HNB Assurance achieves record-breaking growth in 2021

CEO Lasitha Wimalaratne

Head of Distribution Harendra Ramasinghe

Head of Partnership Business Sanesh Fernando

HNB Assurance PLC (HNBA), a leading life insurer in the country, recorded an impressive growth of 29% for the fiscal year 2021 in terms of Gross Written Premium (GWP) recording Rs. 7.1 billion.

Chief Executive Officer Lasitha Wimalaratne said: “I’m extremely proud to state that HNBA reach many milestones in 2021, reaffirming its stability and strong financial footprint in the market. During the year, the business was able to record a GWP of Rs. 7.1 compared to a GWP of Rs. 5.5 in 2020, depicting a growth of 29%. This is the highest GWP growth in the company’s history. The Profit After Tax (PAT) of the company surpassed Rs. 1 billion during the year. The two main channels of the business, Advisor and Partnership have gone above and beyond all expectations to deliver these superlative results.” 

Taking its winning streak to new heights, HNBA produced a record-breaking 164 Million Dollar Round Table (MDRT) qualifiers, including five Court of the Table (COT) and two Top of the Table (TOT) achievers. During the year HNBA bagged many awards and accolades for its business excellence, service excellence and product excellence, including the Best Bancassurance Provider in Sri Lanka 2021 Award by Global Banking and Finance Review, the Health Insurance Initiative of the Year Sri Lanka Award by Insurance Asia Awards, the National Service Sector Silver Award and the Top Ten Award for Industrial Excellence by Ceylon National Chamber of Industries. 

The company was also recognised as One of Sri Lanka’s Top 10 Women Friendly Workplaces At Women Friendly Workplaces Awards 2021. Reaffirming the company’s financial strength, HNBA’s Fitch was upgraded to ‘A+’ for ‘National Insurer Financial Strength Rating’ during the year. 

“Our growth is much more than a story of achieving milestones, it’s about growth together with our customer, employees, shareholders and the community we operate in. The company is well positioned for the expansive growth of business, customers, products, and the overall market share and the management remains confident on the way forward,” Wimalaratne added.

Head of Distribution Harendra Ramasinghe said: “Amidst many hurdles and challenges presented by a global pandemic, the Advisor Force of HNBA was able to deliver a steadfast performance, immensely contributing to the growth of the business. During the year, the Advisor Channel recorded a total GWP of Rs. 4 billion. The business continued to seize new and growing market segments across the country. The Advisor Channel showed an impressive growth as several recruitment campaigns continued throughout the country. Whilst thanking the entire Advisor Force, branch network and distribution management teams, with the direction of the management, I’m sure the Advisor Channel will continue its growth momentum during 2022.”

Head of Partnership Business Sanesh Fernando said: “The Partnership Channel delivered an exceptional performance during 2021, setting new benchmarks in the market. The Partnership Channel recorded a GWP of Rs. 3.1 billion during FY21. Being awarded as the Best Bancassurance Provider in Sri Lanka 2021 Award by Global Banking and Finance Review, is a testament to the solid momentum and strength of the entire channel. Whilst expressing my gratitude to the entire Banca, Broker and Alternate Teams and especially the HNB management, I’m sure that the Partnership Channel will continue to deliver results exceeding our expectations to bolster our position and ending the year on a solid footing.”