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."
Jan
HNB Assurance recently concluded its much anticipated Partnership Life 2025 event, a gathering dedicated to recognizing the exceptional contributions of its Partnership Channel in 2024, while outlining its vision for 2025. Last year, the Partnership Channel reached unprecedented heights, achieving a Gross Written Premium (GWP) of over LKR 6.5 billion, a remarkable 31% year-on-year growth. The channel's New Business Premium (NBP) surpassed LKR 1.4 billion, reflecting a stellar 39% increase compared to the previous year.Speaking at the forum Mr. Lasitha Wimalaratne, CEO of HNB Assurance, remarked, "Having witnessed our journey over the past few years and reflecting on our achievements from last year, I can confidently say that we have the strongest or the best Bancassurance channel in the country. As we set our goals for the year ahead, I want to emphasize that our success is built on this incredible team’s dedication, expertise along with the strong support and commitment of our partners. As a company, while we aggressively drive growth, we have also strengthened our processes and infrastructure to enhance efficiency and better support each of you. With this strong foundation, I am confident that we can fully capitalize on the momentum and potential while together, through our collective efforts, we will reach even greater heights this year.""Partnership Life 2025 is more than just a celebration, it is a reflection that encapsulates not only the professional journey of our team but supports the well-being of their entire life, hence the name Partnership ‘Life’," said Mr. Sanesh Fernando, Chief Business Officer – Partnership Business. “Looking back on the past year, I’m proud to say it was an exceptional one for us, marked by growth across nearly every area of our business. What stands out most is the outstanding achievement of 135 MDRT qualifiers, including 22 COTs and 3 TOTs, which is a testament to the talent and caliber of our team. I must also convey my heartfelt thank you to Hatton National Bank, our other partner banks and broker network for their support. These partnerships are what continues to drive our shared journey towards excellence,” Mr. Fernando added.
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Jan
HNB Assurance PLC (HNBA), entered a strategic partnership with Singer Sri Lanka, a trusted name in retail with an extensive network of outlets Nationwide. This collaboration aims to provide HNBA policyholders the convenience of paying their insurance premiums, reinforcing the company’s commitment to customer-centric solutions.With Singer’s 400+ outlets spread across Sri Lanka, HNBA policyholders now have greater flexibility in settling their insurance premiums. Selected Singer branches will operate from 8:30 AM to 7:00 PM daily, including weekends, enabling customers to make payments at times most convenient to them. This partnership broadens HNBA’s premium payment points and ensures policyholders gain access to secure and efficient payment services close to home.Beyond convenience and transparency, this partnership aligns with HNB Assurance’s ongoing efforts to encourage cashless transactions. Reducing paper-based processes and fostering an easier payment experience while contributing to a greener planet.In addition to the partnership with Singer, HNBA continues to offer a range of premium payment options to cater to diverse customer needs. These include Direct debit, HNB Solo, mCash and eZ Cash, genie, Ipay, UPay, and Pay&Go as well as the company’s secure online payment portal available at www.hnbassurance.com.
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Jan
HNB Assurance recently held its New Year Business Launch for 2025, celebrating the outstanding progress of its Advisor Distribution Channel throughout 2024. The event served as a platform to honor high-performing managers while reflecting on key achievements from the past year. Among these notable accomplishments were a remarkable 23% growth in New Business Premiums (NBP) and an exceptional performance in Gross Written Premiums (GWP), which exceeded 6 billion LKR. Addressing the forum, Mr. Lasitha Wimalaratne, CEO of HNB Assurance, stated, “2024 was a fantastic year for us. Our growth in NBP and GWP shows how committed and capable our Advisor Distribution team is. These achievements motivate us to keep pushing boundaries and set new benchmarks in delivering exceptional customer-centric solutions and services.”Touching upon the company’s goal of reaching a 10% market share by 2026, Mr. Wimalaratne urged the team to focus on embracing technology, driving innovation and putting customers at the heart of everything they do. “As we step into 2025, we need to operate with empathy and care, because at the end of the day, we are not just selling a product, we are delivering a promise of protection and peace of mind. This will help us build trust and by earning trust and endorsement through our actions and commitment, we can strengthen our relationship and build long-term loyalty with our policyholders. Let me assure you that this mindset, combined with our ability to adapt and innovate, will enable us to sustain and accelerate the incredible growth we have maintained in recent years.”The event also celebrated the efforts of the Sales Training and Development team and branch-level managers for helping the company achieve MDRT qualifiers, including Court of the Table (COT) and Top of the Table (TOT) winners.Mr. Harindra Ramasinghe, Chief Business Officer, Advisor Distribution Channel, sharing his thoughts at the forum, opined, “What we have accomplished over the years is not the result of an individual’s effort, but rather a testament to the power of our teamwork. Every step we take and have taken is a combined effort, which includes everyone from our SBU Heads, Zonal Managers, Regional Managers, Branch Managers, Underwriters, Training Staff and our sales team etc. Each of you play an essential role in driving our success. I would like to express my deepest gratitude to every member of the team for their hard work and contribution. As we look ahead to 2025, we are filled with excitement about the new possibilities and opportunities we have in store. A couple of weeks into the year we have already seen what we are capable of and are extremely confident in our collective strength and eager to continue deliver the best for our customers and stakeholders.”
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