Union Assurance, NTB extend bancassurance partnership agreement

Union Assurance and National Thrift Bank (NTB) have extended their bancassurance partnership, marking a continuation of their collaborative distribution arrangement in Sri Lanka's insurance sector.

The renewal of the bancassurance deal enables NTB to offer Union Assurance's insurance products and services to its customer base through the bank's branch network and customer touchpoints. Bancassurance arrangements allow financial institutions to distribute insurance products alongside traditional banking services, providing customers with integrated financial solutions.

The agreement represents the ongoing cooperation between the two institutions in expanding insurance accessibility across the country. Such partnerships have become increasingly common in Sri Lanka's financial services sector, as banks and insurance companies seek to broaden their distribution channels and customer reach.

Union Assurance is a leading general insurance provider in Sri Lanka, while NTB operates as a licensed commercial bank with a network of branches serving retail and corporate customers. The renewed partnership is expected to enhance product availability and customer convenience in the bancassurance market.

The extension underscores the viability of bancassurance models in Sri Lanka's evolving financial landscape, where collaboration between banking and insurance sectors continues to drive market expansion and customer-centric financial services delivery.