HNBA News

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."

HNB Assurance PLC recently hosted its highly anticipated Sales Convention for 2023, filled with glitz and glamour. Held at the Shangri-La Colombo, the gala event welcomed over 900 participants nationwide, solidifying its status as the largest convention in HNBA's history.

The Advisor Distribution Channel was responsible for delivering a remarkable growth in New Business premium by 37% and GWP growth by 24% which contributed to the overall success of HNBA, in 2023. The convention served as a platform to honor and celebrate the remarkable achievements of over 500 outstanding performances of the Advisor Distribution Channel, under the categories Bronze, Silver, Gold, Super Gold, Premier Gold and Grand Awards. Further, 92 MDRT qualifiers along with 03 COT and 02 TOT winners were felicitated during the event. The pinnacle awards of the night for ‘Best Sales Advisor’ and ‘Most Valued Distribution Manager’ were awarded to Ms. Shamali Liyanage and Mr. Lakmal De Silva. 

Mrs. Rose Cooray, Chairperson of HNB Assurance PLC, expressed her delight at the outstanding performance of the Advisor Distribution Channel during the year 2023, stating, "I’m extremely proud to be here tonight where we honor, in my opinion, the heartbeat of HNB Assurance - our Advisor force. Year after year, despite the challenges that were thrown their way, the advisor force has consistently demonstrated resilience and driven towards our company's goals, which is why we can confidently claim that we have the best advisors in the country. I’d like to extend my heartfelt congratulations to all the winners today, as we move forward, I am confident that our pursuit of excellence will continue to propel us towards greater heights, while we continue serve and earn trust of our policyholders.”

CEO of HNB Assurance, Mr. Lasitha Wimalaratne was full of praise for the achievements of the Advisor Distribution Channel, stating “02 years ago when we locked in on the goal of achieving 10% market share by 2026, we knew it certainly wasn’t going to be an easy task. Thanks to the incredible efforts of our Advisor Distribution Channel, we've not only made significant strides but consistently surpassed expectations, while moving towards our goal. To grow twice the industry consistently is no easy task, it takes a great team and an extraordinary effort to deliver results like this. As we celebrate achievements and other important milestones, I want to express my heartfelt gratitude to everyone. Congratulations once again and keep up the good work.”

“While meeting KPIs remains crucial, our primary focus as a company is on elevating the average income of our advisors,” emphasized Mr. Harindra Ramasinghe, Chief Business Officer – Advisor Distribution Channel. “Being part of this event, the largest Sales Convention ever hosted by HNB Assurance, is truly an honor. It signifies not just our growth as a company but also realizes our commitment to empowering our advisors. I would like to extend my heartfelt gratitude to our esteemed field management team, which includes our SBU Heads, Zonal Managers, Cluster and Branch managers, trainers and every other individual who played a pivotal role in supporting the efforts of our dedicated sales force. I also want to take this opportunity to congratulate all the winners. Your hard work, dedication and exceptional performance have truly set you apart.”