AIA, NDB enter into 20-year bancassurance partnership

NDB, one of Sri Lanka’s highest capitalised private sector commercial banks, has entered into a historic 20-year bancassurance partnership with AIA Insurance.

The insurance company, earlier known as Aviva NDB Insurance, was recently transformed into AIA Insurance as a result of Asia’s leading insurer AIA Group acquiring a 92.3% stake in the company.

The bancassurance agreement between AIA and NDB further strengthens the close association the two entities have enjoyed for over a decade. The link enabled the NDB financial conglomerate to offer life insurance solutions to its customers in addition to its wide range of financial services. NDB, which has a network of 70 branches island-wide, pioneered bancassurance solutions in Sri Lanka.

“This unique partnership provides a great opportunity for the NDB Group to strengthen our strategic alliance within the financial services sector and the strength of AIA’s leadership in the pan-Asian region will undoubtedly boost our ability to provide our valued customers with a range of unique bancassurance services,” said Russell De Mel, CEO of NDB Group recalling that the two entities had joined hands as far back as 1999 and have grown stronger together.

AIA Insurance Managing Director Shah Rouf said: “Our bancassurance partnership is of great benefit to NDB’s customers who have the convenience of a full spectrum of financial services including life insurance solutions thanks to the close relationship we have had for decades with NDB.”

The agreement was formalised with the participation of the two CEOs, Shah Rouf of AIA and Russell De Mel of NDB. Indrajit Wickramasinghe, COO of NDB and Amal Perera, General Manager of Bancassurance at AIA were among those present.