HNBA News

HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), heralded in the new year with a great degree of enthusiasm and positivity whilst celebrating all the achievements that both companies have made in the last year. In terms of top line, the HNB Assurance Group was able to reach a GWP of LKR 15.7 billion. It needs special mention that whilst the Group took around 18 years to reach 10 billion, it took only two years to grow from 10 to 15 billion, auguring well for the strategies that have been put in place for this aggressive growth that is being witnessed. Apart from this, both HNBA and HNBGI were the recipients of a number of awards both locally and internationally. Mr. Lasitha Wimlaratne, CEO of HNBA addressing staff thanked them for their unstinted support that has made the Company become what it is today. He further added. “I’m indeed delighted of our achievements albeit in one of the most challenging years in memory. The teams have outdone themselves in terms of the meticulous execution of the strategies that have made us achieve enviable growth way beyond industry growth rates, as a Group too we’ve made some historic achievements in remarkably quick time. Further, we have had the honour of being listed amoungst the top 70 best workplaces in Asia, and incidentally are the only Sri Lankan insurer to be thus recognised”. Whilst wishing the staff and their families for the new year, Mr. Wimalaratne reiterated the challenges that lie ahead and beckoned one and all to stand tall in the face of such challenges and emerge victorious. Addressing the gathering the CEO of HNBGI Mr. Sithumina Jayasundara stated “I consider it a privilege to lead such a dynamic team of insurance professionals. Whilst we have had many a challenge, we have overcome them all and emerged stronger and more resilient, and I owe a debt of gratitude to the entire team for the efforts that have been put in. We have made a number of very significant changes as part of our 5th in 5 mission, and I’m happy to state that we are on track to reach our objective. Whilst the bygone year came with its challenges, we can only assume that this year too will be as or even more challenging as the country steers itself out of this economic turmoil. We need to continue to work smart, we need to look at things differently as out of turmoil comes triumph”. Whilst acknowledging the remarkable achievement in terms of Group GWP he thanked all the customers for placing their trust in the Company and wished everyone for the new year, Mr. Jayasundara reminded the gathering of the awards that were won during the year especially that of the Best Claims Management Team and emphasised the need to put the customer first in everything. 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.

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) reported a consolidated Gross Written Premium (GWP) of Rs 11.3 Bn marking a steady growth of 26% and a consolidated Profit After Tax (PAT) of Rs 1.5 Bn marking a growth of 228% during the nine months ended 30th September 2022 compared to the comparative period last year.
Mrs. Rose Cooray Chairperson of HNBA and HNBGI, expressed her views on the financial performance of the Group stating, “despite of the negative impact caused by the economic turbulence of the country and the challenges faced, both companies have performed extremely well in terms of both topline and bottom line. Both HNBA and HNBGI were able to increase their respective market shares by growing well above the market averages. Group PBT grew by 167% for the period reaching Rs 1.9 Bn compared to Rs 731.4 Mn in the corresponding period last year. The key reason for the exceptional growth is the transfer of Rs 1.1 Bn surplus from Life policyholders fund, subsequent to the valuation of the Life Fund as at 30th September 2022. It must be noted that no surplus transfer from Life policyholders was made in 3Q 2021 as it was done in December 2021.These profits posted were after incurring Rs 4 Bn as Net Insurance Benefits and Claims to our policyholders in 2022, compared to Rs 2.9 Bn in the corresponding period. The Group’s strategic emphasis is on increasing growth across key products and services while delivering a superior customer service through digital enablement and process efficiency”.
Sharing his views, Chief Executive Officer of HNBA Mr. Lasitha Wimalaratne stated “I am happy to note that the resilience of our core business model has led to yield these remarkable results despite the challenges we had to face in the previous months. While the business keeps retooling itself with tech transformations and keeping abreast of market trends, HNBA’s GWP increased by 32% achieving Rs 6.6 Bn. HNBA posted a PAT of Rs 1.2 Bn recording a 483% growth with the surplus transfer from the Life Fund. The Company’s Life Insurance Fund stands at Rs 23.1 Bn at the end of Q3 of 2022. Contributing to this momentum HNBA’s Capital Adequacy Ratio (CAR) stood at 283%”

HNBA is the only insurance company to be listed amongst the Top 70 Best Workplaces in Asia whilst also being recognised amongst the Top 50 Best Workplaces in Sri Lanka. The Company was also awarded as the best Digital Marketing Brand in the Insurance Industry and was recognised as the best Bancassurance team for two consecutive years by Global Banking and Finance Review. Mr. Wimalaratne also extended his sincere appreciation to the Agency and Partnership Channels, Support service teams and the HNB Management for their contribution to deliver these impressive results.
Commenting on these results, Chief Executive Officer of HNBGI Mr. Sithumina Jayasundara stated that “the company was able to maintain a sustainable financial growth in 2022 compared to 2021 and that he is confident with the solid business strategies in place, the business will continue to grow to greater heights. Appreciating the dedication and efforts of both Strategic Business Units, Support Services and Operations Units, Mr. Jayasundara also stated that the business delivered a great performance during Q3 2022 recording a GWP of Rs. 4.8 Bn. Further reviewing the performance of the business, HNBGI recorded PAT of Rs. 417.6 Mn compared to Rs. 372.2 Mn last year. The Company’s Capital Adequacy Ratio (CAR) stood at 266% well above the regulatory requirement”
He also stated that we have made some leaps in the industry by becoming adjudged as the Best Insurance Company Claims Management Team Sri Lanka 2022 by Global Banking & Finance Review and also were honored to receive the Best General Insurance Company of the year- special recognition award at the 3rd ICC Emerging Asia Insurance Awards organized by the Indian Chamber of Commerce.   
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 and HNBGI are 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. HNB Assurance was awarded the Best Bancassurance Service Provider in Sri Lanka by Global Banking and Finance Review and has won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka

HNB Assurance (HNBA) consolidated its branch proposition across the Northern Province with the recently opened refurbished flagship Jaffna branch along with two other new branches in Mullaitivu and Chunnakam with the aim of providing its customers superlative service. The new Jaffna branch has been designed in line with the new branch layout incorporating the latest in terms of ergonimically designed furniture that enhances comfort for the customers and also helps reduce fatigue for the staff whilst brining in a sense of sophictication and elegance to the interior. The branding elements too are based on the new design template that incorporate vibrancy and simplicity while exuding an aura that one would aspire to reach in one’s life. Lasitha Wimalaratne – Chief Executive Officer expressed his views stating that “As one of the fastest growing Life Insurance companies in Sri Lanka, we are extremely delighted to expand and strengthen our branch network as a part of the overall business strategy. This will further enhance the relationship with our customers and sales force, enabling them to enrich and assure the extended services across the Northern Province. Furthermore, this will also cumulatively add value to HNBA’s service proposition in its endeavor to stand above all assuring the protection of individuals and families.” Harindra Ramasinghe, Chief Business Officer– Advisor Distribution Channel sharing his thoughts expressed that “HNBA has always identified the pulse of the Sri Lankan communities, and that’s how we derive and reform our business strategies to stay in pace. The emerging communities in the Northern part of the country has contributed well towards our business and this will be a great offering for those valued commitments. We hope that these newly reformed branches with the new outlook will also provide an enhanced customer experience and create an ambience that is warm and friendly.” The newly opened Mullaitivu branch is located at HNB Assurance PLC, 1st Floor, Beach Road, Mullaitivu and the Chunnakam branch at HNB Assurance PLC, 1st floor, KKS Road, Chunnakam which will further strengthen the company’s pace to reach its goal of establishing a fully operational branch network assuring the protection of the communities across the island. All HNBA branches are located in the heart of the main cities providing the customers with convenient access to the branches. These branches are reformed with ample parking spaces and customer service areas assuring a seamless experience for the walk-in customers. HNB Assurance, a subsidiary of the Hatton National Bank PLC and one of the fastest growing Life Insurance companies in Sri Lanka with a branch network of 64 branches protecting and assuring the communities across the island. Incorporated in 2001 and listed in the Colombo Stock Exchange in 2003, the Company has been assigned rating of 'A+' (lka) by Fitch Ratings Lanka for 'National Insurer Financial Strength Rating' and has won many awards for its reporting excellence at Annual Report Awards organized by the Institute of Chartered Accountants of Sri Lanka. HNBA was also rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and has won multiple accolades for Brand Excellence, Digital Marketing, HR Excellence, Service Excellence including Great Place To Work® Certification and Best Workplaces in Asia™ recognition.