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Union Assurance and Sampath Bank Set to Revolutionise Sri Lanka’s Financial Services Landscape through Exclusive Bancassurance Partnership

Union Assurance, Sri Lanka’s premier Life Insurer, has entered into a strategic partnership with Sri Lanka’s premier financial services institution, Sampath Bank, to deliver one-stop-shop solutions to its customers. Through this partnership, a comprehensive range of exclusive Life Insurance solutions of Union Assurance will complement and be seamlessly integrated into Sampath Bank’s extensive product portfolio, providing bank customers with convenient, all-encompassing solutions for both their banking and Life Insurance needs.

The strategic partnership was formalised through an agreement signed on 30th January 2025. Leveraging Union Assurance’s best-in-class offerings with Sampath Bank’s extensive branch network and advanced digital capabilities, the partnership provides a seamless process not only to guarantee financial security but also enrich the long-term well-being of the bank’s customers.

This collaboration brings together two leading players in Sri Lanka’s financial services sector, united by a shared commitment to excellence, innovation and customer-centric solutions. Both Union Assurance and Sampath Bank have been deeply knitted into the lives of Sri Lankans for nearly four decades, empowering thousands to achieve their financial goals. Having extensive experience and a deep understanding of Sri Lanka’s diverse financial services landscape, these institutions bring unmatched expertise and insights to the partnership.

The Chief Executive Officer at Union Assurance, Senath Jayatilake, commented on the partnership, stating, “We are delighted to announce our exclusive bancassurance partnership with Sampath Bank, a leading force in Sri Lanka’s banking sector. This partnership is a natural fit, aligned with each organisation’s ethos and values of placing customers at heart to deliver best-in-class solutions. We are committed to leveraging our expertise, resources and advanced technology to offer tailored Life Insurance solutions that meet the diverse needs of Sampath Bank’s customers, providing a comprehensive one-stop approach to their financial planning”.

The Managing Director of Sampath Bank, Ayodhya Iddawela Perera, stated, “As one of Sri Lanka’s leading financial institutions, we are proud to join hands with Union Assurance in this exclusive partnership, which marks a transformative chapter in the nation’s financial services landscape. By seamlessly integrating Union Assurance’s innovative Life Insurance solutions into Sampath Bank’s extensive product portfolio, we are empowering our customers with greater convenience, security and access to a broader range of financial and protection solutions. This collaboration reflects our shared commitment to excellence and customer-centric innovation, enabling us to address the evolving needs of Sri Lankans more holistically”.

About Union Assurance

Union Assurance is a subsidiary of John Keells Holdings PLC (JKH), the largest conglomerate listed on the Colombo Stock Exchange, operating with over 80 companies in 7 diverse industry sectors. The Company has completed over three decades of success with a Market Capitalisation of Rs. 27.8 Bn and a Life Fund of Rs. 74.7 Bn as of end September 2024. Set to protect lives and enrich the well-being of all Sri Lankans, Union Assurance offers Life Insurance solutions that cover the health, investment, protection, retirement and education needs of Sri Lankans. With an island-wide branch network and a workforce that is over 4300+ strong, Union Assurance continues to invest in people, products and processes with a customer-centric focus to be responsive to emerging changes in the Life Insurance industry.

Source: Union Assurance

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