. “As Sri Lanka’s largest Bancassurance provider, we have surpassed Rs.1 billion in new business premium for two consecutive years, and Commercial Bank has been an integral part of our success story,” he added.

Mr. Gomes congratulated the Commercial Bank team for their exceptional performance and the awards ceremony recognised their hard work and dedication. “Our partnership has vitalised Bancassurance in Sri Lanka, supporting our endeavour in providing customised solutions to the Bank’s clients as a one-stop shop,’ he asserted.
The Managing Director/CEO of Commercial Bank Sanath Manatunge, praised the award winners in the Bancassurance Channel. “Their achievements further strengthen a decade-long partnership, which has grown exponentially over the years,” he said. He also noted that their customers benefit from the broad range of solutions in the portfolio. “Our partnership has thrived in the digital space, which provides a seamless customer experience,” he added. 

The Deputy CEO of Union Assurance Senath Jayatilake, applauded the high performers for their professionalism and commitment. He said they proved their mettle despite operating in a challenging environment. “Their achievements show that service excellence is the key driver to deliver exceptional results,” he added.
The Deputy General Manager - Personal Banking, Commercial Bank, Delakshan Hettiarachchi, said the Bancassurance Channel’s performance was noteworthy. “They keep reaching higher and higher, and in the process are creating greater interest for Life Insurance in Sri Lanka,” he emphasized.

At the ‘Above and Beyond’ awards night, the Vavuniya Branch won the top accolade – Branch Champion of the Year 2022. The first runner-up was the Nelliady Branch while the second runner-up was the Wellawatte Branch. The Regional Champion of the Year 2022 was the Northern Region. The first runner-up was the Colombo North Region while the second runner-up was the Uva Sabaragamuwa Region.

Union Assurance is a subsidiary of the John Keells Group, one of Sri Lanka’s largest listed conglomerates. The Company has completed over three decades of success with a Market Capitalisation of Rs. 16.4 Bn, and a Life Fund of Rs. 54.9 Bn as of December 2022. 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 island-wide branch network and an over 4,000-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.