HNBA News

HNB Assurance PLC (HNBA) recently announced the launch of StudyGuard, a comprehensive Life Insurance cover with a host of special benefits designed to take good care of every child’s school education, and ensure they become whomever they aspire to be. StudyGuard gives parents peace of mind in ensuring all obligations towards their children are fulfilled. This new cover from HNBA boasts many features that are most suited for today’s diverse education needs of children, and provides greater relief to parents in the event that they are faced with uncertainties in life. Sharing his thoughts on StudyGuard, the Chief Executive Officer of HNBA and its fully owned subsidiary, HNB General Insurance Limited (HNBGI), Mr. Prasantha Fernando stated, “Future generations have no bounds to their ambitions, and so they aspire to conquer the world, become role models who lead communities, and inspire their peers to never stop chasing their dreams. Being a parent, your responsibilities are endless as your child’s future and safety become the highest priority you aim to fulfil. Keeping this in mind, HNBA developed StudyGuard to provide the comfort of uninterrupted school education for your little ones, so that no matter what, the foundation for their tertiary education and future aspirations would be laid”. Speaking about StudyGuard, the Chief Operating Officer of HNBA, Mr. Lasitha Wimalaratne stated, “HNB Assurance StudyGuard is a Single Premium Policy with a range of special benefits that helps secure the future of your child. StudyGuard has been designed to take over the payment of your child’s school fees in the event of your unforeseen demise, total and permanent disability, or even a critical illness. Features of the Policy vary based on the selected StudyGuard plan, which are namely, Prime, Plus and Premium. The key benefit of StudyGuard is that the payment of the school term fee, that will be made subject to a minimum of LKR 25,000/- and a maximum of LKR 200,000/- per term. The number of years the school term fee is paid will be determined by the selected plan. Mr. Wimalaratne further added, “The plans Plus and Premium will see that the 3 school term payments per year are made from the date of demise or total and permanent disability onwards up to the end of the policy term, including the term payment being increased by 5% and 10% respectively with compound interest basis, each year. As such we invite all to contact HNBA and avail yourself the benefits of StudyGuard”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 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) recently announced the launch of StudyGuard, a comprehensive Life Insurance cover with a host of special benefits designed to take good care of every child’s school education, and ensure they become whomever they aspire to be. StudyGuard gives parents peace of mind in ensuring all obligations towards their children are fulfilled. This new cover from HNBA boasts many features that are most suited for today’s diverse education needs of children, and provides greater relief to parents in the event that they are faced with uncertainties in life. Sharing his thoughts on StudyGuard, the Chief Executive Officer of HNBA and its fully owned subsidiary, HNB General Insurance Limited (HNBGI), Mr. Prasantha Fernando stated, “Future generations have no bounds to their ambitions, and so they aspire to conquer the world, become role models who lead communities, and inspire their peers to never stop chasing their dreams. Being a parent, your responsibilities are endless as your child’s future and safety become the highest priority you aim to fulfil. Keeping this in mind, HNBA developed StudyGuard to provide the comfort of uninterrupted school education for your little ones, so that no matter what, the foundation for their tertiary education and future aspirations would be laid”. Speaking about StudyGuard, the Chief Operating Officer of HNBA, Mr. Lasitha Wimalaratne stated, “HNB Assurance StudyGuard is a Single Premium Policy with a range of special benefits that helps secure the future of your child. StudyGuard has been designed to take over the payment of your child’s school fees in the event of your unforeseen demise, total and permanent disability, or even a critical illness. Features of the Policy vary based on the selected StudyGuard plan, which are namely, Prime, Plus and Premium. The key benefit of StudyGuard is that the payment of the school term fee, that will be made subject to a minimum of LKR 25,000/- and a maximum of LKR 200,000/- per term. The number of years the school term fee is paid will be determined by the selected plan. Mr. Wimalaratne further added, “The plans Plus and Premium will see that the 3 school term payments per year are made from the date of demise or total and permanent disability onwards up to the end of the policy term, including the term payment being increased by 5% and 10% respectively with compound interest basis, each year. As such we invite all to contact HNBA and avail yourself the benefits of StudyGuard”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 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.

Reaffirming the strength and stability of HNB Assurance PLC Group, Fitch Ratings upgraded the ‘National Insurer Financial Strength Rating’ (IFS) of both HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) from ‘A(lka)’ to ‘A+(lka)’ citing stable outlooks.
The Rating Actions Commentary issued by Fitch on the 3rd of June 2021 states “The upgrade reflects the insurers' improved capital position, as measured by strong regulatory risk-based capital (RBC) ratios. The ratings also take into account the insurers' 'Favourable' business profiles and a sustained improvement in their non-life underwriting performance, while maintaining satisfactory earnings in its life insurance operation”.
Sharing her views, Chairperson of HNB Assurance PLC Group, Mrs. Rose Cooray stated, “This indeed is another significant achievement for HNB Assurance as well as HNB General Insurance and demonstrates very clearly to the market the singular focus of both companies on maintaining and building their strength and stability. HNBA’s Life Fund has exceeded LKR 17.8 BN, HNBGI’s Contract Liabilities stood at LKR 3.5 BN while the Total Assets of the Group surpassed LKR 32.9 BN by the end of the first quarter of 2021.”  Mrs. Cooray further went on to state, “For our Group, it’s not business at any cost, rather, our drive is towards consolidated growth being driven through the focus on key business fundamentals and a prudent outlook to risk underwriting.” She further noted, “this rating upgrade augurs well for the soundness of strategies that have been crafted for both companies as well as for the capability and business acumen of the Management Teams. This will no doubt fortify our position in the market as a solid player and further infuse confidence in the mindset of key stakeholders to transact with both the Companies. I wish to thank each and every member of both teams for their dedication and commitment especially during these trying times that has enabled us to receive this upgrade in ratings by Fitch”.
Chief Executive Officer of HNBA and HNBGI, Mr. Prasantha Fernando shared his thoughts stating, “We are delighted to announce the news of this upgrade to all our stakeholders. The ratings of HNBA and HNBGI have been upgraded by Fitch Ratings upon reviewing the business profiles, the improved capital position, and the sustainable underwriting performance of both entities. Further, an upgrade of this nature demonstrates our consolidated financial strength, low business risk and solid operational performance. Whist thanking Fitch Ratings for this recognition and all our stakeholders for being with us throughout our journey, it is with great reassurance I state that the management of both entities remain confident of driving our performance up further and are well positioned for growth.” Mr. Fernando added “I am happy to note that the Group recorded a Gross Written Premium (GWP) of LKR 3.2 BN for the first quarter of 2021. The Life Insurance business posted a remarkable 51% growth in GWP achieving LKR 1.6 BN and the General Insurance business recorded a GWP of LKR 1.6 BN marking a 27% growth. It is noteworthy to mention that the market rank of HNBGI has improved by one notch to the 7th position during the quarter with the growth in GWP.” Mr. Fernando further stated “the contribution of our Parent Company HNB too has helped us in this achievement and I am truly grateful to the Bank’s Corporate Management and the members of its branch network for all the support that they have given us.” Speaking on the contribution of the team, Mr. Fernando stated “each and every member of the HNBA and HNBGI teams have played a part in contributing towards this achievement, I am truly grateful and thankful to every single one of them for rallying around the Group and giving their best at all times. This upgrade has us all energized, excited and invigorated, and will, I am sure, further bolster the drive and passion of every team member to do better during these difficult times”.
HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 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.