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HNBA News

HNB Assurance Group Delivers OutstandingFinancial Results for Q1 2018

HNB  Assurance Group  deliveredasuperlativefinancialperformance,  reporting  a Profit After Tax (PAT)of LKR 699 MN for Q1 2018 reflecting a steadygrowth of 844% in  comparison  tothe  PATof  LKR  74  MN  recordedduring  the  corresponding  period  of 2017.This  growth  mainly  resulted  due  to  the  transfer  of  One-off  surplus  of  LKR381 MNto Shareholder Fund from Non-Participating Policyholder Fund due to thechange in liability valuation  method  and  the  surplus  transfer made during  the  first quarter 2018amounting to LKR210 MN. In  analyzing  the  financial  results  of  the  periodunderreview,  the  Group  recorded  a Gross Written Premium (GWP) of LKR 2.19BN, depicting aconsolidatedgrowth of 15% in  comparison withthe  GWP  of  LKR  1.9  BNrecorded  during  the  first  quarter  of  2017. The  Parent  Company,  HNB  Assurance  PLC  (HNBA)  recorded  a  GWP  of  LKR  1.06  BN when compared withthe GWP of LKR 988 MN recorded during Q1 2017. The subsidiary, HNB General Insurance Limited (HNBGI) recorded a GWP of LKR 1.14 BN against a GWP of  LKR  929  MN  recorded  during  the  corresponding  period  last  year,  reflecting  a growth of 22%. Together with the One-off Surplus,HNBA posted a PAT of LKR 658 MNfor  the  period,  recording  a  growth  rate  of  1,159%while  the  PAT  excluding  One-off Surplus and Surplus Transfers during Q1 marked a 28% growth. HNBGI recorded a PAT of  LKR  41MNwhen  compared  with the  PAT  of  LKR  22MN  recorded  during  the  first quarter of 2017, showcasing a growth of 88%. Sharing  her  views  on  the  financialresults,  Chairperson  of HNBA  and  HNBGIMrs.  Rose  Cooraystated “In  a  challenging period  forthe  entireinsurance  industry,  the  Company  was able todeliver steady financial results for the first quarter of 2018.These results   showcasetheeffectiveness   of   our customer centric strategies and the Company’s day-to-day focus  on  operationalefficiencies  in  capturing  new  market segments. These  financial  results  reassure  stability  andthe
positivegrowthmomentumof theGroupand will continue to steer its course through challenging  market  conditionsby  focusing  on  its  strengths,  core  competencies  and synergies  of  the  Group.It  is  pertinent  to  note  that  the PATof  the  Life  Insurance Company includes a surplus transfer of LKR210MN made as per the recommendation of the Consultant Actuary, subsequent to thevaluation of the Life Fund as at the end of1Q 2018. Further, the Company also transferred LKR 381 MN toShareholdersFund, with  the  approval  of  the  Insurance  Regulatory  Commission  of  Sri  Lanka  (IRCSL),  as One-off Surplus arising from Non-Participating Life Insurance Fund due to the change in the valuation method of the Life Fund as per the regulations of the IRCSL.The one-off surplus will be kept as a Restricted Regulatory Reserve as per the Directions of the IRCSL. Speaking   on   the performanceof   the   Group,   Managing Director/CEO  of  HNBA  and  HNBGI  Mr.  Deepthi  Lokuarachchi stated  “In   spite   of   several macro-economic   challengesprevailinginthe  country,the  Group  was  able  to  achieve  aGWPgrowth  of  15%  during  the  first  quarter.TheIndividual and  Corporate  policies  of  the  Life  Insurance  Company and categories  such  as  Fire,  Motor  and  Marine  of  the  General Insurance  Company  depicted  a  promising  growth.  During the first  quarter,  Total  Assets  of  the  Group  reached  LKR  19 BN  and  the  Investments  in  Financial  Instruments  surpassed  the  mark  of  LKR  15  BN. The  Life  Insurance  Fund  andthe  General  Insurance  Fund  reached  values  of  LKR  10.9 BN   and   LKR   2.5   BNrespectively”.Speaking  on  the  Group’s  future  outlook  Mr. Lokuarachchi added “These results are a testament to theefforts, strategiesand the positive directionof the Group. The Group’s performance ambitions remain high as we continue  to  develop  dynamic  products  and capture growing  markets in  both Life and General Insurance segments whilst sustaining ourcore business modelto benefit our stakeholders”.

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22

Jul

HNB Assurance PLC and Flash Health Join Hands to Redefine Wellness for Policyholders Across Sri Lanka

In a move towards reimagining the future of accessible, digital-first healthcare, HNB Assurance PLC and Flash Health entered a partnership to enhance the wellness experience for policyholders. This collaboration brings together the trust and legacy of one of Sri Lanka’s leading insurance providers with the innovation and agility of a health-tech disruptor, creating a future where wellness is not just promised, but truly delivered.Under this partnership, HNB Assurance policyholders will gain seamless access to Flash Health’s full ecosystem of digital healthcare services, including medicine delivery, lab testing, doctor consultations, and more, all through a convenient and user-friendly mobile app. This ensures that wellness is no longer reactive, but proactive, accessible, and empowering.HNB Assurance’s Executive Director / Chief Executive Officer, Lasitha Wimalaratne, stated, “This collaboration is a natural extension of our commitment to deliver value beyond traditional insurance. By integrating Flash Health’s capabilities, we enable our customers to manage their health proactively, making insurance a safety net and a platform for ongoing wellness.”“At Flash Health, we believe that good health shouldn’t begin at the hospital, it should start at home,” said Arshad Ameer, Founder of Flash Health. “This partnership marks a bold step in our mission to make healthcare accessible, timely, and personalised for every Sri Lankan. Together with HNB Assurance, we are creating an experience that puts people first, where policyholders don’t just receive cover, they receive care.”With policyholders across the country, this partnership is expected to touch thousands of lives, offering timely access to healthcare, reducing waiting times, and improving the quality of life, especially for the elderly, chronically ill, and time-constrained working professionals.

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21

Jul

HNB Assurance Celebrates its People at the 2025 Staff Conference

In a year that marked new milestones and continued momentum, HNB Assurance brought together its team from around the island, for the 2025 Staff Conference, an evening dedicated to celebrating its people and the values that fuel the company’s remarkable rise. With over 850 team members in attendance, the event was graced by Chairman Mr. Stuart Chapman as the Chief Guest, alongside members of the Board of Directors, making it a truly memorable gathering.Held under the theme of “United, Bold, Victorious” the event wasn’t just a look back at accomplishments, it was a celebration of the individuals behind them. From honoring years of loyal service to applauding those pushing boundaries across teams and disciplines, the night was a powerful reminder of why HNB Assurance continues to thrive.The highlight of the evening was a series of recognitions that reflected the company’s holistic approach to success. The Long Service Awards honored those who have dedicated over 15 years to HNB Assurance’s journey. The Chairman’s Award recognized employees who have truly redefined excellence. The In.she Woman Empowerment Award celebrated women breaking barriers, while the CEO’s Special Recognition Award honored teams and individuals achieving extraordinary success outside their formal roles – including in sports and collaborative business innovations.Addressing the gathering, Executive Director / CEO Lasitha Wimalaratne reflected on the year and the collective effort that continues to drive HNB Assurance forward “We are not just building a business. We are building a culture of purpose, integrity and shared ambition. Over the past few years, we have grown at twice the pace of the industry, not because of chance, but because of our people, their commitment and belief in what we are building together. I couldn’t be prouder to lead this team.”Mr. Navin Rupasinghe, Deputy General Manager / Head of Human Resources, sharing his thoughts, stated, “This conference is a celebration of growth, but more importantly, of gratitude. It is about recognizing the culture we have created, one where people feel valued, empowered and inspired. Every award handed out tonight carries a story of hard work. As we continue to raise the bar, it is clear that our greatest asset will always be our people. This year also marks a significant milestone with the official launch of our Diversity, Equity, and Inclusion (DEI) framework, reinforcing our commitment to creating a workplace where everyone feels seen, heard and supported, which is another step toward building an environment where every individual can thrive.”

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08

Jul

Lasitha Wimalaratne and Sithumina Jayasundara Appointed as Executive Directors

A key leadership announcement was made as Lasitha Wimalaratne has been appointed as an Executive Director/CEO of HNB Assurance PLC, while Sithumina Jayasundara has been appointed as an Executive Director/CEO of HNB General Insurance Limited.Both Lasitha Wimalaratne and Sithumina Jayasundara presently serve as the Chief Executive Officers of HNB Assurance PLC and HNB General Insurance Limited, respectively.Speaking on their appointment, Stuart Chapman, Chairman of HNB Assurance PLC and HNB General Insurance Ltd, stated “I’d like to extend my warmest congratulations to both Lasitha and Sithumina on their appointment to the respective Boards. Their leadership and contributions to both companies have been instrumental in driving growth and stability across the businesses, and I am confident that their appointment will further strengthen our strategic direction and enhance shareholder value.”Lasitha Wimalaratne has overall over 27 years of career experience with 24 years in the field of Life Insurance inclusive of 7 years of multinational experience at Aviva and AIA groups and 3 years of retail Sales and Marketing exposure in London.Prior to joining HNB Assurance PLC he functioned as the General Manager - Life Operations and Specified Officer at Softlogic Life Insurance PLC. Lasitha Joined HNB Assurance PLC in 2019 and served in the capacity of Chief Operating Officer and Principal Officer prior to being appointed as the Chief Executive Officer of HNB Assurance PLC. Lasitha holds a Master of Business Administration Degree (MBA) from the University of Wales, UK and a B. A. (Hons) Degree in Business Studies from the University of Sunderland, UK. He is a Chartered Insurer and a Fellow Member of the Chartered Insurance Institute (FCII). Lasitha is also a Fellow of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and an Associate Member of the Chartered Institute of Marketing, UK (ACIM). Lasitha functions as the President of the Insurance Association of Sri Lanka (IASL) and served as the President of the Sri Lanka Insurance Institute (SLII) for the period of 2019-2021. Further, he was the Founder Secretary General of the Chartered Insurance Professionals (ACIP) and served as a Council Member until March 2021. Lasitha also was a Board Director of Biodiversity Sri LankaSithumina Jayasundara, has over 27 years of experience in the Sri Lankan insurance landscape. His journey began with leadership roles in Non-Life insurance business at prestigious companies like Asian Alliance, MBSL, Janashakthi, and Eagle Insurance. He further broadened his expertise through international training programmes and conferences, specialising in Re-insurance. In 2014, Sithumina joined HNB General Insurance Limited, quickly rising through the ranks. He was appointed to the Group Executive Committee in 2015 and subsequently took on the responsibilities of Chief Technical Officer, Specified Officer, Chief Operating Officer, and Principal Officer. Beyond his corporate achievements, Sithumina actively contributes to the industry’s development. He was the Past President of the Sri Lanka Insurance Institute (SLII) and is a founding Council Member of The Association of Chartered Insurance Professionals (ACIP) in Sri Lanka. He also serves on the Insurance Association of Sri Lanka (IASL). Sithumina’s academic qualifications are equally impressive. He holds a Master’s Degree in Business Administration from Cardiff Metropolitan University, UK, and is the Sri Lanka award winner of the Advanced Diploma in Insurance (ACII - UK) and is a Chartered Insurer. Additionally, he holds the Senior Associateship of the Australian and New Zealand Institute of Insurance and Finance. He also currently serves as a member of the Expert Advisory Committee for the InsurInnovator Connect Global Series Events – Asia 2025.

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