HNBA News

In an effort to demonstrate its continued commitment to exceptional service and customer convenience, HNB Assurance PLC (HNBA) has launched a 24-hour call center, enabling policyholders to connect with the company on all matters related to customer service at any time, from anywhere using the short code 1301. While customer service support is now available 24/7, hospitalization claims-related services will continue to be handled as per the specific instructions issued to the policyholder at the time of obtaining a policy.

HNB Assurance has experienced consistent growth, recording an impressive average growth rate of 26% over the past four years. The company’s momentum and customer-centric focus have paved the way for initiatives such as the 24-hour call center, designed to strengthen policyholder engagement and ensure seamless service delivery.

“Exceptional customer service is not just a value we uphold; it is a critical pillar of our strategy to achieve a 10% market share by 2026” said Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance. “Making our call center available 24 hours a day, 365 days of the year, ensures our policyholders are supported when they need us most, reinforcing the trust they place in us every day. Additionally, our significant investments in digital transformation to make interactions of our policyholders with us seamless, to initiatives like this, all aim at delivering our broader mission to continuously enhance our customer experience”. Speaking further he went on to add “as an industry, as we push towards greater insurance penetration, it is important that players do everything in their power to foster greater levels of confidence and convenience to the customer”.

Earlier this year, HNB Assurance also unveiled a dedicated Customer Service Centre, a thoughtfully curated space designed to create personalized and streamlined interactions. Together with the 24-hour call center, HNB Assurance continues to reimagine and elevate every aspect of the customer journey.

“Our newly enhanced 24-hour call center operation and the upgraded Customer Service Centre we opened earlier this year are all part of our ongoing efforts to elevate and refine every touchpoint so as to offer a superlative customer experience that truly differentiates us from the competetion,” added Dinesh Yogaratnam, Chief Marketing and Customer Experience Officer / General Manager of HNB Assurance. “We recognize that as a company we offer something that is intangible, protection, trust and peace of mind and for that, we need to be with our customers at all times. Hence, these initiatives are not standalone, they are integral to how we plan to grow, not just in size but in the value and care we offer to every policyholder.”

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.”

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 portfolio

In 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 "