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.
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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Aug
HNB Assurance PLC, one of Sri Lanka’s fastest-growing insurance providers, has been recognized as the Best Life Insurance Company – Sri Lanka 2024 by Global Brands Magazine, UK. This international accolade emphasizes HNBA’s position as a strong player within the life insurance sector, continuously raising the bar in customer experience, innovation and industry excellence.Throughout the year, HNBA has been celebrated with numerous local and international accolades, including being named the Insurance Sector Winner at the National Business Excellence Awards and Runner-up for Excellence in Local Market Reach (National Level). The Company has also been recognized as the Best Life Bancassurance Provider by the Global Banking and Finance Review for five consecutive years, listed among the top 40 Best Workplaces in Sri Lanka and ranked 09th among large scale work places by Great Place to Work, honored as Sri Lanka’s Most Outstanding Women Friendly Workplace 2024 and acknowledged as a Company with Great Managers.These recognitions highlight the balance of HNBA’s focus on business performance, the strength of its people, and a culture that empowers growth, the very foundations that have made the Company one of the strongest and most respected players in the insurance industry today.Speaking about the award, Mr. Lasitha Wimalarathne, Executive Director / Chief Executive Officer of HNB Assurance, stated, “Being recognized as the Best Life Insurance Company by Global Brands Magazine is an honor, as this award validates the collective efforts of our dedicated team and our commitment to protecting the dreams and aspirations of our policyholders. Our journey of growth and recognition is driven by a simple principle, keeping our customers at the heart of everything we do, while embracing innovation and building trust across every interaction. Our strong financial performance reflects this and gives us the confidence to expand further in delivering meaningful protection to all Sri Lankans. My sincere thanks to the Global Brands Magazine for this recognition and I dedicate this award to every single person who is a part of the HNBA family.”
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