HNB Assurance is on the look out for a foreign partner to spruce up its general insurance business. HNB Assurance is on the look out for a foreign partner to spruce up its general insurance business. “The challenge now is to find a partner to support us in general insurance,” said Manjula de Silva, CEO, HNB Assurance announcing a tie-up with an Indian insurer on Friday.
The company has already held exploratory talks with ICIC Lombard, the Indian general insurance services provider, but the slot for a partnership is still open.
The public quoted insurance company signed an MOU with India’s leading private life insurance provider ICIC Prudential – an associate company of ICIC Lombard – on Friday.
“The one year MOU with ICIC Prudential is for technical assistance to develop the life insurance business,” said de Silva.
HNB Assurance currently holds only around one percent of Sri Lanka’s minute life insurance market but is looking at re-aligning its sales strategy to grow.