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HNBA News

HNB Assurance Group PAT up by 50% and Group GWP by 24% in 2022.

HNB Assurance PLC (HNBA) and its wholly owned subsidiary HNB General Insurance Limited (HNBGI) ended 2022 in spectacular fashion with the Group figures indicating a growth in Profit After Tax (PAT) of 50% to Rs 1,830.5 Mn for the year ended December 2022 compared to Rs 1,223.6 Mn recorded a year earlier. In terms of Gross Written Premium (GWP), the Group recorded Rs 15.6 Bn growing by a handsome 24% compared to the previous year. “I certainly am elated by the performance of both companies in a year of unprecedented challenges” said Mrs. Rose Cooray, Chairperson of HNBA and HNBGI sharing her views on the Group’s performance, and pointed out that at a Group level, GWP grew by 24% to Rs 15.6 Bn as a result of the very aggressive strategies of new business acquisition that were put in place by HNBA and HNBGI, taking into account the volatilities that were prevalent in the socio economic and political fronts. “While the Group Assets surpassed the 40 Billion mark to reach Rs. 41.1 Bn with a growth of 15%, the Earnings Per Share (EPS) grew by 50% to Rs 12.20 compared to Rs 8.16 as at the end of 2021. The Group has been able to honour maturities and claims to the tune of Rs 5.6 Bn growing by 36% compared to the previous year”. Mrs. Cooray added “these results and the many awards that both companies won during the year are the outcome of keen management insight and strategies that have been put in place and implemented meticulously, and also augurs well for the performance of the two new CEO’s who took office at the beginning of the year. I resonate the sentiments of the Board in congratulating the teams of both companies for their stellar performance and reassure all our stakeholders that we will continue to add value to them into the future as well. The Group, whilst acquiring the latest in terms of technological capabilities have implemented many initiatives to rationalize their cost structures to ensure that resource utilization is at its optimal level”. In terms of the Life Businesses PAT, the Company was able to reach 1,483.6 Mn growing by an impressive 48% compared to Rs. 1,000.5 Mn recorded a year earlier, whilst in terms of GWP the Company recorded a growth of 26% to reach Rs. 8.9Bn by the year end, which in fact is the highest growth when compared with the top 8 players in the industry, whilst growth in terms of New Business achieved is 10 times more than that of the industry average. Mr. Lasitha Wimalaratne, CEO of HNBA sharing his thoughts on the performance of the Company stated, “this has been a remarkable year for us, not only have we been able to grow in terms of all our financial indicators; we have also had the honour of being the only Sri Lankan insurer to be listed amongst the top 70 best workplaces in Asia by Great Place to Work. Apart from this, we have won many awards during the year including Gold Award for Service Sector at the CNCI Achiever Awards as well as other awards for Digital Marketing, Financial Reporting, and also for our Bancassurance Operation. The Life Fund has reached Rs 24.4 Bn while the total assets of the Company has reached Rs 33.7 Bn and an increase of Return on Equity (ROE)by 22% as at the end of 2022.” Speaking further, Mr Wimalaratne added, “the Company has made much headway in terms of increasing the output and efficiencies of both the Advisor and the Partnership business channels. The Company was able to produce 194 MDRT qualifiers with 4 TOT’s and 12 COT qualifiers including the Company’s first MDRT Lifetime Member. The Company whilst unveiling its premier health proposition SupremeHealth Unlimited during the year, which enables customers to have the best medical treatment both here and overseas, also rolled out its new branch outlook at three strategic locations offering both customers and employees the best in terms of aesthetics, ergonomics, and convenience”. “All in all”, he reiterated “the Company is well on course to reach its 5 year plan and thanked the Board, Sales force and staff for their untiring efforts in this remarkable achievement”, and re-emphasized the Company’s commitment to its customers and all stakeholders in adding value to them. HNBGI saw its GWP reach Rs. 6.8Bn growing by 21% over 2021. Mr Sithumina Jayasundara, CEO of HNBGI stated that the General Insurance business has done well amidst many a challenge with almost no new vehicle registrations and a contraction in trade and commerce, whilst also grappling with an ever-increasing claims costs. The Company’s PAT grew by 33% to Rs. 450.4 Mn from Rs. 338.1 Mn recorded a year earlier. The Company saw a healthy rise in Total Assets which grew by 13% and a ROE of 20% as at the year end. A noteworthy fact was also the improvement of the Non-Motor segment which demonstrated a growth of 46% from the previous year. Further, the Company was the recipient of the Service Sector Silver Award at the CNCI Achiever Awards in 2022 and stands as testament to the overall performance of the Company Mr. Jayasundara further went on to add, “in the business of insurance the claim becomes the moment of truth for the customer, and we have been able to take some giant strides in offering a superlative claim settlement process, we have been able to reduce claim processing and settlement times and also have very successfully incorporated digitally enabled claim intimation process adding much convenience to the customer. Our efforts in this regard have won us acclaim by the Global Banking and Finance Review in being awarded the Best Claims Management Team Sri Lanka in 2022 auguring well for the soundness of the measures that have been put in place. Our aim in the next 4 years is to get to a market share of 10%, this is a journey that we embarked upon at the beginning of this year, and I am happy to state that we firmly are on course in this regard. I wish to thank the staff and all the intermediaries for the support extended to help us achieve the results we did”. 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 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.

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22

Jul

HNB Assurance PLC and Flash Health Join Hands to Redefine Wellness for Policyholders Across Sri Lanka

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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21

Jul

HNB Assurance Celebrates its People at the 2025 Staff Conference

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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08

Jul

Lasitha Wimalaratne and Sithumina Jayasundara Appointed as Executive Directors

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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