HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) recorded a Gross Written Premium (GWP) of LKR 7.4 Bn depicting a steady growth of 31% during H1 of 2022.
Expressing her views on the financial performance of the Group, Chairperson of HNBA and HNBGI, Mrs. Rose Cooray stated, “It is indeed a great pleasure to announce that the HNB Assurance Group has achieved a 31% growth in GWP compared to the corresponding period of the previous year. In reviewing the performance of each business, the Life Insurance Company recorded a GWP of LKR 4.3 Bn showcasing a growth of 37% and the General Insurance business recorded a GWP of 3.3 Bn, depicting a growth of 23%. These significant results were recorded amidst a number of unprecedented economic and social challenges in the country. However, the resilience of our core business model and focus on capturing market segments with growth potential has led to yield these significant results. The commitment and dedication of the Management and staff members of HNBA and HNBGI coupled with the solid business strategies will surely take the HNBA Group to new heights.”
Mr. Lasitha Wimalaratne, Chief Executive Officer of HNB Assurance PLC. expressed his views stating, “I am delighted to share the impressive growth we have achieved despite the challenging market conditions and economic turbulence. During the first half of 2022 HNBA had a growth of 37%, recording the highest growth rate amongst the Top 10 Life Insurance Companies in Sri Lanka. This is a truly commendable achievement since we stand ahead of the industry growth rate of 18%. The Company’s Life Insurance Fund stands at LKR 22.6 Bn at the end of H1 of 2022 whilst the Capital Adequacy Ratio (CAR) of HNBA stood at 320%. This further reaffirms the Company’s financial stability as the CAR is well above the minimum stipulated rate of 120% as directed by the Regulator. Keeping to our promise towards our valued policyholders, HNBA settled Insurance Benefits and Claims amounting to LKR 1 Bn. These results are a depiction of our well-focused strategies, growth initiatives and synergy of all teams involved. The Management of HNBA remains confident of its competitive advantage and strong financial footing and is focused on what is ahead and seizing every opportunity to expand its footprint in the market.”Mr. Sithumina Jayasundara, Chief Executive Officer of HNB General Insurance Limited commenting on the progressive growth stated that “During this challenging period that we are facing as a country and as an industry as a whole, HNBGI was able to maintain a steady financial growth capitalizing on its service and operational excellence. HNBGI recorded a GWP of LKR 3.3 Bn with a growth of 23%. During the period the Company settled Insurance Benefits and Claims amounting to over LKR 1.6 Bn showcasing a steady commitment to our valuable customers. Demonstrating the Company’s strong financial strength, the Capital Adequacy Ratio (CAR) of HNBGI stood at 235%, which is well above the regulatory requirement. HNBGI was adjudged the Best Insurance Company Claims Management Team - Sri Lanka 2022 by Global Banking and Finance Review and also as the Best General Insurance Company of the Year - Special Recognition Award at the recently held 3rd ICC Emerging Asia Insurance Awards 2021. Our team is set to continue its journey with a positive note capturing every growth opportunity in the market moving forward.”
HNB Assurance PLC (HNBA) is a leading Life Insurance Company in Sri Lanka with a network of 64 branches. HNBA has been assigned 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 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.
Aug
HNB Assurance PLC (HNBA), one of Sri Lanka’s leading life insurance providers, has once again been honoured as one of the nation’s most outstanding women-friendly workplaces at the 2025 Satynmag Women Friendly Workplace Awards. This accolade, which marks the fourth such recognition for HNBA, underscores the organisation’s enduring dedication to creating an inclusive, progressive and empowering work environment for women across all levels of the company.The Women Friendly Workplace Awards are designed to spotlight corporations that actively promote gender equity, cultivate inclusive leadership, and champion the advancement of women within the corporate sphere. In receiving this recognition year after year, HNB Assurance continues to demonstrate that its policies and practices are not only consistent but also continuously evolving to meet the changing needs of a modern workforce.“At HNB Assurance, we believe that an enlightened workplace is one where every individual, and especially women, feel empowered to grow, contribute and innovate,” said Mr. Lasitha Wimalaratne, Executive Director / CEO of HNB Assurance. “This recognition reflects not only our dedication to embedding best-in-class HR practices, but also our conviction that true organisational strength is forged through women-friendly policies, inclusive leadership, equitable opportunity and a culture that celebrates and cultivates excellence. My sincere thanks to Satynmag for this recognition. We are honoured to be recognised as a women-friendly workplace and remain steadfast in our commitment to setting new benchmarks for empowering women in Sri Lanka.HNBA’s Head of Human Resources / DGM, Mr. Navin Rupasinghe, reflected on the achievement stating “Over the years, we have introduced a series of targeted initiatives from wellbeing programmes and leadership mentoring to structured training and responsive grievance mechanisms which go beyond symbolic gestures and instead create a tangible impact in the everyday professional lives of our employees. Winning this accolade for the fourth time assures us that these interventions are not only appreciated externally, but are also deeply resonant internally, helping us to build trust and loyalty across the organisation. I wish to extend my sincere gratitude to the in.she committee, whose contributions have been pivotal in translating our vision into meaningful action, and who continue to drive the progress that we are proud to celebrate today.”
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Aug
HNB Assurance PLC, one of Sri Lanka’s fastest-growing insurance providers, has been recognized as the Best Life Insurance Company – Sri Lanka 2024 by Global Brands Magazine, UK. This international accolade emphasizes HNBA’s position as a strong player within the life insurance sector, continuously raising the bar in customer experience, innovation and industry excellence.Throughout the year, HNBA has been celebrated with numerous local and international accolades, including being named the Insurance Sector Winner at the National Business Excellence Awards and Runner-up for Excellence in Local Market Reach (National Level). The Company has also been recognized as the Best Life Bancassurance Provider by the Global Banking and Finance Review for five consecutive years, listed among the top 40 Best Workplaces in Sri Lanka and ranked 09th among large scale work places by Great Place to Work, honored as Sri Lanka’s Most Outstanding Women Friendly Workplace 2024 and acknowledged as a Company with Great Managers.These recognitions highlight the balance of HNBA’s focus on business performance, the strength of its people, and a culture that empowers growth, the very foundations that have made the Company one of the strongest and most respected players in the insurance industry today.Speaking about the award, Mr. Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance, stated, “Being recognized as the Best Life Insurance Company by Global Brands Magazine is an honor, as this award validates the collective efforts of our dedicated team and our commitment to protecting the dreams and aspirations of our policyholders. Our journey of growth and recognition is driven by a simple principle, keeping our customers at the heart of everything we do, while embracing innovation and building trust across every interaction. Our strong financial performance reflects this and gives us the confidence to expand further in delivering meaningful protection to all Sri Lankans. My sincere thanks to the Global Brands Magazine for this recognition and I dedicate this award to every single person who is a part of the HNBA family.”
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Aug
HNB Assurance PLC (HNBA) and its subsidiary, HNB General Insurance Ltd (HNBGI), have delivered exceptional financial results for Q2 2025, reinforcing their strong market position while showing robust growth across key metrics and reinforcing its solid position in the market.For the first six months of 2025, the Group’s Gross Written Premium (GWP) rose 30% to Rs. 14.3 billion from Rs. 10.9 billion in 2024. Profit After Tax (PAT) increased 10% to Rs. 519 million (excluding Life Insurance Surplus Transfer), while total assets reached Rs. 70.2 billion, up from Rs. 62.4 billion a year earlier. Investment income climbed 6% to Rs. 4.0 billion. The Group honored Rs. 3.8 billion in net claims and benefits, a 15% increase, reflecting its strong policyholder commitment. Assets Under Management (AUM) grew to Rs. 61 billion, and Basic Earnings Per Share (EPS) rose to Rs. 3.46 from Rs. 3.16.“Our strategy has always been straightforward, expand our footprint while delivering greater value to our customers and strive to be consistent at it,” said Mr. Stuart Chapman, Chairman of HNB Assurance and HNB General Insurance. “This focus has enabled us to strengthen our position in the market and sustain the strong momentum we have built over the years, positioning us well for the future in order to generate value for all our stakeholders.”HNB Assurance PLC recorded a 35% GWP increase to Rs. 8.6 billion in Q2 2025 from Rs. 6.4 billion in Q2 2024. PAT for the life business grew 17% to Rs. 428 million (excluding Life Insurance Surplus Transfer). The Life Fund expanded to Rs. 44.1 billion from Rs. 35.2 billion, underscoring long-term stability. Net Claims and benefits incurred rose 33% to Rs. 1.9 billion from Rs. 1.4 billion, and investment income increased 8% to Rs. 3.6 billion.“Our strategic focus on expanding our product offerings and enhancing customer service has yielded impressive results,” said Lasitha Wimalaratne, Executive Director/CEO of HNB Assurance PLC. “The double-digit growth in our GWP and Life Fund, coupled with a significant increase in claims paid, demonstrates our commitment to our customers and our strong financial foundation.”HNB General Insurance Ltd (HNBGI) achieved Rs. 5.6 billion in GWP for the six months, a 23% increase from 2024, and settled claims worth Rs. 2.1 billion. The company’s total growth of 23% more than doubled the industry average which was at 11%. Its non-motor portfolio delivered the highest industry growth at 35% versus 4% sector growth, driven by the fire and engineering segment which posted an exceptional 49% growth against the industry’s 4%.“Our ability to stay ahead of the industry comes down to two things, the dedication of our people and the strength of our business model, which is to staying closely aligned to emerging trends and other developments taking place within the General Insurance industry,” said Sithumina Jayasundara, Executive Director/CEO of HNB General Insurance. “We have seen strong growth in our GWP, managed our contract liabilities wisely and delivered a healthy boost in profits. Additionally, this quarter was extra special with the launch of HNBGI NEXA, our AI-powered chatbot, a clear indication that as we are getting bigger, we are getting better.”
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