Reaffirming the strength and stability of HNB Assurance PLC Group, Fitch Ratings upgraded the ‘National Insurer Financial Strength Rating’ (IFS) of both HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) from ‘A(lka)’ to ‘A+(lka)’ citing stable outlooks.
The Rating Actions Commentary issued by Fitch on the 3rd of June 2021 states “The upgrade reflects the insurers' improved capital position, as measured by strong regulatory risk-based capital (RBC) ratios. The ratings also take into account the insurers' 'Favourable' business profiles and a sustained improvement in their non-life underwriting performance, while maintaining satisfactory earnings in its life insurance operation”.
Sharing her views, Chairperson of HNB Assurance PLC Group, Mrs. Rose Cooray stated, “This indeed is another significant achievement for HNB Assurance as well as HNB General Insurance and demonstrates very clearly to the market the singular focus of both companies on maintaining and building their strength and stability. HNBA’s Life Fund has exceeded LKR 17.8 BN, HNBGI’s Contract Liabilities stood at LKR 3.5 BN while the Total Assets of the Group surpassed LKR 32.9 BN by the end of the first quarter of 2021.” Mrs. Cooray further went on to state, “For our Group, it’s not business at any cost, rather, our drive is towards consolidated growth being driven through the focus on key business fundamentals and a prudent outlook to risk underwriting.” She further noted, “this rating upgrade augurs well for the soundness of strategies that have been crafted for both companies as well as for the capability and business acumen of the Management Teams. This will no doubt fortify our position in the market as a solid player and further infuse confidence in the mindset of key stakeholders to transact with both the Companies. I wish to thank each and every member of both teams for their dedication and commitment especially during these trying times that has enabled us to receive this upgrade in ratings by Fitch”.
Chief Executive Officer of HNBA and HNBGI, Mr. Prasantha Fernando shared his thoughts stating, “We are delighted to announce the news of this upgrade to all our stakeholders. The ratings of HNBA and HNBGI have been upgraded by Fitch Ratings upon reviewing the business profiles, the improved capital position, and the sustainable underwriting performance of both entities. Further, an upgrade of this nature demonstrates our consolidated financial strength, low business risk and solid operational performance. Whist thanking Fitch Ratings for this recognition and all our stakeholders for being with us throughout our journey, it is with great reassurance I state that the management of both entities remain confident of driving our performance up further and are well positioned for growth.” Mr. Fernando added “I am happy to note that the Group recorded a Gross Written Premium (GWP) of LKR 3.2 BN for the first quarter of 2021. The Life Insurance business posted a remarkable 51% growth in GWP achieving LKR 1.6 BN and the General Insurance business recorded a GWP of LKR 1.6 BN marking a 27% growth. It is noteworthy to mention that the market rank of HNBGI has improved by one notch to the 7th position during the quarter with the growth in GWP.” Mr. Fernando further stated “the contribution of our Parent Company HNB too has helped us in this achievement and I am truly grateful to the Bank’s Corporate Management and the members of its branch network for all the support that they have given us.” Speaking on the contribution of the team, Mr. Fernando stated “each and every member of the HNBA and HNBGI teams have played a part in contributing towards this achievement, I am truly grateful and thankful to every single one of them for rallying around the Group and giving their best at all times. This upgrade has us all energized, excited and invigorated, and will, I am sure, further bolster the drive and passion of every team member to do better during these difficult times”.
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.
Sep
HNB Assurance PLC once again marked a historic milestone by hosting its Partnership Awards 2025 on an international stage for the second consecutive year. Held at the prestigious Royal Signature Hotel, Kuala Lumpur, the gala event welcomed guests from HNB, HNB Assurance staff, Bancassurance Officers and their families, to celebrate the remarkable achievements of the company’s partnership channel.The Partnership Awards, a flagship annual event for HNB Assurance, serves as a platform to honor and recognize the exceptional contributions of its partnership channel, which continues to play a pivotal role in driving the company’s growth. Following the success of last year’s international debut in Thailand, this year’s event in Malaysia further signifies the company’s expanding vision and growth momentum.Addressing the gathering, Mr. Lasitha Wimalarathne, Executive Director / CEO of HNB Assurance, expressed his thoughts, stating, “This is truly a special occasion as we bring together our teams here in Malaysia to celebrate the achievements of our partnership channel. Over the years, this channel has grown into one of our strongest pillars, contributing significantly to our Gross Written Premiums and overall success. These milestones are a direct reflection of the commitment, innovation and customer-centric mindset that define our people. As we celebrate tonight, I encourage all of you to continue pushing boundaries and setting new standards in the industry. Congratulations to all the award winners and a heartfelt thank you to everyone who made this gala event a reality.”The past year has been one of exceptional achievements for HNB Assurance’s partnership channel, which continues to set benchmarks in the industry. With an ever-growing pool of top performers, the team recorded a remarkable number of MDRT qualifiers, along with highest ever COTs and TOTs. HNB Assurance also maintained its position as Sri Lanka’s Best Life Bancassurance Provider, a recognition earned for the fifth consecutive year by the Global Banking and Finance Review.Reflecting on the significance of the event, Mr. Sanesh Fernando, Chief Business Officer / General Manager – Partnerships, shared, “The Partnership Awards are not just about celebrating numbers, they are about celebrating our people, the heart and soul of our success. To witness the growth and accomplishments of our Bancassurance Officers year after year has been truly inspiring. Hosting our gala in Malaysia this year is a reflection of how far we have come, and I firmly believe the best is still ahead of us. I want to extend my sincere thanks to everyone in our partnership network. With the guidance of our parent company, Hatton National Bank, and the continued support of our partner banks, financial institutions, and broker network, we are confident of reaching even greater achievements in the years ahead.”
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Sep
HNB Assurance PLC (HNBA) proudly joins hands with the rest of the industry to mark Insurance Month 2025, reaffirming its commitment to safeguarding the dreams, aspirations and financial security of Sri Lankans across the nation.In recent years, HNB Assurance has emerged as one of the most dynamic players in the sector, consistently delivering growth while earning the trust of its policyholders. Guided by a customer-first philosophy, the company has expanded its reach, refined its service delivery, and invested in technology to ensure protection remains accessible and relevant in today’s fast-changing world.Sharing his thoughts on the significance of Insurance Month, Mr. Lasitha Wimalaratne, Executive Director / CEO of HNB Assurance, stated, “Insurance Month is more than a celebration, it is a reminder of the vital role our industry plays in strengthening the resilience of individuals, families, and businesses. At HNB Assurance, we remain dedicated to deepening trust, driving awareness and creating value for our stakeholders through innovative solutions and a strong service ethos.”In terms of providing innovative solutions, HNB Assurance has been at the forefront of product innovation, introducing solutions tailored to evolving customer needs. Among its recent additions are Family Guard and Privileged Fast.“Our product philosophy has always been centered on people, their aspirations, their concerns and future. By continuously listening to our customers and understanding their requirements, we are able to create solutions that not only safeguard them from risk but also empower them to live with confidence.”, added, Mr. Wimalaratne.This year’s celebrations also come on the back of multiple recognitions for HNB Assurance, including being named the Best Life Insurance Company by Global Brands Magazine UK, winning the Life Insurance Sector Award at the National Business Excellence Awards, being recognized as the Best Life Bancassurance Provider, receiving the Great Place to Work Certification and being honored as one of Sri Lanka’s Most Outstanding Women-Friendly Workplaces. Collectively, these accolades not only highlight the trust and confidence placed in HNB Assurance but also serves as a testament to the way the company continues to celebrate its people, its customers and its journey forward.As the company looks ahead, it remains committed to advancing the industry through customer-centric innovation, meaningful partnerships and sustainable practices. With Insurance Month serving as a platform to raise awareness and celebrate achievements, HNB Assurance continues to stand as a trusted partner in protection for all Sri Lankans.
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Aug
HNB Assurance PLC (HNBA), one of Sri Lanka’s leading life insurance providers, has once again been honoured as one of the nation’s most outstanding women-friendly workplaces at the 2025 Satynmag Women Friendly Workplace Awards. This accolade, which marks the fourth such recognition for HNBA, underscores the organisation’s enduring dedication to creating an inclusive, progressive and empowering work environment for women across all levels of the company.The Women Friendly Workplace Awards are designed to spotlight corporations that actively promote gender equity, cultivate inclusive leadership, and champion the advancement of women within the corporate sphere. In receiving this recognition year after year, HNB Assurance continues to demonstrate that its policies and practices are not only consistent but also continuously evolving to meet the changing needs of a modern workforce.“At HNB Assurance, we believe that an enlightened workplace is one where every individual, and especially women, feel empowered to grow, contribute and innovate,” said Mr. Lasitha Wimalaratne, Executive Director / CEO of HNB Assurance. “This recognition reflects not only our dedication to embedding best-in-class HR practices, but also our conviction that true organisational strength is forged through women-friendly policies, inclusive leadership, equitable opportunity and a culture that celebrates and cultivates excellence. My sincere thanks to Satynmag for this recognition. We are honoured to be recognised as a women-friendly workplace and remain steadfast in our commitment to setting new benchmarks for empowering women in Sri Lanka.HNBA’s Head of Human Resources / DGM, Mr. Navin Rupasinghe, reflected on the achievement stating “Over the years, we have introduced a series of targeted initiatives from wellbeing programmes and leadership mentoring to structured training and responsive grievance mechanisms which go beyond symbolic gestures and instead create a tangible impact in the everyday professional lives of our employees. Winning this accolade for the fourth time assures us that these interventions are not only appreciated externally, but are also deeply resonant internally, helping us to build trust and loyalty across the organisation. I wish to extend my sincere gratitude to the in.she committee, whose contributions have been pivotal in translating our vision into meaningful action, and who continue to drive the progress that we are proud to celebrate today.”
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