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HNBA News

HNBA Records an Impressive 26% GWP and 30% New business Growth in 2022

HNB Assurance PLC (HNBA) recorded an impressive growth of 26% in its Gross Written Premium (GWP) as at end December 2022 to reach LKR 8.9Bn. It is pertinent to note that this is in fact the highest GWP growth rate when compared with the Top 8 players in the Life Insurance industry in Sri Lanka, and is almost three fold of that of the industry which saw a growth of 9% . In terms of new business too, the Company was able to notch up a fantastic new business growth of 30% compared to last year which is almost 10 times as much as the industry average. Sharing his thoughts on the performance of the sales teams of the Company, Mr. Lasitha Wimalaratne, CEO of HNBA opined “our growth has been driven consciously by way of acquisition of long-term endowment business that would ensure sustained growth of the business into the future”. He further went on to add, “we as team fought tooth and nail in acquiring new business whilst also working tirelessly in maintaining policy persistency; both being extremely onerous endeavours in a what was the most calamitous of environments to operate in. I am indeed most grateful to our two sales teams: the Agency Channel and the Alternate Channel teams for their phenomenal efforts in this most resounding of achievements”. He went on to add that the year saw the unveiling of the flagship health proposition in SupremeHealth Unlimited. Apart from this the Company was also the recipient of many awards both locally and internationally further affirming the solidity and all-encompassing nature of the growth that the Company has acquired for itself. The Company has also been able to produce 194 Million Dollar Round Table (MRDT) qualifiers this year up from 164 produced a year earlier. The Company unveiled its new branch outlook during the year offering a totally new experience in terms of aesthetics, ergonomics and convenience to our customers and employees alike. Chief Business Officer / GM – Advisor Distribution Channel of HNBA, Mr. Harindra Ramasinghe expressed his views stating, despite the numerous obstacles posed by the remnants of the global pandemic as well as economic and political upheaval, the HNBA Advisor Channel demonstrated unwavering performance, significantly boosting business growth. The Channel was able to contribute 56% to the total GWP of the Company growing by 19% to reach LKR 4.8 Bn as at the end of 2022. The growth was made possible by the expansion of the channel to burgeoning markets throughout the country. Recruitments campaigns were conducted national wide resulting the growth of the Advisor Force as well. With gratitude to the Advisor Force, Field Management , Distribution Management Team and the Sales Training Team, I’m confident that this momentum will continue into 2023 as well. Our channel produced 83 MDRT qualifiers during the year which is indeed a significant achievement”.  Mr. Sanesh Fernando, Chief Business Officer / GM - Partnership Business, sharing his thoughts on the growth of the Alternate Channel stated “The Alternate Channel team recorded expectational results in 2022 with Total GWP growing by 34% compared to the previous year to reach LKR 4.2 Bn . The Channel was also honoured to have received the Best Bancassurance Service Provider for the third consecutive year by the Global Banking and Finance Review and stands as testament to the resilience and vitality of the channel. I wish to very sincerely extend by most heartfelt appreciation to the Management of HNB, Other banking partners and all the insurance brokers who have been a pillar of strength in our growth thus far, as well as to our other partners who have been part of parcel of our growth”. He further went on to add that “with the development of other alternate channels of business we are poised for a high growth trajectory and I’m confident that our team will no stone unturned in achieving the objectives set for 2023”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 64 branches. HNBA is a Life Insurance company with a rating of 'A-' (lka) by Fitch Ratings Lanka for 'National Insurer Financial Strength Rating'. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a 'National Insurer Financial Strength Rating' of 'A-' (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.

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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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08

Jul

HNB Assurance Recognized as a Leading Mom-Inclusive Workplace for the Second Year Running

HNB Assurance PLC was recognized by Parenthood Global as one of the Most Outstanding Mom-Inclusive Workplaces for the second year in a row. This prestigious accolade reflects the company’s continued commitment to creating an inclusive, empathetic and empowering work environment for mothers in the workforce.Going a step further, Parenthood Global also honored five exceptional mothers from HNB Assurance as Outstanding Mom Leaders, acknowledging their ability to excel both as professionals and as parents.At the heart of this recognition lies HNB Assurance’s consistent efforts to support working mothers through policies and initiatives that foster balance, growth, and wellbeing. The company has implemented several people-centric benefits such as extended maternity and paternity leave, caregiver leave, flexible working arrangements, wellness support, and reimbursement of professional development costs, all designed to help mothers navigate both career and family responsibilities with confidence.Commenting on this milestone, Mr. Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, stated, “Being recognised for the second consecutive year as a mom-inclusive workplace is an incredible honor. At HNBA, we believe that empowering our people, especially working mothers, is key to building a resilient and compassionate organization. We are proud to have created a space where motherhood is embraced, not seen as a limitation, but as a strength that adds immense value to our culture and our success.”Ms. Navin Rupasinghe, Head of Human Resources at HNB Assurance PLC, also shared his thoughts on the recognition, “Our people are the heart of everything we do, and this award is a validation of the thoughtful and deliberate steps we have taken to ensure that mothers at HNBA feel seen, supported, and celebrated. From career mobility to emotional wellbeing, we are committed to enabling an ecosystem where our employees can thrive in all aspects of their lives, regardless of their background.”

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08

Jul

HNB Assurance Launches 'FamilyGuard', a Special Solution for Sri Lankans Working Overseas

HNB Assurance PLC (HNBA) proudly launched HNB Assurance FamilyGuard, a comprehensive insurance product specifically designed for Sri Lankans employed overseas. The product aims to support migrant Sri Lankans by enabling them to build a reliable retirement fund while ensuring their loved ones back home are financially protected.FamilyGuard offers a well-rounded solution that blends long-term financial planning with robust life insurance protection. It provides a range of built-in benefits including Death Benefit, Accidental Death Benefit (ADB), Partial and Total Permanent Disability (PPD) and Waiver of Premium (WOP) due to either death or total permanent disability. These benefits are further complemented by flexible maturity options and a secure investment component designed to generate strong long-term returns, making FamilyGuard a practical and future-ready choice for overseas workers.“At HNB Assurance, we are continuously evolving to cater to the diverse and changing needs of our customers,” stated Lasitha Wimalarathne, CEO of HNB Assurance PLC. “The launch of FamilyGuard reflects our efforts to supporting the aspirations of Sri Lankans working overseas, who often sacrifice so much for the wellbeing of their families. This product is not only about protection, it is about planning for a dignified, financially secure future. We are also strategically equipping our business to be agile, responsive and innovation-led to meet these evolving customer needs.”Speaking about the strengths and features of the product, Dinesh Udawatta, Chief Technical Officer of HNB Assurance, noted, “FamilyGuard has been thoughtfully crafted with features that address the real-world risks faced by overseas workers. From comprehensive life coverage and disability protection to the Waiver of Premium option that ensures policy continuity during times of hardship, we have designed a solution that is both protective and empowering. Its investment element ensures that policyholders can systematically build a secure retirement fund while they are employed abroad.”Nalin Subasinghe, Chief Actuarial Officer of HNB Assurance, stated, “FamilyGuard has been priced to deliver great value to our policyholders. We have balanced affordability with long-term financial growth by optimizing premium allocation and minimizing frictional costs, allowing a greater portion of the customer’s contribution to be invested for high returns. This approach ensures that our overseas customers receive not just protection, but meaningful financial progress as they prepare for a secure retirement.”Customers can find out more about HNB Assurance FamilyGuard by vising www.hnbassurance.com or calling the company’s Assurance Line on 1301. Further, HNB Assurance PLC is regulated by the Insurance Regulatory Commission of Sri Lanka (IRCSL) and customers are advised for more details on benefits, exclusions, terms and conditions, to read the policy document carefully before concluding a sale. 

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