Pressroom

As the nation joins hands to celebrate Insurance Month, HNB Assurance (HNBA) and its fully owned subsidiary, HNB General Insurance (HNBGI), stand at the forefront of the celebrations, highlighting their steadfast commitment to safeguarding the well-being and aspirations of all Sri Lankans. HNBA and HNBGI, two relatively young companies have made impressive strides in terms of growth over the past couple of years, which is a testament to the trust earned by the two companies within a short span of time. At the heart of this year’s celebration, for both HNBA and HNBGI, lies a focus on innovative insurance offerings that cater to the many requirements and needs of all Sri Lankans. From health to home, travel to trade, savings to investments, both HNBA and HNBGI have crafted solutions that anticipate risks, adjust to changing times and ensure that every policyholder receives the protection they need and deserve. Mr. Lasitha Wimalaratner, CEO of HNB Assurance, stated “Insurance month is about us as an industry being able to come together and remind ourselves and reaffirm our commitment of the service we offer. As we celebrate and reflect on the importance of insurance, we want our stakeholders and customers at HNB Assurance to experience value and perceive insurance beyond just a transaction. We firmly believe that insurance, as an offering, can be a national service that significantly contributes to the country's resilience and growth. This belief has been the driving force behind our continuous efforts towards product innovation and excellence. One remarkable outcome of this commitment is our premium health product, Supreme Health Unlimited, which stands arguably as the best in the market. Furthermore, our remarkable growth in the Advisor and Bancassurance channels have garnered international recognition. We are honored to have secured the Best Bancassurance Award for three consecutive years. While our Innovative Distribution Initiatives have also been acknowledged by Insurance Asia Awards 2023, where we were bestowed with the Most Innovative Distribution Initiative Award. These accolades reinforce our commitment to not only serve and address the insurance needs of our customers but also reshape the industry with groundbreaking initiatives. Mr. Sithumina Jayasundara, CEO of HNB General Insurance, said, "I believe our role and aim as a company is to provide a sense of security for our customers in an unpredictable world. This is why we continuously develop insurance products that not only offer financial protection but also align with emerging trends. As an industry, it is clear that we have come a long way, especially over the past couple of years, where we have been predominantly driven by technological advancements. I believe HNBGI stands as a prime examples of how a company can adapt, innovate and thrive in today’s digital age, even while confronting tough economic challenges. As we celebrate Insurance month, I would like to remind myself and all our stakeholders that our responsibility as an organization extends beyond just policy documents. It's about trust and partnership. This is why we have been able to grow year on year, quarter on quarter at almost twice the industry growth rate. Furthermore, I’m excited to share the news of a new product launch expected later this month, which will revolutionize our motor insurance offering. Lastly, as Sri Lanka strives towards economic recovery, HNBGI remains dedicated to empowering individuals and businesses of all sizes. Our focus is on providing customized insurance offerings that safeguard our customers, whereby enabling our country’s economic growth.

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 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.”