HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), recorded outstanding financial results for the first half of 2024. Both companies demonstrated remarkable resilience, leveraging strategic foresight to deliver sustained growth within the competitive insurance landscape. The Group recorded an impressive Gross Written Premium (GWP) of LKR 10.9Bn, which is a 20% growth when compared to the corresponding period last year.
Reflecting on the Group’s financial accomplishments, Mr. Stuart Chapman – Chairman of HNBA and HNBGI, expressed his confidence in the organization’s direction, stating, “Our continued financial success is a direct result of our strategic focus on technology, operational efficiency, and customer satisfaction. With so much going on around us, it is easy to lose focus, so we as a team have remained steadfast in our commitment and continue to deliver value to all our stakeholders and the results speak for themselves. The Group’s overall GWP growth of 20% and PAT growth of 14%, certainly reflect this. We honored claims and maturities exceeding LKR 3.3Bn as a Group, further solidifying the trust our policyholders have placed in us. This trust we’ve earned is a key driver, helping us continuously improve and achieve substantial growth in our Group assets, which have risen to LKR 56.5Bn from LKR 51Bn over the past six months. Additionally, our earnings per share increased by 14% and our investments grew from LKR 43.8Bn to LKR 48.7Bn during the same period positioning us well to capitalize on opportunity that lie ahead.”
“Starting the year with the prestigious title of ‘Best Life Insurance Provider’ from the Indian Chamber of Commerce, we embraced the approach of ‘being the best in all we do’ guided by the principles of Protection, Persistency and Productivity. Thus, this recognition has been a catalyst for us to not only maintain but elevate our standards across all facets of our operations, which was evident by our financials during the first half of 2024, stated, Mr. Lasitha Wimalaratne, CEO of HNB Assurance PLC. “I'm proud of how our team has turned our goals into real achievements. We have continued to maintain our growth way ahead of the industry growth rate achieving a total GWP of LKR 6.4Bn which is a 24% increase when compared to the same period last year. Additionally, our life fund grew significantly, rising from LKR 30.6Bn to LKR 35.2Bn. We also paid out maturities and claims totaling LKR 1.5Bn. Our new business premium increased by 39%, long-term endowment grew by 24% while our total assets reached LKR 47.6 Bn.”
With an ambitious goal of achieving a 10% market share by 2026, HNB Assurance places a strong emphasis on the development of its people. “I must also make mention of the several honors we have received during the year which includes the SLITAD People Development Award, acknowledgment as a Company with Great Managers, a mom-Inclusive Workplace and recognition from the National Convention on Quality and Productivity highlight our commitment to our people who also play a vital role on the growth of our organization. These achievements in addition to our business-related accolades along with us recently being recognized as finalists for our marketing efforts at the Drum Awards and MobEx Awards certainly validate our efforts and execution.” added, Mr. Wimalaratne.
HNB General Insurance Limited (HNBGI) also experienced significant growth, with a substantial increase in its total GWP. Amidst a dynamic and complex market environment, HNBGI has demonstrated agility, not only adapting to changes but also seizing new opportunities.
CEO of HNB General Insurance, Mr. Sithumina Jayasundara, emphasized the importance of agility in driving the company’s success. “In today’s rapidly changing world, it is crucial to remain agile and responsive to market trends. At HNBGI, we continue to adjust our product offerings and invest in technology to meet the requirements of our customers. This, coupled with our focus on transformational initiatives, has significantly contributed to our business success, enabling us to achieve a GWP of LKR 4.6Bn which represents a growth of 14% from last year and a three time increase when compared to the current industry growth rate.
The company also saw significant growth in non-motor; fire and engineering, medical and marine insurance segments, outpacing the industry growth rate by a considerable margin. “The challenges with managing motor insurance due to rising costs is no secret, but our team has effectively leveraged on the non-motor segment, achieving growth more than 10 times the industry average and contributing LKR 2.3 Bn to our total GWP. Additionally, we have paid out net insurance claims and benefits of LKR 2 Bn, providing crucial support to our policyholders at their hour of need."
Looking ahead, HNB General Insurance is poised to continue their growth trajectory expecting its investments in the new core system to take shape, “We are excited about the future as our new core system begins to take effect. This investment is improving our efficiency and service capabilities, allowing us to better meet the needs of our customers while capitalizing on emerging trends and sustaining our growth momentum.
Further, throughout this year, we have actively pursued strategic partnerships to enhance our reach and provide additional value to our customers. Additionally, we launched HNBGI Loyalty Rewards collaborating with various partners to offer exclusive discounts to our policyholders, further delivering added value. We also introduced the short code '1303' to access our 24/7 dedicated hotline anytime, anywhere.” Added, Mr. Jayasundara.
During the first half of the year, HNBGI earned significant local and international accolades, including the ‘Runner-up in the General Insurance category at the prestigious National Business Excellence Awards (NBEA) 2024’, ‘Best General Bancassurance Provider in Sri Lanka 2024’ from the Global Banking and Finance Review - UK, the ‘Takaful Window/Unit of the Year 2023/2024’ award from the Sri Lanka Islamic Banking & Finance Industry (SLIBFI), and the Silver Award at the SLITAD People Development Awards 2023/24.
Oct
HNB Assurance PLC is pleased to announce the appointment of Poornima Ranawaka as Non-Independent Non-Executive Director to its Board with effect from 01 October 2025.Poornima Ranawaka is a distinguished Attorney-at-Law with nearly 19 years of legal practice and more than 22 years of experience across the banking, Insurance, finance, and education sectors. She holds extensive expertise in litigation, risk management, regulatory compliance, human resources, and recoveries. Over the years, she has held several senior leadership positions, including Deputy General Manager – Compliance and Legal at Axis Bank Sri Lanka, Head of Compliance at Pan Asia Banking Corporation and Allianz Insurance Lanka Limited, and Consumer Litigation Manager at Nations Trust Bank PLC.She has been a trailblazer in her field, serving as Vice President and General Secretary of the Association of Compliance Officers of Banks, an Executive Member of the Risk Professionals Association, and a member of Sri Lanka's FATCA advisory committee. She also represented the country during the Financial Action Task Force (FATF) evaluation in 2013. She is currently the General Secretary of the Alumni Association of Sri Lanka Law College.She holds prestigious academic and professional qualifications, including First Class Honours from Sri Lanka Law College and an LL.M. in International Trade Law from the University of Wales. She has also completed a postgraduate diploma in International Compliance from the University of Manchester. Additionally, she is an Associate Member of the International Compliance Association (UK). Her contributions to the field have earned her honorary professorships in Law Teaching from IEMS, India (ACTD, USA).Mrs. Ranawaka has fulfilled the requirements for her PhD in Management at Management and Science University (MSU), Malaysia, and is currently awaiting her convocation. She is deeply committed to education, served as a Commercial Law lecturer and the Chief Examiner at Sri Lanka Law College. In addition, she served as the Chairperson of the Curriculum Development Committee at Sri Lanka Law College from 2022 to 2024, playing a pivotal role in shaping and enhancing the institution's academic framework. Her outstanding contributions to legal education were internationally recognized when she was awarded the prestigious International Achievers Award 2024 in India for her "Most Iconic Role in Law Teaching.
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Oct
HNB Assurance PLC proudly introduces HANA, HNB Assurance Next-Generation Assistant, novel AI-powered chatbot designed to transform how customers connect with them. Developed as part of HNB Assurance’s drive to embrace cutting-edge technology and reimagine customer service, HANA delivers instant, 24/7 assistance, making insurance simpler, faster and more intuitive for every policyholder. From policy inquiries to claims guidance and company updates, HANA offers seamless, personalized interactions that remove the need for wait times on calls or branch visits.Speaking on the launch, Lasitha Wimalaratne, Executive Director and CEO of HNB Assurance PLC, said, “At HNB Assurance, our priority has always been to place the customer at the heart of everything we do. With HANA, we are taking that promise to a new level by introducing a virtual assistant who is always available, always informed and always ready to help. This is not just a launch, it is a reflection of the significant investments and digital roadmap we have developed over the past few years to leverage technology in making insurance easier and more accessible to meet the evolving needs of our customers. My sincere thanks and congratulations to all the teams involved in making this milestone a reality and elevating the way we serve our customers.”Highlighting the vision behind HANA, Suneth Jayamanne, Chief Information Officer / General Manager of HNB Assurance, stated, “Implementing HANA is more than deploying a chatbot, it is about embedding intelligence into every interaction. Powered by advanced natural language processing (NLP), machine learning algorithms and deep integration with our core systems, HANA is designed to handle complex queries, learn from vast datasets, and deliver responses with human-like understanding. We certainly believe that his launch is an exciting first step in our broader strategy of using AI to create meaningful, customer-centric experiences. I would also like to extend my sincere appreciation to CodeGen International (Private) Limited for their invaluable contribution in turning this vision into reality.”As one of Sri Lanka’s leading life insurers, HNB Assurance continues to invest in new digital capabilities that deliver convenience and confidence, allowing customers to engage with the company on their own terms. Customers can now meet, experience and explorer HANA by accessing the website, www.HNBAssurance.com.
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Oct
HNB Assurance PLC (HNBA) recorded outstanding success of its sales team at the Life Industry Sales Competition held during the NAFLIA Conference, where the Company secured eleven prestigious accolades across both the Advisor Channel and the Partnership Channel. Demonstrating exceptional performance and commitment, the winners from HNBA delivered outstanding performances at a national level, showcasing the strength of the organizationThe accolades spanned a diverse range of categories including Fast Starters, Advisors, Supervisors and Bancassurance Officers, reflecting the collective strength and capability of HNBA’s sales force.Among the winners, Ms. Gammeda Liyanage Deepa Shamalie was recognized as Best Advisor – Silver, while Mr. Anjula Prasath Thilakarathne earned the Best Advisor – Bronze award. In the Bancassurance category, Ms. Dinushika Ratnayake was awarded Best Bancassurance Officer – Silver, and Mr. J. I. M. Fernando secured the Best Bancassurance Officer – Bronze.In the supervisory categories, Mr. P. J. K. K. Jayarathne distinguished himself by winning the Best Supervisor – Gold, while Mr. Alan Baker, Regional Partnership Head – Northern Region, was honored with the Best Supervisor – Bronze award.HNBA’s Bancassurance Fast Starters also made their mark at a national level, with Ms. V. Kirushalini achieving Gold, Ms. Lakmali Pusalle securing Silver, and Ms. Thilini Lakmali being recognized with Bronze.In the Advisor Fast Starter category, Ms. Bhagya Sewwandi triumphed with the Gold Award, while Ms. Anoma Kumari followed with the Silver Award, completing a remarkable sweep across the board.This remarkable accomplishment is a testament to the success of HNB Assurance’s sales force, whose consistent efforts continue to uplift the Company’s standing in the insurance industry. The recognition gained at the Life Industry Sales Competition not only celebrates individual achievement but also underscores the organization’s commitment to nurturing talent and driving excellence across all levels of its operations.
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