HNBA News

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.

HNB Assurance PLC (HNBA) announced the relocation of its Branch in Mount Lavinia recently. The Branch was declared open at its new location by the Chief Executive Officer of HNBA and HNBGI, Mr. Prasantha Fernando, accompanied by the members of the Executive Committee and the Management of HNBA, as well as other distinguished guests. The Branch is now located at No. 531, Galle Road, Mount Lavinia.
Speaking at the event, the Chief Executive Officer of HNBA and HNBGI, Mr. Prasantha Fernando stated, “HNB Assurance has been a dedicated and a trusted Life Insurer serving a large community across Sri Lanka for over two decades. The Company has always placed great importance in providing sustainable returns to all of its stakeholders, and has ensured customer centricity to be key across the fabric of the Company. Thus, this is a momentous occasion that demonstrates the Company’s continued commitment towards offering all customers a seamless service, and providing peace of mind they require in making one of the most important decisions in their lives, which is to obtain a Life Insurance Cover that provides comprehensive protection for them and their loved ones”.  
Sharing his views, Chief Operating Officer of HNBA, Mr. Lasitha Wimalaratne stated, “This Branch would fortify the Company’s strong customer service component, fostering streamlined cooperation between our invaluable staff and customers. HNBA has developed a host of revolutionary life insurance solutions offering the best possible protection one requires, and the new facility in Mount Lavinia will add greater value in providing an enhanced service”.
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. 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 and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation Accountants).

HNB Assurance PLC (HNBA) together with the College of Community Physicians of Sri Lanka (CCPSL) launched a community initiative to create awareness on the COVID-19 vaccination drive by way of a series of videos hosted on Facebook , LinkedIn and YouTube featuring Doctors of the College speaking on various aspects with regards to getting the COVID-19 vaccine.
Sharing his thoughts on the initiative, Chief Executive Officer of HNBA and its fully owned subsidiary, HNB General Insurance Limited (HNBGI), Mr. Prasantha Fernando stated, “HNBA and CCPSL have been working in collaboration for more than five years focusing on fostering healthy living within the community through the various initiatives that have been carried out over the years. As an insurer, and more importantly a responsible corporate citizen we thought it would be timely for us to work with CCPSL at this important juncture in the fight against COVID-19 when vaccinations are being rolled out to encourage as many people as possible to get inoculated. To this end, we are very thankful to the College and its resource personnel for partnering with us in this initiative of educating as many people as possible regarding the vaccine”.
Dr. Nihal Abeysinghe, President of CCPSL stated, “Over the past few years CCPSL and HNBA has worked together in promoting healthy living initiatives through symposiums and various other activities across the country and this is another special initiative to both CCPSL and HNBA. We are extremely delighted that HNBA joined with us in taking this initiative forward and in creating awareness on this worthy cause. It is no secret that there are many incorrect facts and myths on the COVID-19 vaccinations being shared especially on social media platforms and we believe that through this video series the general public will gain sufficient knowledge on the vaccination drive and educate themselves”.
Sharing his views, Head of Marketing and Customer Experience of HNB Assurance, Mr. Dinesh Yogaratnam said, “this initiative was launched with the primary purpose of getting the correct facts regarding COVID-19 vaccine out there into the community. Therefore, we worked with the College to develop a series of short videos in Sinhala, Tamil and English that focused on areas such as addressing common misconceptions, what you should and should not do before and after you get the vaccination, the common reactions to the vaccine etc. Being in a Q&A format, the answers provided by the Doctors, are in very simple layman’s language so that it could be easily understood by everyone. We have seen these videos gaining traction on the various social media platforms and reaching a wide audience and we hope it would encourage as many people as possible to get themselves vaccinated and continue with social distancing, hand hygiene and wearing masks.
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.