NSB ties-up with Sri Lanka Insurance for bancassurance

By Shezna Shums

The industry’s biggest Sri Lanka Insurance (SLI) and the savings giant NSB yesterday joined hands for a strategic Bancassurance partnership to facilitate insurance needs of Bank’s customers countrywide.

This unique Bancassurance tie-up offers a wide array of insurance solutions made available to the bank’s valued clientele via the bank branch network.

It will facilitate life insurance solutions, mortgage protection, fire insurance, title insurance, motor insurance and many other unique insurance solutions which offer superior benefits, security, greater convenience and added flexibility of premium payments and claim settlement to customers.

National Savings Bank Chairman Pradeep Kariyawasam said “we are pleased to be associated with SLI, through a strategic alliance in providing a speedy excellent level of insurance coverage and service to our deserving customers.”

“Today marks yet another important step taken by us as one of the strongest and stabilised state financial institutions operating in our country, in partnering with an equally and strong institution, SLI, with a view of synergising the efforts of two giants, also in line with the Government thinking of encouraging state institutions in diverse fields to strategically join hands, wherever possible,” he explained.

Mohan De Alwis Managing Director and CEO Sri Lanka Insurance noted “Sri Lanka Insurance is indeed pleased to partner with National Savings Bank in this venture to offer unique insurance solutions through the banks network.”

He also added that “the changing socio economic demographics across the world have redefined the goal of insurance as not only a risk armour but also as a disciplined savings instrument.”

“Sri Lanka Insurance with over 49 years of experience, expertise and knowledge acquired from the Sri Lankan market and with the government protection has the capabilities to offer the right insurance solutions, with a local favour to the many expectations of the Sri Lankan consumer,” explained De Alwis.

National Savings Bank the only Bank in Sri Lanka with 100 percent Government Guarantee was established on 16 March 1972 and has flourished into Sri Lanka’s premier Savings Bank and the third largest bank in terms of assets and deposits.

As a savings bank our position today in the banking industry justifies our achievement of core objectives of establishing NSB to inculcate the thrift habit of the people of our country particularly among those with limited means stated officials at the press conference.

NSB has a branch network of over 190 branches, 600 sub post offices and post offices along with 199 ATMs.

NSB is the only local bank to win the converted AAA (lka) for the National long term rating for 8th consecutive years.

2010 was clearly a milestone year for NSB, the total assets of the Bank reached over Rs. 403 billion passing the mark of Rs. 350 billion. NSB’s Profit Before Tax (PBT) reached Rs. 10.1 billion and post tax profit increased to Rs. 9.8 billion.

Sri Lanka Insurance claims the position of the largest and strongest composite insurance provider in Sri Lanka with a managed asset base that stands at Rs. 88 billion over Rs. 6 billion in capital and the Life fund of approximately Rs. 50 billion.

SLIC is backed with very strong re-insurance arrangements, a highly experienced technical knowledge base and the widest network across the country.

Sri Lanka Insurance is the only insurer to be rated AAA by RAM Ratings for its long term claims paying ability, and is the first insurer to be assigned a global rating AA-(lka) by FitchRatings London.

The company has also been awarded ISO 9001:2008 certification for correct governing and operational procedures in line with accepted global standards.

At the recently concluded World finance Awards held in London Sri Lanka Insurance was awarded ‘the Insurance Company of the Year 2010 in Sri Lanka,’ competing and winning against the best in the insurance industry in Sri Lanka.

Today Sri Lanka Insurance is being the benchmark for effective management and service excellence in the industry.

- Pic by Daminda

Harsha Perera