HNB Assurance PLC Group delivered a robust performance during 1Q22, recording a Profit After Tax (PAT) of LKR 235 Mn, reflecting an impressive growth of 144%, compared to the PAT of LKR 96 Mn recorded during the corresponding period of 2021. The Group recorded a Gross Written Premium (GWP) of LKR 4.3 Bn depicting a notable growth of 33%.
Sharing her views on the Group’s financial performance, Chairperson of HNB Assurance PLC (HNBA) and its fully owned subsidiary, HNB General Insurance Limited (HNBGI), Mrs. Rose Cooray stated, “In spite of several macro-economic challenges prevailing in the market, HNBA and HNBGI delivered an outstanding performance during the first quarter of the year. Both HNBA and HNBGI held a firm stand in delivering these stellar results which contributed to the topline and profitability growth of the Group. These results demonstrate our customer-centric and well-curated business strategies in capturing markets with growth potential. The Life Insurance business recorded a GWP of LKR 2.3 Bn and the General Insurance business recorded a GWP of LKR 1.9 Bn, showcasing an impressive growth of 41% and 24% respectively. Other Revenue of the Group surpassed LKR 1 Bn during 1Q22 marking a 30% growth. During the period, Total Assets of the Group surpassed LKR 37 Bn and Financial Investments surpassed Rs. 30 Bn. The Investment Income of the Group for the period was LKR 938 Mn with an outstanding growth of 40% compared to corresponding period of the previous year and continued to maintain an investment portfolio with healthy credit quality. The Group remains well focused on its clear motive to explore and capture new markets by providing an innovative and a superlative customer experience while maxing shareholder returns”.
Mr. Lasitha Wimalaratne, Chief Executive Officer of HNB Assurance PLC expressed his views stating, “HNBA concluded another successful quarter showcasing a steady and stable growth momentum, amidst increasing challenges in the external environment. During 1Q22 HNBA recorded a GWP of LKR 2.3 Bn, showcasing a stellar growth of 41%. During the period, the Life Insurance fund reached LKR 21.4 Bn. The Capital Adequacy Ratio (CAR) of HNBA during 1Q22 stood at 281%. This further reaffirms the Company’s financial stability as CAR is well above the minimum stipulated rate of 120% as directed by the Regulator. Owing to our promise, HNBA settled Insurance Benefits and Claims amounting to LKR 527 Mn”. Mr. Wimalaratne added, “These results are a testament to our well-focused strategies and collective efforts of all teams. Backed by an A+ (lka) rating for National Insurance Financial Strength by Fitch Ratings Lanka, the Management of HNBA remains confident of its competitive advantage and strong financial footing and is focused on what’s ahead and seizing every opportunity to expand its footprint in the market”.
Expressing his views, Chief Executive Officer of HNBGI, Mr. Sithumina Jayasundara stated, “During a challenging period for the entire insurance industry, HNBGI was able to deliver steady financial results capitalizing on its service and operational excellence. Surpassing the industry growth rates, HNBGI recorded a GWP of LKR 1.9 Bn showcasing an impressive growth of 24% during 1Q22. The Company continued to deploy its agile business strategies despite the on-going economic challenges and was able to seize several growth opportunities. The Miscellaneous and Motor Insurance segments delivered a notable performance followed by Fire and Engineering segments. During the period, the Company settled Insurance Benefits and Claims amounting to over LKR 830 Mn showcasing our steady commitment to our customers. Demonstrating the Company’s strong financial footing, the Capital Adequacy Ratio (CAR) of HNBGI stood at 247%, well above the regulatory requirement. The General Insurance Contract Liabilities surpassed LKR 4.2 Bn.” Mr. Jayasundara further stated, “As one of the two Fitch Rated General Insurers in the country with an A+ (lka) rating for ‘National Insurer Financial Strength’, HNBGI will continue to steer its course through many challenges to further consolidate its footprint in the market whilst sustaining our core business model and delivering value to all stakeholders”.
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 and HNBGI are 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. HNB Assurance was awarded the Best Bancassurance Service Provider in Sri Lanka by Global Banking and Finance Review and has won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.
Jul
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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Jul
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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Jul
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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