HNB Assurance Group (HNBA and HNBGI) posted yet another year of remarkable performance, improving on its impressive growth rate maintained over the last few years. For the financial year 2024, the HNBA Group achieved a 21% increase in Gross Written Premium (GWP), growing from Rs. 18.8 Billion to Rs. 22.7 Billion. The Group also recorded a consolidated Profit After Tax (PAT) exceeding Rs. 1.8 Billion, marking a 7% growth compared to the previous year.
HNB Assurance PLC's (HNBA) financial strength was highlighted by its upgraded Fitch rating, making it the only life insurance provider in Sri Lanka with an 'A' rating from Fitch Ratings Lanka. Complementing this, HNB General Insurance (HNBGI) also achieved an 'A' rating, positioning it among the few general insurance companies in Sri Lanka to earn this distinction.
Chairman of HNBA Group, Mr. Stuart Chapman, commenting on the Group’s financials for the year 2024, stated, “I’m extremely proud to note that the HNBA Group has once again exceeded expectations, delivering strong results that showcase our strategic foresight and operational efficiency. In terms of our numbers, over the past four years, we have consistently delivered strong growth, with a remarkable 22% average annual increase in GWP as a Group. This achievement underlines our focus on sustainable business practices. Our share price growth of 42% at end of 2024 reflects the trust the market places in our stability. It is also remarkable to note that both HNBA and HNBGI have maintained robust capital adequacy ratios of 379% and 219%, respectively, well above the regulatory requirement of 120%.”
The Group’s Funds Under Management increased by 24% in 2024, reaching Rs. 55 Billion, highlighting the strength of the investment strategy as a key pillar in maintaining the Group’s financial stability and profitability. “When it comes to Insurance, trust is an absolute must and this remains central to our operations, as evidenced by the fact that we honored claims exceeding Rs. 6.7 Billion, with 98% of complaints being resolved successfully. This track record is a direct result of the dedication and hard work of our team, along with our focus on building lasting relationships with our policyholders”, added Mr. Chapman.
CEO of HNBA Mr. Lasitha Wimalaratne, breaking down the achievements of HNBA, stated, “Looking back at 2024, I am genuinely proud of the strides we have made as a company. Achieving a 7.5% market share is a huge milestone and we are well on our way to hitting that 10% target by 2026. Our New Business Premiums grew by 27% and our overall GWP up by 26% compared to 2024, which speaks volumes about the trust our customers place in us. Our investments also paid off, with an 8% boost in investment income, reaching Rs. 6.9 Billion.”
“Personally, what stood out last year was, how we weathered challenges together. Despite the higher operating costs from our IT upgrades, we managed to close the year with a 3% growth in profits. Additionally, our Total Assets have grown by 24% to reach Rs.53 Billion with a PBT of Rs. 2.4 Billion and PAT of Rs. 1.66 Billion. I'm extremely thankful to all the teams for their collective efforts in driving our business from strength to strength,” he added.
CEO of HNBGI, Mr. Sithumina Jayasundara, sharing his thoughts on the 2024 financial performance, stated, “2024 was a year of resilience and innovation for HNBGI, as we sustained our remarkable growth trajectory, doubling the industry growth rate for the fifth consecutive year. Our overall GWP growth of 14%, compared to the industry’s 6.9%, reflects the strong momentum we continue to drive. Notably, our non-motor segments surged by 24%, with Marine, Fire and Engineering Insurance achieving exceptional growth of 166% and 27% respectively, which is the highest among the top 10 General Insurers in the country. Despite challenges in the motor insurance sector, we remained agile, diversified our offerings, and secured a solid 6% growth."
“One of the aspects we paid close attention to during 2024 was customer satisfaction which reflected in our renewal retention ratios of 77% for motor and 82% for non-motor segments, as well as a remarkable Net Promoter Score of 77. These figures show the trust and loyalty our customers have in us. Additionally, we achieved a 59% growth in Profit After Tax, and a market share of 7% which demonstrated the success of our strategy of driving sustainable growth in an uncertain environment. With our total assets reaching Rs. 10.2 Billion, a 7% increase, we’re confident that our approach is positioning HNBGI for long-term success.” Added, Mr. Jayasundara.
Nov
HNB Assurance PLC (HNBA) was recently recognized as the winner of the Best Well-being Initiative for Working Parents at the Parent-Inclusive Workplace Summit 2025 hosted by Parenthood Global. This recognition, earned through an independent evaluation among multiple organizations, stands as a testament to HNBA’s commitment to support working parents.For HNBA, this award is a validation of years of intentional effort, focused policies and a culture built on empathy. From caregiver leave to flexible support ecosystems, from in.she initiatives to mom-inclusive programs, HNBA has consistently placed the well-being of working parents at the center of its people agenda. Sharing his thoughts, the Executive Director / Chief Executive Officer of HNB Assurance PLC, Lasitha Wimalaratne, stated “This award is deeply personal to us and my sincere thanks to Parenthood Global for this wonderful recognition. Our commitment has always been to build a company where people feel supported not only as professionals, but as human beings with families, responsibilities and dreams. This recognition is proof that compassion, when embedded into culture, creates a lasting impact.”Navin Rupasinghe, Head of Human Resources / DGM of HNB Assurance PLC, added, “Every HR policy we design and every initiative we introduce is rooted in one belief, that our people deserve a workplace that honors their whole life, not just their job titles. Working parents give so much of themselves every day, and it is our duty and privilege to create an environment that lifts them. I certainly believe that this award belongs to our incredible parents who inspire us to do better, every single day.”
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Nov
HNB Assurance PLC continues to reinforce its commitment to uplifting communities across Sri Lanka through its three core CSR pillars, Health Protection, Environmental Protection and Education Protection. Anchored on these pillars, the company has rolled out a series of impactful initiatives aimed at enhancing wellbeing, improving access to essential resources, and supporting the next generation.Most recently, under the Health Protection Pillar, HNB Assurance supported P/ Wijayapura Primary School, Bisobandaragama Primary School, Mahaweli Primary School and Kidalagema Primary School in Medawachchiya by installing Reverse Osmosis (RO) water filtering systems. These systems provide access to clean and safe drinking water, helping protect schoolchildren from consuming contaminated water and ensuring healthier learning environments. With the completion of these four water projects in 2025, HNB Assurance has now completed over 75 water projects across the country.In addition to these efforts, HNB Assurance continues to champion several long-term development programs. The company conducts pregnant mother programs that promote maternal wellbeing, Grade 05 scholarship programs that encourage academic excellence among young learners and financial literacy programs designed to empower communities with essential money management skills.Through these ongoing initiatives, HNB Assurance remains dedicated to protecting lives, nurturing growth and supporting resilient, thriving communities across the country.
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Nov
HNB Assurance PLC has entered into a strategic partnership with Dialog Finance PLC, a pioneer in digital financial solutions, to further enhance its digital payment infrastructure and accelerate its journey towards achieving 100% digital premium collection.This collaboration marks a significant milestone in HNB Assurance’s digital transformation journey, reflecting the company’s continuous commitment to improving customer convenience, operational efficiency and financial inclusivity. By integrating Dialog Finance’s advanced Genie Business platform, which includes Payment Links and Internet Payment Gateway (IPG) services, HNB Assurance aims to streamline its premium collection process and redefine how customers interact with insurance services.Through these solutions, customers will now be able to make payments effortlessly and securely, either through personalized payment links shared by HNB Assurance or via secure online gateways. This eliminates the need for manual or in-person transactions, ensuring instant payment acknowledgments, and offers customers a faster, safer, and more convenient experience.This partnership leveraging innovation and technology not only strengthens the technological backbone of HNB Assurance’s payment ecosystem but also align with the company’s long-term vision of becoming a fully digital insurer, offering end-to-end solutions that meet the evolving needs of modern customers.
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