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HNB Assurance Group Delivers OutstandingFinancial Results for Q1 2018

HNB  Assurance Group  deliveredasuperlativefinancialperformance,  reporting  a Profit After Tax (PAT)of LKR 699 MN for Q1 2018 reflecting a steadygrowth of 844% in  comparison  tothe  PATof  LKR  74  MN  recordedduring  the  corresponding  period  of 2017.This  growth  mainly  resulted  due  to  the  transfer  of  One-off  surplus  of  LKR381 MNto Shareholder Fund from Non-Participating Policyholder Fund due to thechange in liability valuation  method  and  the  surplus  transfer made during  the  first quarter 2018amounting to LKR210 MN. In  analyzing  the  financial  results  of  the  periodunderreview,  the  Group  recorded  a Gross Written Premium (GWP) of LKR 2.19BN, depicting aconsolidatedgrowth of 15% in  comparison withthe  GWP  of  LKR  1.9  BNrecorded  during  the  first  quarter  of  2017. The  Parent  Company,  HNB  Assurance  PLC  (HNBA)  recorded  a  GWP  of  LKR  1.06  BN when compared withthe GWP of LKR 988 MN recorded during Q1 2017. The subsidiary, HNB General Insurance Limited (HNBGI) recorded a GWP of LKR 1.14 BN against a GWP of  LKR  929  MN  recorded  during  the  corresponding  period  last  year,  reflecting  a growth of 22%. Together with the One-off Surplus,HNBA posted a PAT of LKR 658 MNfor  the  period,  recording  a  growth  rate  of  1,159%while  the  PAT  excluding  One-off Surplus and Surplus Transfers during Q1 marked a 28% growth. HNBGI recorded a PAT of  LKR  41MNwhen  compared  with the  PAT  of  LKR  22MN  recorded  during  the  first quarter of 2017, showcasing a growth of 88%. Sharing  her  views  on  the  financialresults,  Chairperson  of HNBA  and  HNBGIMrs.  Rose  Cooraystated “In  a  challenging period  forthe  entireinsurance  industry,  the  Company  was able todeliver steady financial results for the first quarter of 2018.These results   showcasetheeffectiveness   of   our customer centric strategies and the Company’s day-to-day focus  on  operationalefficiencies  in  capturing  new  market segments. These  financial  results  reassure  stability  andthe
positivegrowthmomentumof theGroupand will continue to steer its course through challenging  market  conditionsby  focusing  on  its  strengths,  core  competencies  and synergies  of  the  Group.It  is  pertinent  to  note  that  the PATof  the  Life  Insurance Company includes a surplus transfer of LKR210MN made as per the recommendation of the Consultant Actuary, subsequent to thevaluation of the Life Fund as at the end of1Q 2018. Further, the Company also transferred LKR 381 MN toShareholdersFund, with  the  approval  of  the  Insurance  Regulatory  Commission  of  Sri  Lanka  (IRCSL),  as One-off Surplus arising from Non-Participating Life Insurance Fund due to the change in the valuation method of the Life Fund as per the regulations of the IRCSL.The one-off surplus will be kept as a Restricted Regulatory Reserve as per the Directions of the IRCSL. Speaking   on   the performanceof   the   Group,   Managing Director/CEO  of  HNBA  and  HNBGI  Mr.  Deepthi  Lokuarachchi stated  “In   spite   of   several macro-economic   challengesprevailinginthe  country,the  Group  was  able  to  achieve  aGWPgrowth  of  15%  during  the  first  quarter.TheIndividual and  Corporate  policies  of  the  Life  Insurance  Company and categories  such  as  Fire,  Motor  and  Marine  of  the  General Insurance  Company  depicted  a  promising  growth.  During the first  quarter,  Total  Assets  of  the  Group  reached  LKR  19 BN  and  the  Investments  in  Financial  Instruments  surpassed  the  mark  of  LKR  15  BN. The  Life  Insurance  Fund  andthe  General  Insurance  Fund  reached  values  of  LKR  10.9 BN   and   LKR   2.5   BNrespectively”.Speaking  on  the  Group’s  future  outlook  Mr. Lokuarachchi added “These results are a testament to theefforts, strategiesand the positive directionof the Group. The Group’s performance ambitions remain high as we continue  to  develop  dynamic  products  and capture growing  markets in  both Life and General Insurance segments whilst sustaining ourcore business modelto benefit our stakeholders”.

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09

Sep

HNB Assurance Celebrates Insurance Month with Renewed Commitment to Protection and Progress

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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27

Aug

HNB Assurance amongst Sri Lanka’s 10 Most Outstanding Women-Friendly Workplaces once again

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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27

Aug

HNB Assurance Crowned Best Life Insurance Company by Global Brands Magazine

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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