Business
Commercial Bank and AIA Sri Lanka announce landmark exclusive bancassurance partnership
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.”
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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