HNB Assurance and SMIB partner to expand bancassurance reach

Tuesday, 12 August 2025 01:10 - - {{hitsCtrl.values.hits}}

MOU signing between HNB Assurance and SMIB

HNB Assurance PLC, recognised as Sri Lanka’s Best Life Bancassurance Provider for five consecutive years by Global Banking and Finance Review, has entered a strategic partnership with the State Mortgage and Investment Bank (SMIB), marking the beginning of a bancassurance collaboration.

This partnership aims to offer tailored insurance solutions to SMIB’s valued customer base, enhancing accessibility and protection through financial synergy. Having already signed a Memorandum of Understanding (MOU) to offer Decreasing Term Assurance (DTA) solutions, the collaboration now moves into full implementation, strengthening HNBA’s reach through SMIB’s island-wide branch network. This partnership is expected to play a vital role in delivering comprehensive financial protection to customers, with customised life insurance solutions to meet evolving needs.

Speaking on the significance of the partnership, HNB Assurance Executive Director / CEO Lasitha Wimalarathne stated, “This partnership is a timely step forward in our journey to expand bancassurance reach across Sri Lanka. SMIB’s strong customer base and trusted reputation make them an ideal partner. As a company recognised as the Best Life Bancassurance Provider for five consecutive years, we look forward to offering their customers seamless, meaningful protection solutions that align with their life goals. I would also like to congratulate all the teams who worked tirelessly in ensuring that this partnership was brought to life.”

SMIB General Manager/CEO Thushara Asuramanna added, “Our aim has always been to deliver value-driven services to our customers. Partnering with HNB Assurance, an industry leader in providing bancassurance solutions, enables us to enhance our offering with customised protection solutions. We believe this collaboration will add significant value to our customers’ financial journeys.”

Also sharing his thoughts, HNB Assurance Chief Business Officer / GM – Partnerships Sanesh Fernando opined, “Bancassurance remains a critical channel in driving insurance penetration. This partnership with SMIB is a strategic move to widen our presence and offer personalised protection to more Sri Lankans. With SMIB’s deep community ties and our innovation-led approach, we are confident of delivering impactful results. My sincere thanks to the management of SMIB for their continuous support extended.”