News
HNB Assurance Group completes impressive third quarter with 21% growth in GWP.
HNB Assurance PLC (HNBA) and its wholly owned subsidiary HNB General Insurance Limited (HNBGI) ended the third quarter with the Group figures indicating a Profit After Tax (PAT) of Rs. 583 Mn. In terms of Gross Written Premium (GWP), the Group recorded Rs. 13.6 Bn growing by an impressive 21% compared to the previous year. HNBA exhibited exceptional growth during the period by achieving a growth rate twice that of the industry average, while HNB General Insurance Limited (HNBGI) also demonstrated a robust performance, growing at a staggering five times the industry average.
Rose Cooray, Chairperson of HNBA and HNBGI said: “I’m extremely delighted by the outstanding performance exhibited by HNB Assurance Group during the third quarter. Our consistent growth is a clear indication that HNB Assurance as a group is in the forefront of providing exceptional services and adapting to the ever-changing demands of our clientele.
Amidst the slow recovery of Sri Lanka’s economy following a period of significant challenges, both HNB Assurance and HNB General Insurance undertook strategic measures to fortify their operations, which involved equipping themselves with enhanced capabilities, innovative strategies and resilient frameworks to navigate the economic fluctuations and effectively cater to the market. In terms of the performance the group GWP grew by 21% compared to the same period last year. While the Group Assets surpassed the Rs. 48 Bn mark to reach Rs. 48.42 Bn with a growth of 18%. Over the last 10 months, the total equity along with the life fund notably surged, reaching a significant milestone of Rs. 9.1 Bn and Rs. 30 Bn, representing a remarkable increase of 17% and 24% respectively.”
Lasitha Wimalaratne, CEO of HNBA said: “Our strategic focus of enhancing and improving our distribution channels has yielded tremendous results, notably reflected in our impressive 19% growth in GWP to reach Rs. 7.8 Bn, which is almost double the growth rate of the industry and the highest amongst the top tier players, also, the 26% increase in new business premiums compared to the previous year.
In addition to our steady and sustainable growth, winning the ‘Best Distribution Initiative’ award, recognized by Insurance Asia, was extremely heartening as it validated our efforts and well-rounded strategy. While we are happy about the progress made, I believe it’s crucial to sustain it and finish the year on a high. Our team is motivated just to do that and with the surplus transfer from the life fund yet to take place, our collective aim is to close the year strong, ensuring substantial benefits for our shareholders.”
Sithumina Jayasundara, CEO of HNB General Insurance, said: “We have been investing heavily in revamping our core systems and building a solid digital platform, setting us up for the future. These changes are all about making things better for our customers and equipping ourselves for the long run. I’m extremely delighted to see these efforts paying off as we have seen a steady growth in our GWP of 24% when compared to last year, which in comparison to the current industry growth rate reflects a 5-time increase.
Diving further into the numbers, our Non-Motor sector saw a 58% growth compared to the industry’s 12%, while our Motor portfolio grew by 6% despite the industry’s negative growth of 1.3%. I must convey my sincere appreciation to all the sales and other support teams for their efforts and hard work, ensuring that we continue to make remarkable progress as an organization. Additionally, we were also recognized as the ‘Most Customer-Centric General Insurance Brand’ in the country, which is extremely big for us because it shows our commitment to putting customers first. Further, we were recognized with a Bronze Award at the CNCI Achiever Awards 2023, which is yet another validation of our efforts and innovation within the industry.”
News
CIABOC probe: CC under pressure to ask Speaker to step down as Chairman
Dayasiri questions legitimacy of appointments made by Council
The Constitutional Council (CC) should ask its head, Speaker Dr. Jagath Wickramaratne, to step down temporarily pending an investigation by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) into a complaint lodged by sacked Deputy Secretary General of Parliament Chaminda Kularatne, SJB MP Dayasiri Jayasekera has said.
Former Minister Jayasekera said so in response to The Island queries pertaining to Kularatne’s recent complaint to the CIABOC.
Jayasekera pointed out that the CC, which is responsible for key appointments, couldn’t afford to have a person under CIABOC investigation as its head. “We have never experienced a similar situation since the establishment of the CC in 2000,” the Kurunegala District lawmaker said.
Parliament introduced CC under the 17th Amendment to the Constitution. It was abolished in 2010, reinstated in 2015 through the 19th Amendment, then replaced by a Parliamentary Council in 2020, and reintroduced via the 21st Amendment in October 2022.
MP Jayasekera said that the NPP government had turned a blind eye to his recent request made in Parliament for the Speaker to step down. He said that subsequently he had discussed the issue with other MPs and they were of the view that Dr. Wickramaratne’s continuation as the Chairman of the CC undermined the integrity of the council.
A parliamentary committee headed by Dr. Wickramaratne sacked Kularatne on January 23 over alleged irregularities pertaining to his appointment as Deputy Secretary General of Parliament and Chief of Staff. Kularatne lodged the complaint with the CIABOC on 2 February.
Austin Fernando, Professor Wasantha Seneviratne and Ranjith Ariyaratne were appointed as non-Members of Parliament to the CC on 23 January, the day Parliament sacked Kularatne.
MP Jayasekera said that the CC should discuss the issue with the Speaker. Political parties represented in parliament should intervene to ensure that the controversy over the Speaker’s conduct didn’t undermine the apex body.
The CC consists of Prime Minister Dr. Harini Amarasuriya (Ex-officio), Speaker Dr. Jagath Wickramaratne (Ex-officio), Leader of the Opposition Sajith Premadasa (Ex-officio), one MP appointed by the President (Bimal Rathnayake), five persons appointed by the President, upon being nominated as follows: one MP nominated by agreement of the majority of the Members of Parliament representing the Government (Aboobucker Athambawa, M.P), one MP nominated by agreement of the majority of the MPs of the political party or independent group to which the Leader of the Opposition belongs—Ajith P. Perera—and three persons nominated by the Speaker by agreement of the Prime Minister and the Leader of the Opposition—Austin Fernando, Professor Wasantha Seneviratne and Ranjith Ariyaratne—and one MP nominated by agreement of the MPs other than those representing the Government and those belonging to the political party or independent group to which the Leader of the Opposition belongs, and appointed by the President (Sivagnanam Shritharan, M.P).
The CC recommend nominations to the President for the appointment of Chairpersons and Members of Election Commission, Public Service Commission, National Police Commission, Audit Service Commission, Human Rights Commission of Sri Lanka, Commission to Investigate Allegations of Bribery or Corruption, Finance Commission, Delimitation Commission and National Procurement Commission.
Jayasekera asked how Dr. Wickramaratne could continue as CC head as appointments to CIABOC, too, are made by the 10-member body.
The CC also approve/disapprove recommendations by the President for the appointment Chief Justice and the Judges of the Supreme Court, President and the Judges of the Court of Appeal, Members of the Judicial Service Commission, other than the Chairman, Attorney-General, Governor of the Central Bank of Sri Lanka, Auditor-General, Inspector-General of Police, Parliamentary Commissioner for Administration (Ombudsman) and Secretary General of Parliament.
MP Jayasekera said that it would be really interesting to see the response of the newly appointed civil society members to the developing situation. The SJBer pointed out that the recent appointment of Samudika Jayaratne, a Senior Deputy Auditor General as the Auditor General was made after Kularatne moved the CIABOC against the Speaker.
The JVP and NPP, having preached other political parties of transparency, couldn’t pretend the Speaker’s issue was not serious. Dr. Wickramaratne was appointed Speaker in Dec 2024 after Asoka Ranwala had to step down after being exposed for making false higher education qualifications.
by Shamindra Ferdinando
News
Auditor General urged to probe coal scam
The Electricity Consumers’ Association (ECA) Friday (6) called on newly appointed Auditor General Samudika Jayarathne to begin her tenure by launching an investigation into the controversial coal procurement deal, which has drawn widespread public criticism.
Addressing a media briefing in Marandagahamula, Gampaha, ECA Secretary, Sanjeewa Dhammika, said the probe should be conducted independently. The appointment of a new Auditor General, following a vacancy of nearly six to seven months, was a crucial step in restoring the effectiveness of the state audit system, he said, extending congratulations to Jayarathne.
Dhammika urged the Auditor General to carry out a swift, independent investigation into the questionable coal procurement deals, alleging that they had caused significant economic and environmental harm to the country.
He called for the findings of such an investigation to be disclosed to the public as a priority.
He also called for an immediate audit of Lanka Transformer Ltd, which has faced severe criticism from the Committee on Public Enterprises (COPE). Dhammika said the audit should reveal details of alleged irregularities, identify those responsible, and disclose any misuse of public funds.
Noting that the government held a substantial share in Lanka Transformer Ltd, he stressed that the matter constituted a direct responsibility of the State.
“The audit system should not function to provide political protection, but to safeguard public funds,” Dhammika said, adding that the Association expected the new Auditor General to uphold this principle.
By Anuradha Hiripitiyage
News
First-ever monkey holding centre to be set up in Matale
A 150-hectare site near the Kalu Ganga Reservoir in Matale District has been earmarked for Sri Lanka’s first-ever holding centre for Toque Macaques, the Department of Wildlife Conservation (DWC) announced.
The centre will feature water, food, and security facilities, providing a safe environment to manage macaques that cause damage in nearby communities. The Matale District Development Committee has approved the project, following a recommendation from the DWC.
Wildlife Range Officer Chamath Lakshman Perera told the Committee that similar holding centres operate in several countries, including Malaysia. A total of Rs. 283.87 million has been allocated for the project.
Under the plan, macaques causing destruction will be captured and relocated to the centre. Population control measures will include fitting loops on female monkeys to prevent breeding. The facility will be secured to ensure the animals cannot escape back into the wild.
Officials said the site has sufficient natural food sources, but additional supplies will be provided if necessary. Each macaque is expected to require around 70 grams of food per day.
The project aims to balance wildlife conservation with community protection, offering a model for managing human-macaque conflicts in the country, Perera said.
by Nimal Gunathilake
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