HNB Assurance leads industry with 3Q GWP growth of 38%

HNBA and HNBGI Chairman  Stuart Chapman	HNBA Executive Director/CEO  Lasitha Wimalaratne

HNB Assurance PLC (HNBA) announced a strong financial performance for the nine months ended September 30, 2025, posting a 38 percent year-on-year growth in life insurance gross written premium (GWP), which is the highest growth among the life insurers in Sri Lanka. 

This exceptional performance underscores the company’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 GWP of Rs.13.74 billion for the period, compared to Rs.9.97 billion in the corresponding period of 2024, reflecting a sharp increase of 38 percent. The total assets of the company grew to Rs.63.2 billion, up 18 percent, from Rs.53.4 billion a year earlier, while the Life Fund expanded by 24 percent to Rs.47.4 billion, from Rs.38.3 billion in December 2024, 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 percent, while profit after tax rose to Rs.617 million, up 12 percent year-on-year.

Meanwhile, net claims and benefits incurred to policyholders during the period amounted to Rs.3.25 billion, compared to Rs.2.12 billion last year, which is an impressive  increase of 54 percent, reaffirming HNBA’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.

Commenting on the company’s performance, HNBA and HNB General Insurance Limited Chairman Stuart Chapman stated, “We are proud to see HNBA 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 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 percent from the corresponding period last year.”

HNBA Executive Director and Chief Executive Officer Lasitha Wimalaratne added, “Our 38 percent 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.” 

He further commented, “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.”