Reaching another significant milestone in its journey, HNB Assurance PLC Group celebrated its 20th Year Anniversary recently. Incorporated in 2001 and listed in the Colombo Stock Exchange in 2003 the Company has grown over the years and is present to serve people across the country. Having commenced business as a composite insurer, keeping in line with the segregation rules, HNB Assurance PLC (HNBA) floated HNB General Insurance Limited (HNBGI) in 2015, as its fully owned subsidiary, which took on the general insurance business while HNBA retained the life business. The Group has always focused on consolidated growth, delivering a tangible value proposition to all its stakeholders. Both HNBA & HNBGI had their ratings upgraded to A+ by Fitch, auguring well for the Group’s financial strength and soundness.
Sharing her views on this significant milestone, Chairperson of HNBA and HNBGI, Mrs. Rose Cooray stated, “The 20th Year Anniversary of a relationship, friendship or a business is a cause for celebration for many reasons. Having journeyed together with our customers, employees, and shareholders for two decades, the Group has reached many a milestone, achieving stellar heights and creating a tangible and real difference in the lives of people. Being in the business of protection, we have served and taken care of thousands of policyholders and their loved ones, providing a shield of protection and armor of confidence to face the uncertainties and challenges in life. Both Life and General Insurance businesses have transformed significantly during the past 20 years, growing to be a Group with a turnover of over LKR 10 Billion. Whilst expressing my sincere gratitude to all our customers, investors, and other stakeholders for being with us during the past two decades, I assure you that the Group is geared to move forward with much greater financial stability, innovation, efficiency and the highest quality in service delivery, with the aim of setting new benchmarks in the industry, whist taking care of you and your loved ones”.
Mr. Prasantha Fernando, Chief Executive Officer of HNBA and HNBGI expressed his words stating, “Over the past 20 years, both HNBA and HNBGI have grown from strength to strength, consolidating its footprint in the industry, seizing every growth opportunity, and introducing innovative products to meet the needs of protection, savings, education, health and retirement on the life side, as well as complete bouquet of products on the GI side. The success mantra of the Group has always been the focus given to the needs of our policyholders and their loved ones, for the last two decades, we’ve honored our promise to each and every policyholder. I am proud of our HNBA & HNBGI teams for what they have achieved as at date. Ours is resilient outfit focusing on consolidated growth and value creation. During the past 20 years, the Group has given back and taken care of the community through various CSR initiatives, including the Group’s award-winning Water Stewardship Initiative, under which drinking water facilities were provided to over 60 rural schools in different parts of the country. In addition to this, the Group has undertaken several other initiatives to take care of our community including the recent donations of urgently needed medical supplies and equipment to several hospitals to help combat the current pandemic”. Mr. Fernando continued, “Whilst saying thank you to every policyholder, to every staff member and to every shareholder for their well placed trust in us, I wish to reiterate that under the guidance of a dynamic team of leaders, the Group will continue to grow and further expand its footprint in the market, providing innovate life and general insurance solutions to help you live life to the fullest”.
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.
Apr
HNB Assurance PLC (HNBA) has once again been recognized as a ‘Company with Great Managers’ for the third consecutive year. The recognition was awarded at the prestigious Great Manager Awards 2024, organized by the Colombo Leadership Academy.This year, seven exceptional Managers from HNB Assurance were honored with individual Great Manager Awards for their exemplary leadership and impactful contributions. The winners are Deepal Punchihewa (SBU Head), Rukshan Wijesinghe (Senior Manager – Underwriting - Group Life & DTA), Niranjan Croos (Senior Manager – Customer Experience), D. P. S. Anuranga Peiris (Software Architect), Asanka Gonagala (Manager – Alternate Channels, Vinu Jayasuriya (Senior Manager – Finance) and Amaz Irshad (Senior Manager – Marketing, Digital and PR). A recognition which reflects the company’s strong leadership framework and its ongoing commitment to developing future-ready leaders who drive innovation and performance across every division of the business.Speaking on this remarkable achievement, Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, stated, “There’s no doubt that great companies are built by great leaders. Being recognized for the third consecutive year as a company with Great Managers is not just a milestone, it is a reflection of our continued investment in our people. I’m extremely proud of this recognition as it shines a spotlight on the caliber of leadership within HNBA. Congratulations to all our award-winning Managers who consistently go above and beyond to inspire, engage and drive performance, also, a huge thank you to the Colombo Leadership Academy for this recognition.”Navin Rupasinghe, Head of Human Resources at HNB Assurance, also sharing his thoughts on the award, stated, “At HNBA, we’ve built a culture where people are empowered to lead with purpose and passion. This award is a reflection of our deliberate efforts to nurture talent, invest in learning, and promote a growth mindset at every level of the organization. We are incredibly proud of our managers who embody these values every day. I’d like to take a moment to thank the Colombo Leadership Academy for this wonderful recognition and convey by best wishes to all individual Managers on their recognition, as this achievement is a proud moment for the entire HNBA family.”
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Apr
HNB Assurance PLC (HNBA) delivered another year of outstanding financial performance, securing a 7.5% market share and moving a step closer to achieving its ambitious target of 10% market share by 2026. This success was a result of the company’s well-structured strategies, focused on sustainable growth in an increasingly competitive landscape, which yielded impressive results, with its Gross Written Premium (GWP) growing by 26% compared to the previous year.Over the past four years, HNBA has maintained an average growth rate of 26%, consistently outperforming the industry. A key element of HNBA’s approach has been prioritizing distinctive, value-driven products over high-volume, lower-margin offerings. This strategy has allowed the company to cater to a broader customer base, ensuring inclusivity while maintaining the competitiveness and relevance of its product portfolioIn terms of growth, HNBA’s proactive investment strategy resulted in an 8% growth in investment income, reaching Rs. 6.9 Bn, while Funds Under Management saw a 26% increase. HNBA paid net benefits and claims totaling Rs. 2.9 Bn. The total assets of the company expanded by 24% to Rs. 53.4 Bn, primarily driven by increased financial investments. Additionally, total Life Insurance contract liabilities grew by 25% to Rs. 38.6 Bn, following a surplus transfer of Rs. 1.3 Bn to shareholders.Sharing his thoughts on the company’s remarkable performance, Lasitha Wimalaratne, CEO of HNB Assurance PLC, stated, “Having effectively navigated challenges while prioritizing customer-centric solutions and driving solid business expansion, we are confident in reaching our 10% market share goal by 2026. Last year was an outstanding year for us, where, despite an increase in operating expenses due to IT infrastructure and software investment, we achieved a Profit Before Tax of Rs. 2.3 Bn and a Profit After Tax of Rs. 1.6 Bn. These achievements are the result of the dedication and resilience of our two incredible sales teams, where we produced a record 222 MDRT qualifiers along with the contribution of all our support teams, whose efforts have been instrumental in driving this growth. The most rewarding aspect of our journey has been our consistency, year after year, we have stayed strong and outperformed the industry growth rate, securing our position as one of the fastest growing life insurers in Sri Lanka. Adding to this success, our Fitch Rating was recently upgraded to ‘A,’ further affirming our financial strength and stability.Commenting on the success of the company’s Advisor Distribution Channel, Harindra Ramasinghe, Chief Business Officer / GM – Advisor Distribution Channel, noted, “Our focus on strengthening our advisor network and enhancing distribution channels has significantly contributed to our growth trajectory. The structured career path for our advisors has ensured higher retention, directly impacting our new business growth and long-term sustainability. We expanded this channel by reaching 3,000+ trained and supported advisors who efficiently meet our customers’ protection needs. Supported by a network of 70 branches, targeted growth and capacity-building initiatives, I’m extremely proud to note that the Advisor Distribution Channel reached a 21% YoY increase in GWP and 21% YoY New Business Premium growth, along with 87 MDRT qualifiers for the year 2024.”Mr. Sanesh Fernando, Chief Business Officer / GM - Partnerships, sharing his thoughts on the growth of the Channel, stated, “I’m incredibly proud of what we have achieved last year. Our Bancassurance channel continues to be the ‘Best’ in the industry, securing the top spot for the fourth consecutive year. With a GWP contribution of 48% to the company and Rs. 1.47 Bn in new business premiums, which reflects a 38% Growth from last year, a 29% in overall GWP and an incredible 112% surge in MRP and DTP business, we witnessed a strong momentum across all segments. The Alternate Channel also saw a phenomenal 64% growth, contributing 31% to the total Channel’s growth. Looking ahead, our initiatives like the LIFE Campus, set up to continuously improve and provide training to our teams along with the new Alternate Endowment Business vertical, SME and Micro Business focused partnerships are setting the stage for even greater success. What truly brings me joy is witnessing our people succeed. Last year, we hosted our inaugural international awards ceremony in Bangkok, where we celebrated over 100 of our top-performing sales staff. We also achieved a remarkable milestone with 135 MDRT qualifiers including 05 TOTs and 20 COTs, the highest number we have ever recorded. Lastly, let me also convey my heartfelt thanks to Hatton National Bank, our other partner banks and broker network for their continued support "
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Apr
HNB Assurance launched 'in.together', the company’s Diversity, Equity, and Inclusion (DEI) initiative, in partnership with Diversity Collective, a leading consultancy focused on creating inclusive workplaces. This collaboration is a key step in HNB Assurance’s efforts to build a company that values and respects every individual, creating an environment where employees feel supported and included.Through this partnership, HNB Assurance will undergo a series of consulting sessions aimed at developing policies, strategies and a DEI framework that promote diversity and inclusion across the organization.Mr. Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance, sharing his thoughts at the launch event, stated, “As we continue to grow rapidly as a company, we must be more aware of how we operate and where we stand in terms of diversity and inclusion. These conversations at times can be tough, but they are definitely necessary. It is essential that we create a safe and happy space for our employees to work, where all individuals can thrive. As a company, we have always taken proactive steps towards building a strong culture and now, with our fast growth, we recognize that people contribute in unique ways and it is our responsibility to look after them. We are proud to have a team made up of all types of people and our collaboration with Diversity Collective will help us progress towards becoming a company that truly respects everyone.”Mr. Navin Rupasinghe, Head of HR at HNB Assurance, added, “Partnering with Diversity Collective is an exciting step for us. Together, we will work towards creating a culture that not only champions diversity but also strengthens our focus on equity and inclusion. This partnership is about setting a foundation for future growth, ensuring that as we expand, our company remains a place where every employee feels like they belong. As we move forward, we are focused on building a comprehensive framework for diversity and inclusion, starting with an initial audit to assess where we presently stand. Let me also state that this is a long-term commitment and we recognize the importance of consistently evaluating and evolving our efforts to ensure that we create an inclusive and equitable environment for all.”
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