HNBA News

HNB Assurance PLC (HNBA) recorded an impressive growth of 26% in its Gross Written Premium (GWP) as at end December 2022 to reach LKR 8.9Bn. It is pertinent to note that this is in fact the highest GWP growth rate when compared with the Top 8 players in the Life Insurance industry in Sri Lanka, and is almost three fold of that of the industry which saw a growth of 9% . In terms of new business too, the Company was able to notch up a fantastic new business growth of 30% compared to last year which is almost 10 times as much as the industry average. Sharing his thoughts on the performance of the sales teams of the Company, Mr. Lasitha Wimalaratne, CEO of HNBA opined “our growth has been driven consciously by way of acquisition of long-term endowment business that would ensure sustained growth of the business into the future”. He further went on to add, “we as team fought tooth and nail in acquiring new business whilst also working tirelessly in maintaining policy persistency; both being extremely onerous endeavours in a what was the most calamitous of environments to operate in. I am indeed most grateful to our two sales teams: the Agency Channel and the Alternate Channel teams for their phenomenal efforts in this most resounding of achievements”. He went on to add that the year saw the unveiling of the flagship health proposition in SupremeHealth Unlimited. Apart from this the Company was also the recipient of many awards both locally and internationally further affirming the solidity and all-encompassing nature of the growth that the Company has acquired for itself. The Company has also been able to produce 194 Million Dollar Round Table (MRDT) qualifiers this year up from 164 produced a year earlier. The Company unveiled its new branch outlook during the year offering a totally new experience in terms of aesthetics, ergonomics and convenience to our customers and employees alike. Chief Business Officer / GM – Advisor Distribution Channel of HNBA, Mr. Harindra Ramasinghe expressed his views stating, despite the numerous obstacles posed by the remnants of the global pandemic as well as economic and political upheaval, the HNBA Advisor Channel demonstrated unwavering performance, significantly boosting business growth. The Channel was able to contribute 56% to the total GWP of the Company growing by 19% to reach LKR 4.8 Bn as at the end of 2022. The growth was made possible by the expansion of the channel to burgeoning markets throughout the country. Recruitments campaigns were conducted national wide resulting the growth of the Advisor Force as well. With gratitude to the Advisor Force, Field Management , Distribution Management Team and the Sales Training Team, I’m confident that this momentum will continue into 2023 as well. Our channel produced 83 MDRT qualifiers during the year which is indeed a significant achievement”.  Mr. Sanesh Fernando, Chief Business Officer / GM - Partnership Business, sharing his thoughts on the growth of the Alternate Channel stated “The Alternate Channel team recorded expectational results in 2022 with Total GWP growing by 34% compared to the previous year to reach LKR 4.2 Bn . The Channel was also honoured to have received the Best Bancassurance Service Provider for the third consecutive year by the Global Banking and Finance Review and stands as testament to the resilience and vitality of the channel. I wish to very sincerely extend by most heartfelt appreciation to the Management of HNB, Other banking partners and all the insurance brokers who have been a pillar of strength in our growth thus far, as well as to our other partners who have been part of parcel of our growth”. He further went on to add that “with the development of other alternate channels of business we are poised for a high growth trajectory and I’m confident that our team will no stone unturned in achieving the objectives set for 2023”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 64 branches. HNBA is a Life Insurance company with a rating of 'A-' (lka) by Fitch Ratings Lanka for 'National Insurer Financial Strength Rating'. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a 'National Insurer Financial Strength Rating' of 'A-' (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.