HNBA News

HNB Assurance PLC (HNBA) and its subsidiary, HNB General Insurance Ltd (HNBGI), have delivered exceptional financial results for Q2 2025, reinforcing their strong market position while showing robust growth across key metrics and reinforcing its solid position in the market.

For the first six months of 2025, the Group’s Gross Written Premium (GWP) rose 30% to Rs. 14.3 billion from Rs. 10.9 billion in 2024. Profit After Tax (PAT) increased 10% to Rs. 519 million (excluding Life Insurance Surplus Transfer), while total assets reached Rs. 70.2 billion, up from Rs. 62.4 billion a year earlier. Investment income climbed 6% to Rs. 4.0 billion. The Group honored Rs. 3.8 billion in net claims and benefits, a 15% increase, reflecting its strong policyholder commitment. Assets Under Management (AUM) grew to Rs. 61 billion, and Basic Earnings Per Share (EPS) rose to Rs. 3.46 from Rs. 3.16.

“Our strategy has always been straightforward, expand our footprint while delivering greater value to our customers and strive to be consistent at it,” said Mr. Stuart Chapman, Chairman of HNB Assurance and HNB General Insurance. “This focus has enabled us to strengthen our position in the market and sustain the strong momentum we have built over the years, positioning us well for the future in order to generate value for all our stakeholders.”

HNB Assurance PLC recorded a 35% GWP increase to Rs. 8.6 billion in Q2 2025 from Rs. 6.4 billion in Q2 2024. PAT for the life business grew 17% to Rs. 428 million (excluding Life Insurance Surplus Transfer). The Life Fund expanded to Rs. 44.1 billion from Rs. 35.2 billion, underscoring long-term stability. Net Claims and benefits incurred rose 33% to Rs. 1.9 billion from Rs. 1.4 billion, and investment income increased 8% to Rs. 3.6 billion.

“Our strategic focus on expanding our product offerings and enhancing customer service has yielded impressive results,” said Lasitha Wimalaratne, Executive Director/CEO of HNB Assurance PLC. “The double-digit growth in our GWP and Life Fund, coupled with a significant increase in claims paid, demonstrates our commitment to our customers and our strong financial foundation.”

HNB General Insurance Ltd (HNBGI) achieved Rs. 5.6 billion in GWP for the six months, a 23% increase from 2024, and settled claims worth Rs. 2.1 billion. The company’s total growth of 23% more than doubled the industry average which was at 11%. Its non-motor portfolio delivered the highest industry growth at 35% versus 4% sector growth, driven by the fire and engineering segment which posted an exceptional 49% growth against the industry’s 4%.

“Our ability to stay ahead of the industry comes down to two things, the dedication of our people and the strength of our business model, which is to staying closely aligned to emerging trends and other developments taking place within the General Insurance industry,” said Sithumina Jayasundara, Executive Director/CEO of HNB General Insurance. “We have seen strong growth in our GWP, managed our contract liabilities wisely and delivered a healthy boost in profits. Additionally, this quarter was extra special with the launch of HNBGI NEXA, our AI-powered chatbot, a clear indication that as we are getting bigger, we are getting better.”

HNB Assurance PLC, recognized as Sri Lanka’s Best Life Bancassurance Provider for five consecutive years by Global Banking and Finance Review, has entered a strategic partnership with the State Mortgage & Investment Bank (SMIB), marking the beginning of a bancassurance collaboration.

This partnership aims to offer tailored insurance solutions to SMIB’s valued customer base, enhancing accessibility and protection through financial synergy. Having already signed a Memorandum of Understanding (MOU) to offer Decreasing Term Assurance (DTA) solutions, the collaboration now moves into full implementation, strengthening HNBA’s reach through SMIB’s island-wide branch network. This partnership is expected to play a vital role in delivering comprehensive financial protection to customers, with customized life insurance solutions to meet evolving needs.

Speaking on the significance of the partnership, Mr. Lasitha Wimalarathne, Executive Director / CEO of HNB Assurance, stated, “This partnership is a timely step forward in our journey to expand bancassurance reach across Sri Lanka. SMIB’s strong customer base and trusted reputation make them an ideal partner. As a company recognized as the Best Life Bancassurance Provider for five consecutive years, we look forward to offering their customers seamless, meaningful protection solutions that align with their life goals. I would also like to congratulate all the teams who worked tirelessly in ensuring that this partnership was brought to life.”

Mr. Thushara Asuramanna General Manager / CEO of SMIB, added, “Our aim has always been to deliver value-driven services to our customers. Partnering with HNB Assurance, an industry leader in providing bancassurance solutions, enables us to enhance our offering with customized protection solutions. We believe this collaboration will add significant value to our customers’ financial journeys.”

Also sharing his thoughts, Mr. Sanesh Fernando, Chief Business Officer / GM – Partnerships, HNB Assurance, opined, “Bancassurance remains a critical channel in driving insurance penetration. This partnership with SMIB is a strategic move to widen our presence and offer personalized protection to more Sri Lankans. With SMIB’s deep community ties and our innovation-led approach, we are confident of delivering impactful results. My sincere thanks to the management of SMIB for their continuous support extended.”

HNB Assurance PLC was recognized with two significant accolades at the National Business Excellence Awards 2025, hosted by the National Chamber of Commerce of Sri Lanka. HNB Assurance was crowned Winner in the Insurance Sector, while also being awarded Runner-Up in Excellence in Local Market Reach, a prestigious national-level award, affirming the company’s strong performance, both in terms of delivering business excellence within the insurance industry and deepening its presence across diverse local markets through impactful customer engagement and service delivery.

The National Business Excellence Awards is a premier awards program that evaluates and celebrates business entities in Sri Lanka that have demonstrated excellence across key dimensions including leadership, market performance, corporate governance, capacity building and social responsibility. The dual recognition marks a major milestone in HNB Assurance’s journey of consistent performance and commitment to delivering value to its stakeholders.

Speaking on the achievement, Mr. Lasitha Wimalaratne, Executive Director / Chief Executive Officer of HNB Assurance PLC, stated “Being recognized at such a respected platform is both an honour and a humbling reminder of the responsibility we carry. Winning the award for the Insurance Sector reflects our strength as a business, the strategic clarity of our vision, and the tireless dedication of our people. Meanwhile, being acknowledged for Excellence in Local Market Reach at a National Level, is a testament to efforts made by our sales force and the impact we have created across Sri Lanka from urban centres to underserved rural communities. Our purpose has always been to protect lives and empower futures and these recognitions inspire us to aim even higher. Finally, my sincere thanks to the National Chamber of Commerce of Sri Lanka for providing this esteemed platform and for recognizing our efforts, honours such as these inspire us to continue making a meaningful difference.”

Over the years, HNB Assurance has embraced a people-first approach, transforming the insurance experience through innovation, digital integration and a deep understanding of evolving customer needs. The company’s agile business model and nationwide presence have enabled it to build enduring relationships with individuals, families and businesses. In recent years, HNBA has also made strategic investments in customer experience, claims process enhancement and inclusive product development. Beyond business success, HNB Assurance continues to play an active role in corporate sustainability, with its initiatives spanning health, education and environmental protection, ensuring its growth contributes meaningfully to the wider social fabric of Sri Lanka.