HNBA News

During the first half of 2023, HNB Assurance PLC (HNBA) and its fully owned subsidiary, HNB General Insurance Limited (HNBGI), accomplished a noteworthy feat by collectively amassing a Gross Written Premium (GWP) totaling LKR 9.1 billion. This accomplishment underscores a convincing and consistent growth rate of 22% when compared to the same period last year. This growth percentage, which is more than double the industry growth demonstrates the exceptional insurance service levels and innovative product offerings of the HNBA group, even during a challenging year. Mrs. Rose Cooray, Chairperson of HNBA and HNBGI sharing her views on the Group’s H1 performance, stated, “I’m extremely delighted to note that both HNBA and HNBGI have surpassed the market GWP growth and yet again managed to exceed all expectations. To be consistent and deliver exceptional results quarter after quarter makes HNBA Group very desirable to all our customers as well as our investors. The Group delivered a remarkable 22% growth in Gross Written Premium (GWP), achieving LKR 9.1 billion, a notable increase from the LKR 7.4 billion recorded in the same period last year. We also surpassed a significant milestone of LKR 45 billion in Total Assets, simultaneously reaching a LKR 38 billion for Investments in Financial Instruments.” Mrs. Cooray, further added, “I must make mention of the inspiring leadership provided by the two CEOs and their respective corporate management teams, who have consistently demonstrated the ability to swiftly adopt and navigate through any challenge that has come our way. Proactive measures and possessing strategic foresight, has not only guaranteed the seamless continuity of our operations but also positioned us to leverage on emerging opportunities, which I’m certain will help us build on the momentum created and end this year on a very high note.” Amidst the backdrop of a complicated economic landscape, the group’s focus on new business acquisition and the pursuit of simple yet strategic objectives, coupled with an empowered sales force, has paid off during the first half of the year. Reflecting on the company performance, Mr. Lasitha Wimalaratne, CEO of HNBA, stated, "I’m extremely proud to note that HNBA recorded the one of the highest new business premium growth among the top 8 life insurance companies, achieving a total new business premium growth which is twice the industry's rate. Our GWP of 5.1Bn, recorded during the first half, is a 21% increase from the same period last year. Further, the Life Insurance Fund experienced impressive growth, surpassing the 4 billion mark to reach a substantial LKR 28.2 billion over the two quarters. I’m extremely thankful to my incredible sales force for this impressive feat, they have worked extremely hard to educate and earn the trust of our customers while delivering exceptional value which has been a standout feature of our performance this year.” Mr. Sithumina Jayasundara, CEO of HNBGI, echoed similar sentiments, stating, “We at HNBGI recorded a growth of 24% when compared to the same period last year. With a GWP in excess of LKR 4 billion achieved over the first half of the year, I’m extremely happy to note that this has helped us maintain our position as one of the companies with the highest growth rates within the top 10 General Insurance companies in the country.” Despite the challenges posed by the regulatory changes along with the raising costs, Mr. Jayasundara was positive that the company can overcome these hurdles. “Our resilience and proactive approach have always been our biggest strength and I firmly believe that our team is capable of overcoming any challenge that comes our way. Also, we have a few exciting product launches and other initiatives lined up for the final half of the year and I’m personally excited to see how they unfold.”

HNB Assurance, a prominent Life Insurance provider in the country, joined the prestigious ranks of MDRT’s Top 100 Global Companies, reaffirming the caliber and quality of the sales force the company has in its possession. 2022, was a remarkable year for the company, with 194 of its Insurance Advisors and Bancassurance officers becoming Million Dollar Round Table (MDRT) qualifiers, a prestigious achievement within the insurance sector. MDRT, The Premier Association of Financial Professionals, which was formed in 1927 is an independent association with a global count of over 72,000 professionals affiliated to insurance and financial services in over 500 companies, where membership is exclusively to those that surpass the given threshold. Mr. Harindra Ramasinghe, Chief Business Officer Advisor Distribution Channel, stated, “Being recognized as a top global performer and to be one of the only two Sri Lankan companies on the list is a significant milestone for HNB Assurance. This is very well deserved, as our Advisors have worked extremely hard and contributed immensely over the past couple of years, making HNBA one of the fastest growing Insurance companies in the country, despite the challenging economic landscape. I’m certain we will continue to build strong relationships with our customers and empower our Advisors to provide innovative solutions to meet the evolving needs of our customers." Mr. Sanesh Fernando, Chief Business Officer – Partnership Business, opined, "We are extremely proud of this well-deserved recognition. Our aim is to set a new benchmark for the company and achieve greater heights of excellence. We have the advantage of working with excellent partners who share a similar ethos as us, and are committed to continuously growing, which will only push our teams to win the trust of our customers through excellent customer service. I extend my sincere appreciation to our partners and every member of our exceptional Bancassurance and Advisor Team for their dedication and hard work, which has been instrumental in us achieving this prestigious global recognition.” This prestigious MDRT ranking is a testament to the skill and dedication of HNB Assurance's team. The company has always emphasized the importance of a well-trained workforce. Mr. Shiran Fernando, Head - Sales Training & Development, shared his thoughts, stating "Our success in producing 194 MDRT winners is 2022, is a direct result of our commitment to employee development. We firmly believe that an empowered and knowledgeable workforce is the backbone of any successful organization. Our training programs focus not only on technical skills but also on fostering a customer-centric mindset. I must commend our Advisor, Bancassurance and T&D teams for this recognition.”

HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), yet again, secured spots among the prestigious Top 100 Most Valuable Brands in the country, according to the renowned Brand Finance and LMD Business Magazine. Amidst the challenges posed by the pandemic and the economic uncertainty that was widely prevalent in the country, HNBA and its fully owned subsidiary, HNBGI, showed exceptional resilience and agility, proactively responding to customers' changing needs and swiftly adjusting insurance solutions to offer the best possible protection and support, to all its customers. The forward-thinking leadership and consistent customer-centric approach have been instrumental in both companies achieving this milestone, yet again. Mr. Lasitha Wimalaratne, CEO of HNB Assurance PLC, sharing his thoughts on this recognition, stated, “We are incredibly proud of this recognition as it serves as an endorsement to the professional excellence and the service standards offered by HNBA. We have featured in the Top 100 Most Valuable Brands by Brand Finance and LMD for over a decade now and we will continue to be steadfast in our commitment to delivering innovative insurance solutions that cater to the diverse needs of our valued customers, as we have done in the past,. So, I’d like to dedicate this recognition to all members of our staff – who continue to elevate our service standards and offerings.” Echoing similar sentiments, CEO of HNB General Insurance Mr. Sithumina Jayasundara, said, “We are in the business of selling a ‘promise’. Hence, trust and perception play a vital role in the success of our company. As a young brand, I’m delighted to see us grow in rank year after year, which certainly indicates that we are doing the right thing by our customers. I’d also like to express my gratitude to Brand Finance and LMD for this recognition.” In the face of challenging times, there is a prevalent yearning for the luxury, which is peace of mind, expressed Mr. Dinesh Yogaratnam, Chief Marketing and Customer Experience Officer. “During moments of uncertainty, the assurance of safeguarding what matters most becomes paramount, this is what we strive to offer to our customers. This recognition from Brand Finance and LMD further motivates us to continue setting new standards in the industry and cater to the evolving needs of our valued clients.”