HNB Assurance PLC (HNBA) a leading life insurer in the country recorded an impressive growth of 29% for the fiscal year 2021 in terms of Gross Written Premium (GWP) recording LKR 7.1 Bn. Sharing his views, Chief Executive Officer of HNBA Mr. Lasitha Wimalaratne stated, “I’m extremely proud to state that HNBA reach many milestones in 2021, reaffirming its stability and strong financial footprint in the market. During the year, the business was able to record a GWP of LKR 7.1 compared to a GWP of LKR 5.5 in 2020, depicting a growth of 29%. This is the highest GWP growth in the Company’s history. The Profit After Tax (PAT) of the Company surpassed LKR 1 Bn during the year. The two main channels of the business, Advisor and Partnership have gone above and beyond all expectations to deliver these superlative results”. Mr. Wimalaratne further added, “Taking its winning streak to new heights, HNBA produced a record-breaking 164 Million Dollar Round Table (MDRT) qualifiers, including 05 Court of the Table (COT) and 02 Top of the Table (TOT) achievers. During the year HNBA bagged many awards and accolades for its business excellence, service excellence and product excellence, including the Best Bancassurance Provider in Sri Lanka 2021 Award By Global Banking and Finance Review, the Heath Insurance Initiative of the Year Sri Lanka Award By Insurance Asia Awards, the National Service Sector Silver Award and the Top Ten Award for Industrial Excellence by Ceylon National Chamber of Industries. The Company was also recognized as One of Sri Lanka’s Top 10 Women Friendly Workplaces At Women Friendly Workplaces Awards 2021. Reaffirming the Company’s financial strength, HNBA’s Fitch was upgraded to ‘A+’ for 'National Insurer Financial Strength Rating' during the year. Our growth is much more than a story of achieving milestones, its about growth together with our customer, employees, shareholders and the community we operate in. The Company is well positioned for the expansive growth of business, customers, products, and the overall market share and the Management remains confident on the way forward”. Head of Distribution of HNBA, Mr. Harendra Ramasinghe expressed his views stating, “Amidst many hurdles and challenges presented by a global pandemic, the Advisor Force of HNBA was able to deliver a steadfast performance, immensely contributing to the growth of the business. During the year, the Advisor Channel recorded a total GWP of LKR 4 Bn. The business continued to seize new and growing market segments across the country. The Advisor Channel showed an impressive growth as several recruitment campaigns continued throughout the country. Whilst thanking the entire Advisor Force, Branch Network and Distribution Management Teams, with the direction of the Management, I’m sure the Advisor Channel will continue its growth momentum during 2022”. Mr. Sanesh Fernando, Head of Partnership Business of HNBA expressed his views stating, “The Partnership Channel delivered an exceptional performance during 2021, setting new benchmarks in the market. The Partnership Channel recorded a GWP of LKR 3.1 Bn during FY21. Being awarded as the Best Bancassurance Provider in Sri Lanka 2021 Award by Global Banking and Finance Review, is a testament to the solid momentum and strength of the entire channel. Whilst expressing my gratitude to the entire Banca, Broker and Alternate Teams and especially the HNB Management, I’m sure that the Partnership Channel will continue to deliver results exceeding our expectations to bolster our position and ending the year on a solid footing”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 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.
Nov
HNB Assurance PLC (HNBA) has announced a strong financial performance for the nine months ended 30 September 2025, posting a 38% year-on-year growth in Life Insurance Gross Written Premium (GWP), which is the highest growth among life insurers in Sri Lanka. This exceptional performance underscores the company’s unshakeable tenacity for pushing the envelope of performance, disciplined execution, and unwavering commitment to providing protection and savings solutions that meet the evolving needs of Sri Lankan families. The Life Insurance business generated a Gross Written Premium of Rs. 13.74 billion for the period, compared to Rs. 9.97 billion in the corresponding period of 2024, reflecting a sharp increase of 38%. Total assets of the Company grew to Rs. 63.2 billion, up 18% from Rs. 53.4 billion a year earlier, while the Life Fund expanded by 24% to Rs. 47.4 billion from Rs. 38.3 billion in December 2024, signaling both strong topline growth and prudent fund management. Profit before tax excluding Life Surplus Transfer stood at Rs. 876 million, reflecting an increase of 13%, while profit after tax rose to Rs. 617 million, up 12% year-on-year. Meanwhile, Net claims and benefits incurred to policyholders during the period amounted to Rs. 3.25 billion, compared to Rs. 2.12 billion last year which is an impressive increase of 54%, reaffirming HNB Assurance’s steadfast commitment to fulfilling its obligations and supporting customers when it matters most. The Company’s investment portfolio also grew to Rs. 57.3 billion, compared to Rs. 48.5 billion a year earlier, delivering healthy investment income on account of strong yields from fixed-income securities and a diversified asset mix. Commenting on the company’s performance, Mr. Stuart Chapman, Chairman of HNB Assurance PLC and HNB General Insurance Limited, stated, “We are proud to see HNB Assurance deliver yet another quarter of exceptional growth, driven primarily by the strength of our Life business. This level of performance reflects the trust that customers have placed in our brand and the disciplined financial management that continues to underpin our long-term stability. At a Group level, we remain focused on sustainable growth and resilience, ensuring that we continue to generate consistent value for all stakeholders with GWP reaching Rs. 21.9 billion, up 32% from the corresponding period last year. ” Mr. Lasitha Wimalaratne, Executive Director and Chief Executive Officer of HNB Assurance PLC, added, “Our 38% growth in Life GWP represents one of the strongest performances in the industry and reflects the depth of our strategy in expanding customer reach and enhancing value. Our agency and bancassurance channels continue to deliver impressive traction, complemented by new product offerings that address real customer needs. We have also seen a notable increase in policy persistency, demonstrating customer confidence and satisfaction.” He further commented, “Our focus remains on balancing growth with financial prudence. The increase in our Life Fund, together with our strong solvency position and steady profit growth, reinforces our ability to deliver long-term security to policyholders. Claims payments have risen in line with our growing portfolio, which is a healthy indicator of our expanding customer base and our timely settlement culture. We are committed to maintaining this momentum through continued innovation, operational excellence, and a customer-first approach.”
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Nov
HNB Assurance PLC (HNBA) proudly celebrated its outstanding achievers who were recognized at the prestigious National Sales Awards 2025, organized by the Sri Lanka Institute of Marketing (SLIM). The event recognized the best sales professionals across industries, and the team from HNBA once again demonstrated their excellence and passion for performance.This year, five exceptional individuals brought pride to the organization by securing top honors in multiple categories. Dinushika Rathnayake was awarded Gold in the Front Liner category, while Priyanka Kamalani also claimed Gold in the Sales Supervisors category. Ravichandran Senthujan and Kethaki Anuradha both earned Bronze in the Territory Manager and Other Sales Support categories respectively, and Tharindu Munasinghe received a Merit Award in Sales Support (Manager & Above).Speaking on this remarkable achievement, Mr. Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance PLC, stated, “Our people are the heart of our success. These awards are a true reflection of the dedication and spirit of excellence our sales teams embody every day. Competing on a national stage and emerging victorious is no small feat, it showcases not only individual brilliance but the collective strength of HNB Assurance as a performance-driven organization. I couldn’t be prouder of our team and I must also make mention of the incredible sales training team, who work tirelessly behind the scenes to ensure that our sales force is equipped with the tools, skills and knowledge to perform to the best of their ability.”The National Sales Awards remains one of the most respected platforms in Sri Lanka that recognizes sales excellence, rewarding individuals who deliver exceptional results and elevate industry standards.
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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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