HNB Life posts 54% GWP growth in 1Q

Chairman Stuart Chapman	Executive Director/CEO  Lasitha Wimalaratne

HNB Life PLC yesterday said it posted a strong start to the year for the three months ended 31 March 2026, continuing its growth trajectory following its recent rebranding and reinforcing its position as a leading life insurer in Sri Lanka.

The company recorded a Gross Written Premium (GWP) of Rs. 7.01 billion for the period, reflecting a strong growth of 54% compared to Rs. 4.55 billion in the corresponding period of 2025. Net Written Premium also rose by 54% to Rs. 6.69 billion, demonstrating sustained momentum in both new business generation and policy persistency.

Total Net Income grew by 39% to Rs. 8.69 billion, supported by a healthy underwriting performance and steady investment income. Interest and dividend income contributed Rs. 2.05 billion during the period, reflecting the strength and scale of the company’s investment portfolio.

The company’s financial position remained robust, with total assets increasing to Rs. 71.38 billion as of 31 March 2026, compared to Rs. 68.44 billion at the end of 2025. Financial investments grew to Rs. 64.39 billion, while the Life Insurance Fund expanded to Rs. 52.55 billion, highlighting the continued accumulation of long-term policyholder funds and business growth. Total Equity stood at Rs. 11.45 billion, providing a strong capital base to support future expansion.

Profit After Tax for the company stood at over Rs. 210 million for the period and is reported without any surplus transfer from the Life Insurance Fund, which is usually done after the year end valuation. Profitability was impacted by low-Interest rate environment as well as by fair value movements in the equity portfolio during the period. These movements are consistent with market conditions and reflect the inherent volatility associated with equity investments, the company said.

Chairman Stuart Chapman said: “The rebranding of the company represents a defining milestone in our journey, one that reaffirms not only our identity but also our long-term strategic intent as part of the Hatton National Bank Group. As a subsidiary of HNB, we continue to operate with the same vigor, discipline and sense of purpose that have underpinned our progress over the years, while drawing strength from the stability and heritage of the group. It is particularly encouraging to witness the company sustaining its growth momentum in the early part of 2026, despite a dynamic and evolving economic landscape. We remain confident in our ability to build on this foundation and pursue sustainable growth alongside HNB General Insurance Ltd., as we continue to create enduring value for all our stakeholders.”

Executive Director/CEO Lasitha Wimalaratne said: “Our performance in the first quarter of 2026 reflects the consistency and discipline with which we have executed our strategy over the past four years. Throughout this period, we have methodically strengthened our distribution capabilities, enhanced advisor productivity, invested in digital enablement and refined our customer centric value proposition. This has enabled us to deliver sustained premium growth while maintaining a strong focus on quality and long-term value creation. At the same time, we have continued to expand our balance sheet, with steady growth in total assets, financial investments and the Life Insurance Fund reflecting the underlying resilience and scalability of our business. While short term profitability has been influenced by low-Interest rate environment and market related movements in the equity portfolio, the core fundamentals of the business remain robust, positioning us well to sustain our growth trajectory and deliver meaningful value to our policyholders and shareholders over the long term.”