HNBA News

HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) are pleased to announce the appointment of Mr. Stuart Chapman as the new Chairman, succeeding Mrs. Rose Cooray. With an exemplary career spanning four decades in multinational and local companies across diverse industries and particularly Insurance, Mr. Chapman brings a wealth of expertise to the organization.

Mr. Chapman holds an MBA from the University of Colombo, a Diploma in Marketing from the Chartered Institute of Marketing (CIM-UK), a Diploma in Life Insurance Sales and Marketing from the Life Underwriters Training Council (USA) and a Diploma in Business Management from the National Institute of Business Management (NIBM). His professional affiliations include being a Fellow Member of the Chartered Institute of Marketing (UK) and the Institute of Management (UK) as well as a Member of the Institute of Certified Management Accountants (Australia).

In addition to 16 years in insurance, Mr. Chapman has also held leadership positions in industries such as Healthcare, FMCG, Consumer Durables, Banking and Telecommunications. He has previously served as the Managing Director of GlaxoSmithKline (GSK) Pharmaceuticals, Director Life at Ceylinco Insurance, Managing Director LOLC, Director/CEO of Janashakthi Insurance, Marketing Director Reckitt Benckiser, and Senior Brand Manager Unilever, among other significant roles.

Expressing his thoughts of his new role, Mr. Chapman stated, "I am honored to assume the position of Chairman at HNBA and HNBGI. Our companies have established a great foundation and a remarkable growth trajectory over the past couple of years. My goal is to support and enhance this growth while gearing the company to take full advantage of upcoming regulations and technological advancements that will shape the companies’ momentum in the years to come. With the incredible talent we possess and the unstinted support from HNB, I am confident that we have what it takes to deliver exceptional business results. Understanding Customers better, providing innovative and differentiated Customer solutions and enhancing shareholder value will be at the core of everything we do’. 

Mr. Chapman currently serves as an Independent Non-Executive Director of Hemas Pharmaceuticals (Pvt) Limited and United Motors Lanka PLC. He has also been a vital part of industry associations, having held roles such as the Honorary President and Founder Member of the Chartered Institute of Marketing Sri Lanka, President of the Sri Lanka Chamber of the Pharmaceutical Industry and Co-Chairman of the Pharmaceutical & Cosmetics Steering Committee of the Ceylon Chamber of Commerce.

HNB Assurance PLC and HNB General Insurance Ltd were recognized as “Company with Great Managers” at the CLA Leadership Excellence and CLA Great Managers Awards 2024, for the second consecutive year. This prestigious recognition was conferred in recognition of HNBA and HNBGI being benchmarked with best practices and a culture demonstrating great leadership and managerial quotient while providing an eco system to nurture great managers.

Furthermore, six Managers from HNB Assurance and three Managers from HNB General Insurance were honored as Great Managers during the ceremony. The recipients were Kamini Gunawardene - Head of Marketing, Kulunu Herath - Senior Manager Finance, Mahesh Rodrigo -Senior Manager Alternate Channel,  Ranjeewa DE Z Gunawardena - Senior Manager Sales Support, S Paranthaman - Regional Manager, Adnan Izath, Manager Actuarial from HNBA and  Subashini Duraiswamy – Senior Manager Reinsurance, Anushika Wickramasinghe - Senior Manager Motor Insurance and Prasad Rodrigo – Manager Broker Business Development from HNBGI.

Over the years HNBA has been committed to nurturing strong leadership qualities through training and development, aiming to empower managers to become inspiring and influential leaders. Sharing his thoughts on the achievements, Mr. Lasitha Wimalaratne, CEO of HNBA stated, “Firstly, I'd like to extend my congratulations to the six recipients of the Great Manager Award. This recognition truly reflects their passion and expertise in delivering business objectives while ensuring their teams thrive and excel. I strongly believe our employees and the culture at HNBA are our biggest strengths. That's why we're dedicated to investing in our team, using local and international resources to give them the best chance to grow. This investment has and will continue to help each person develop and also strengthen our ability to innovate and succeed in the dynamic world of life insurance. I’d also like to extend my sincere thanks to the Colombo Leadership Academy for recognizing HNBA as a “Company with Great Managers.”

Echoing similar sentiments, Mr. Sithumina Jayasundara, CEO of HNB General Insurance, added, “It is an immense honor to be recognized as a “Company with Great Managers” for the second consecutive year. I certainly believe that this recognition is not just an acknowledgment of individual achievements but also a reflection of the collaborative and supportive environment we strive to maintain within our company. Our managers work tirelessly to create a positive atmosphere for their teams, ensuring that each member can contribute meaningfully and grow within the company. As a result, this approach helps us not only meet but exceed the expectations of all our stakeholders while being a competitive General Insurance services provider in the industry.”

HNB Assurance PLC (HNBA), kicked off the year 2024 on an impressive note, showcasing robust performance in the first quarter. Driven by a clear strategic vision, HNBA has proven its adaptability, strength and growth potential yet again, seamlessly navigating the ever-changing insurance landscape. At the end of Q1 HNB Assurance posted a Gross Written Premium (GWP) of LKR 3.3 billion while HNB General Insurance recorded an impressive LKR 2.9 billion. “The formula for us has been quite simple, expand our reach while creating maximum value for our customers”, stated Mrs. Rose Cooray, Chairperson of HNBA and HNBGI. "We have been extremely fortunate to witness this philosophy not only guide our endeavors but also enable us compete and grow within a highly competitive industry. I am pleased to note that during Q1 of 2024, our GWP once again surpassed last year's performance by an impressive 13%, reaching a total of LKR 6.2 billion. Additionally, as a group, we expanded our total assets by LKR 4 billion, reaching a milestone of LKR 55 billion. Our Financial Investments portfolio also experienced significant growth, rising to LKR 46 billion from LKR 43 billion when compared to the same period last year. Our consistent growth across all areas, I believe, has positioned us for sustained success within this dynamic and highly competitive environment." Mr. Lasitha Wimalaratne, Chief Executive Officer of HNB Assurance PLC, expressed his delight with the company's Q1 financial performance, stating, "I'm delighted to state that the efforts and diligence of our teams have once again yielded positive results for us, contributing to our sustained growth and success as a company. Notably, our Life Insurance business achieved a remarkable 14% growth, reaching an impressive LKR 3.3 billion in GWP which included a New Business Premium growth of 34% against an industry growth of 24% and a long term Endowment growth of 23% against an industry growth of 15%. Moreover, our Life Insurance Fund experienced substantial growth, exceeding LKR 2.5 billion to reach a significant milestone of LKR 33 billion during the first quarter. As we prepare for forthcoming changes, including the implementation of IFRS 17 and the fruition of our digital investments, I am confident in our ability to enhance our customer experience and accelerate our growth trajectory." Chief Executive Officer of HNB General Insurance, Mr. Sithumina Jayasundara, opined “Q1 has always been crucial for us in terms of setting the tone for the year and I’m delighted to note that we have recorded an impressive 9% growth in GWP to reach LKR 2.9 billion when compared to the same period last year. In terms of our non-motor business we recorded a 15% growth against the industry which showcased no growth while our overall business including motor and non-motor recorded a 9% growth against the industry growth of 0.8% which is 09 times the industry growth rate. We also witnessed substantial growth with our total assets, growing to LKR 10.9 billion from LKR 9.6 billion. Furthermore, we achieved a significant milestone by initiating our compliance journey with the International Financial Reporting Standard (IFRS) 17, pioneering the industry's adoption of WTW’s ResQ Financial Reporter (FR), a move which underscores our commitment to transparency and regulatory adherence. Additionally, our strong and growing partnership with Hatton National Bank was recognized once again as we proudly received the prestigious Best General Bancassurance Provider award for the second consecutive year."