HNB Assurance PLC(HNBA)and its fully owned subsidiary HNB General Insurance Limited(HNBGI)posted a Profit After Tax (PAT) of LKR 176MN for the secondquarter of 2017, reflecting a phenomenal growth of 332% compared to the PAT of LKR 41 MN recorded during the same period of 2016. The impressive performance of the Group reflected in all performance indicators. The Parent Company, HNBAposted a PAT of LKR 100MNmarking a growth of 54% while its subsidiary with a PAT of LKR 76 MN recorded a more impressive growth of 414% in PAT. During the secondquarter of 2017, the Group achieved a 22% growth in its Gross Written Premium(GWP), depictinga valueof LKR 3.8BN as against the GWP of LKR 3.1BN recorded during the comparable periodin2016. The Life Insurance segment contributeda GWP of LKR 1,919MN and the General Insurance segment contributeda GWP of LKR 1,901 MN to the overall GWP. The Life and General Insurance segments recorded Premium growth rates of 17% and 27% respectively. During the second quarter of 2017, the group recorded an investment income growth of 54% reaching a value of LKR 771 MN against LKR 500 MN recorded during the same period of 2016. The Total Assets of the Group reached a value of LKR 16 BN and Investments in Financial Instruments reached a value of LKR 13 BN. During the same period the Life Insurance Fund and General Insurance Fund grew by 14% and 29% reaching values of LKR 10 BN and LKR 2.5 BN respectively. Sharing her thoughts on the Group’sfinancial performance, Chairperson of HNBA and HNBGI Mrs. Rose Cooraystated, “We are indeed delighted to announce the results of another successful quarter. Both Life and General Insurance segments have showcased steady revenuegrowths. The concerted and well targeted efforts the Group has taken throughout 2017 to grow profitable business has made both HNBA and HNBGI more resilient and competitive Insurance companiesin the industry. The Group continues to leverage on its core competencies in stabilizing its market share by delivering asubstantial long-term value to our shareholderswhilst meeting all our obligations to our valued customers with highest responsibility. These financial results are a testament of the Group’s continuous financial stability and its growth momentum”. Speaking on the financial performance of the Group, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated, “Despite many tough challengesin a rapidly changing market, the Group has made significant strides by creating a stronger platform for growth by delivering a steady financial performance. This growth momentumof the Groupshowcases the strength of our business strategyand we are confidentthat both our Life and General Insurance companies will reach out as strong players in this industry”.
Jul
A key leadership announcement was made as Lasitha Wimalaratne has been appointed as an Executive Director/CEO of HNB Assurance PLC, while Sithumina Jayasundara has been appointed as an Executive Director/CEO of HNB General Insurance Limited.Both Lasitha Wimalaratne and Sithumina Jayasundara presently serve as the Chief Executive Officers of HNB Assurance PLC and HNB General Insurance Limited, respectively.Speaking on their appointment, Stuart Chapman, Chairman of HNB Assurance PLC and HNB General Insurance Ltd, stated “I’d like to extend my warmest congratulations to both Lasitha and Sithumina on their appointment to the respective Boards. Their leadership and contributions to both companies have been instrumental in driving growth and stability across the businesses, and I am confident that their appointment will further strengthen our strategic direction and enhance shareholder value.”Lasitha Wimalaratne has overall over 27 years of career experience with 24 years in the field of Life Insurance inclusive of 7 years of multinational experience at Aviva and AIA groups and 3 years of retail Sales and Marketing exposure in London.Prior to joining HNB Assurance PLC he functioned as the General Manager - Life Operations and Specified Officer at Softlogic Life Insurance PLC. Lasitha Joined HNB Assurance PLC in 2019 and served in the capacity of Chief Operating Officer and Principal Officer prior to being appointed as the Chief Executive Officer of HNB Assurance PLC. Lasitha holds a Master of Business Administration Degree (MBA) from the University of Wales, UK and a B. A. (Hons) Degree in Business Studies from the University of Sunderland, UK. He is a Chartered Insurer and a Fellow Member of the Chartered Insurance Institute (FCII). Lasitha is also a Fellow of the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and an Associate Member of the Chartered Institute of Marketing, UK (ACIM). Lasitha functions as the President of the Insurance Association of Sri Lanka (IASL) and served as the President of the Sri Lanka Insurance Institute (SLII) for the period of 2019-2021. Further, he was the Founder Secretary General of the Chartered Insurance Professionals (ACIP) and served as a Council Member until March 2021. Lasitha also was a Board Director of Biodiversity Sri LankaSithumina Jayasundara, has over 27 years of experience in the Sri Lankan insurance landscape. His journey began with leadership roles in Non-Life insurance business at prestigious companies like Asian Alliance, MBSL, Janashakthi, and Eagle Insurance. He further broadened his expertise through international training programmes and conferences, specialising in Re-insurance. In 2014, Sithumina joined HNB General Insurance Limited, quickly rising through the ranks. He was appointed to the Group Executive Committee in 2015 and subsequently took on the responsibilities of Chief Technical Officer, Specified Officer, Chief Operating Officer, and Principal Officer. Beyond his corporate achievements, Sithumina actively contributes to the industry’s development. He was the Past President of the Sri Lanka Insurance Institute (SLII) and is a founding Council Member of The Association of Chartered Insurance Professionals (ACIP) in Sri Lanka. He also serves on the Insurance Association of Sri Lanka (IASL). Sithumina’s academic qualifications are equally impressive. He holds a Master’s Degree in Business Administration from Cardiff Metropolitan University, UK, and is the Sri Lanka award winner of the Advanced Diploma in Insurance (ACII - UK) and is a Chartered Insurer. Additionally, he holds the Senior Associateship of the Australian and New Zealand Institute of Insurance and Finance. He also currently serves as a member of the Expert Advisory Committee for the InsurInnovator Connect Global Series Events – Asia 2025.
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Jul
HNB Assurance PLC was recognized by Parenthood Global as one of the Most Outstanding Mom-Inclusive Workplaces for the second year in a row. This prestigious accolade reflects the company’s continued commitment to creating an inclusive, empathetic and empowering work environment for mothers in the workforce.Going a step further, Parenthood Global also honored five exceptional mothers from HNB Assurance as Outstanding Mom Leaders, acknowledging their ability to excel both as professionals and as parents.At the heart of this recognition lies HNB Assurance’s consistent efforts to support working mothers through policies and initiatives that foster balance, growth, and wellbeing. The company has implemented several people-centric benefits such as extended maternity and paternity leave, caregiver leave, flexible working arrangements, wellness support, and reimbursement of professional development costs, all designed to help mothers navigate both career and family responsibilities with confidence.Commenting on this milestone, Mr. Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, stated, “Being recognised for the second consecutive year as a mom-inclusive workplace is an incredible honor. At HNBA, we believe that empowering our people, especially working mothers, is key to building a resilient and compassionate organization. We are proud to have created a space where motherhood is embraced, not seen as a limitation, but as a strength that adds immense value to our culture and our success.”Ms. Navin Rupasinghe, Head of Human Resources at HNB Assurance PLC, also shared his thoughts on the recognition, “Our people are the heart of everything we do, and this award is a validation of the thoughtful and deliberate steps we have taken to ensure that mothers at HNBA feel seen, supported, and celebrated. From career mobility to emotional wellbeing, we are committed to enabling an ecosystem where our employees can thrive in all aspects of their lives, regardless of their background.”
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Jul
HNB Assurance PLC (HNBA) proudly launched HNB Assurance FamilyGuard, a comprehensive insurance product specifically designed for Sri Lankans employed overseas. The product aims to support migrant Sri Lankans by enabling them to build a reliable retirement fund while ensuring their loved ones back home are financially protected.FamilyGuard offers a well-rounded solution that blends long-term financial planning with robust life insurance protection. It provides a range of built-in benefits including Death Benefit, Accidental Death Benefit (ADB), Partial and Total Permanent Disability (PPD) and Waiver of Premium (WOP) due to either death or total permanent disability. These benefits are further complemented by flexible maturity options and a secure investment component designed to generate strong long-term returns, making FamilyGuard a practical and future-ready choice for overseas workers.“At HNB Assurance, we are continuously evolving to cater to the diverse and changing needs of our customers,” stated Lasitha Wimalarathne, CEO of HNB Assurance PLC. “The launch of FamilyGuard reflects our efforts to supporting the aspirations of Sri Lankans working overseas, who often sacrifice so much for the wellbeing of their families. This product is not only about protection, it is about planning for a dignified, financially secure future. We are also strategically equipping our business to be agile, responsive and innovation-led to meet these evolving customer needs.”Speaking about the strengths and features of the product, Dinesh Udawatta, Chief Technical Officer of HNB Assurance, noted, “FamilyGuard has been thoughtfully crafted with features that address the real-world risks faced by overseas workers. From comprehensive life coverage and disability protection to the Waiver of Premium option that ensures policy continuity during times of hardship, we have designed a solution that is both protective and empowering. Its investment element ensures that policyholders can systematically build a secure retirement fund while they are employed abroad.”Nalin Subasinghe, Chief Actuarial Officer of HNB Assurance, stated, “FamilyGuard has been priced to deliver great value to our policyholders. We have balanced affordability with long-term financial growth by optimizing premium allocation and minimizing frictional costs, allowing a greater portion of the customer’s contribution to be invested for high returns. This approach ensures that our overseas customers receive not just protection, but meaningful financial progress as they prepare for a secure retirement.”Customers can find out more about HNB Assurance FamilyGuard by vising www.hnbassurance.com or calling the company’s Assurance Line on 1301. Further, HNB Assurance PLC is regulated by the Insurance Regulatory Commission of Sri Lanka (IRCSL) and customers are advised for more details on benefits, exclusions, terms and conditions, to read the policy document carefully before concluding a sale.
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