HNB Assurance leads industry with Q3 GWP growth of 38%

Monday, 10 November 2025 03:24 - - {{hitsCtrl.values.hits}}

HNB Assurance and HNB General Insurance Chairman Stuart Chapman

HNB Assurance Executive Director/CEO Lasitha Wimalaratne

HNB Assurance PLC (HNBA) has announced a strong financial performance for the nine months ended 30 September 2025, posting a 38% year-on-year growth in Life Insurance Gross Written Premium (GWP), highest growth among life insurers in Sri Lanka.

In a statement it said this exceptional performance underscores the HNBA’s unshakeable tenacity for pushing the envelope of performance, disciplined execution, and unwavering commitment to providing protection and savings solutions that meet the evolving needs of Sri Lankan families.

The Life Insurance business generated a Gross Written Premium of Rs. 13.74 billion up 38%. Total assets of the Company grew by 18% to Rs. 63.2 billion while the Life Fund expanded by 24% to Rs. 47.4 billion, signalling both strong topline growth and prudent fund management. Profit before tax excluding Life Surplus Transfer stood at Rs. 876 million, reflecting an increase of 13%, while profit after tax rose 12% to Rs. 617 million.

Net claims and benefits incurred to policyholders rose by 54% to Rs. 3.25 billion reaffirming HNB Assurance’s steadfast commitment to fulfilling its obligations and supporting customers when it matters most.

The Company’s investment portfolio also grew to Rs. 57.3 billion, compared to Rs. 48.5 billion a year earlier, delivering healthy investment income on account of strong yields from fixed-income securities and a diversified asset mix.

HNB Assurance PLC and HNB General Insurance Ltd., Chairman Stuart Chapman said: “We are proud to see HNB Assurance deliver yet another quarter of exceptional growth, driven primarily by the strength of our Life business. This level of performance reflects the trust that customers have placed in our brand and the disciplined financial management that continues to underpin our long-term stability. At a Group level, we remain focused on sustainable growth and resilience, ensuring that we continue to generate consistent value for all stakeholders with GWP reaching Rs. 21.9 billion, up 32% from the corresponding period last year.”

HNB Assurance PLC Executive Director/CEO Lasitha Wimalaratne said: “Our 38% growth in Life GWP represents one of the strongest performances in the industry and reflects the depth of our strategy in expanding customer reach and enhancing value. Our agency and bancassurance channels continue to deliver impressive traction, complemented by new product offerings that address real customer needs. We have also seen a notable increase in policy persistency, demonstrating customer confidence and satisfaction.”

“Our focus remains on balancing growth with financial prudence. The increase in our Life Fund, together with our strong solvency position and steady profit growth, reinforces our ability to deliver long-term security to policyholders. Claims payments have risen in line with our growing portfolio, which is a healthy indicator of our expanding customer base and our timely settlement culture. We are committed to maintaining this momentum through continued innovation, operational excellence, and a customer-first approach,” he added.