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HNBA Group records impressive 3Q22 results

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HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) reported a consolidated Gross Written Premium (GWP) of Rs 11.3 Bn marking a steady growth of 26% and a consolidated Profit After Tax (PAT) of Rs 1.5 Bn marking a growth of 228% during the nine months ended 30th September 2022 compared to the comparative period last year.

A press release from HNBA said:. Rose Cooray Chairperson of HNBA and HNBGI, expressed her views on the financial performance of the Group stating, “despite of the negative impact caused by the economic turbulence of the country and the challenges faced, both companies have performed extremely well in terms of both topline and bottom line. Both HNBA and HNBGI were able to increase their respective market shares by growing well above the market averages. Group PBT grew by 167% for the period reaching Rs 1.9 Bn compared to Rs 731.4 Mn in the corresponding period last year. The key reason for the exceptional growth is the transfer of Rs 1.1 Bn surplus from Life policyholders fund, subsequent to the valuation of the Life Fund as at 30th September 2022. It must be noted that no surplus transfer from Life policyholders was made in 3Q 2021 as it was done in December 2021.These profits posted were after incurring Rs 4 Bn as Net Insurance Benefits and Claims to our policyholders in 2022, compared to Rs 2.9 Bn in the corresponding period. The Group’s strategic emphasis is on increasing growth across key products and services while delivering a superior customer service through digital enablement and process efficiency”.

Sharing his views, Chief Executive Officer of HNBA Lasitha Wimalaratne said: “I am happy to note that the resilience of our core business model has led to yield these remarkable results despite the challenges we had to face in the previous months. While the business keeps retooling itself with tech transformations and keeping abreast of market trends, HNBA’s GWP increased by 32% achieving Rs 6.6 Bn. HNBA posted a PAT of Rs 1.2 Bn recording a 483% growth with the surplus transfer from the Life Fund. The Company’s Life Insurance Fund stands at Rs 23.1 Bn at the end of Q3 of 2022. Contributing to this momentum HNBA’s Capital Adequacy Ratio (CAR) stood at 283%”.

HNBA is the only insurance company to be listed amongst the Top 70 Best

Workplaces in Asia whilst also being recognised amongst the Top 50 Best Workplaces in Sri Lanka. The Company was also awarded as the best Digital Marketing Brand in the Insurance Industry and was recognised as the best Bancassurance team for two consecutive years by Global Banking and Finance Review. Wimalaratne also extended his sincere appreciation to the Agency and Partnership Channels, Support service teams and the HNB Management for their contribution to deliver these impressive results.

Commenting on these results, Chief Executive Officer of HNBGI Sithumina Jayasundara ssid that “the company was able to maintain a sustainable financial growth in 2022 compared to 2021 and that he is confident with the solid business strategies in place, the business will continue to grow to greater heights. Appreciating the dedication and efforts of both Strategic Business Units, Support Services and Operations Units, Mr. Jayasundara also stated that the business delivered a great performance during Q3 2022 recording a GWP of Rs. 4.8 Bn. Further reviewing the performance of the business, HNBGI recorded PAT of Rs. 417.6 Mn compared to Rs. 372.2 Mn last year. The Company’s Capital Adequacy Ratio (CAR) stood at 266% well above the regulatory requirement”.



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Sri Lanka worthy of being ranked as the world’s top holiday spot – cricketing great Wasim Akram

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Cricketing great Wasim Akram being felicitated by chairman Softlogic Life Ashok Pathirage.(R)

Pakistani cricketing legend Wasim Akram said Sri Lanka is the best tourist destination and is worthy of being ranked the world’s top holiday spot. ‘The island’s natural beauty and my decades-long connection with the country, are factors that enhance Sri Lanka’s value, he explained.

Speaking at a Softlogic Life investor forum in Colombo last Tuesday Akram said Sri Lanka remained one of his favourite destinations despite having traveled extensively around the world.

Akram who captained the Pakistani national cricket team and was celebrated as Softlogic Life’s brand ambassador said filming the company’s latest television commercial gave him another opportunity to experience some of the country’s most scenic locations, including Galle and the central highlands.

Akram said Sri Lanka’s landscapes, rivers and coastline were among the most beautiful he had beheld during his travels and expressed surprise that the country was not already considered one of the world’s leading tourism destinations.

Having first visited Sri Lanka as a teenager in 1985, Akram said he had returned numerous times over the years as a player, commentator and tourist. He added that he plans to continue visiting the island regularly and hopes to explore more of the east coast in the future.

Softlogic Life had impressive growth last year and is looking forward to introducing new life insurance products to the local market considering the increasing the aging population in Sri Lanka.

By Hiran H. Senewiratne

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Veenath Indrajith from the University of Sri Jayewardenepura wins the 2026 Saman Kelegama Memorial Research Grant

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Veenath Indrajith / Dr Saman Kelegama

Veenath Indrajith, a fourth-year undergraduate from the Department of Business Economics at the University of Sri Jayewardenepura, has been selected as the winner of the Saman Kelegama Memorial Research Grant for 2026. Indrajith’s academic and professional interests lie in economics, finance, investment, and policy-oriented research. In addition to his undergraduate studies, he is currently pursuing the Chartered Accountancy qualification in Sri Lanka, demonstrating a strong commitment to analytical rigour and professional excellence. He aspires to contribute to evidence-based policymaking through applied economic research.

Indrajith’s research study, titled “Small Vehicle Businesses and Household Investors Using the Second-Hand Car Market as an Alternative Investment Method in the Colombo District of Sri Lanka,” will adopt a qualitative research approach to explore the motivations, experiences, perceived returns, and risks associated with investing in used vehicles. By analysing household-level decision-making and investment behaviour, the research aims to shed light on a relatively underexplored area of Sri Lanka’s alternative investment landscape. The findings are expected to provide valuable insights for policymakers, particularly in relation to financial literacy, household investment strategies, and the development and regulation of alternative investment markets in Sri Lanka.

The Saman Kelegama Memorial Research Grant, established in 2018, honours the legacy of the late Dr. Saman Kelegama, former Executive Director of the Institute of Policy Studies of Sri Lanka (IPS), whose work significantly shaped public policy discourse on socio-economic development in Sri Lanka and the broader South Asian region. The grant is awarded annually to an outstanding undergraduate student from a Sri Lankan university, with the aim of encouraging innovative, policy-relevant research and nurturing the next generation of policy thinkers. As part of this grant, Indrajith will receive training and mentoring from IPS senior researchers to complete the proposed study.

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Delmege Consumer partners with Daraz

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Signing ceremony -  from Left to Right - Dushan Khadagammege, Head of Retail and Supply Chain,  Daraz, with the team from the  Delmege Group comprising  Baratha Piyadigama Group Head of Marketing, Shanaka Rajapaksha Manager Marketing Delmege Consumer, Atheeq Kabeer Manager E- Commerce and Digital Marketing .

Delmege Consumer, the flagship FMCG cluster of the Delmege Group, has evolved into one of Sri Lanka’s most trusted household names, building lasting relationships with communities across the island through a diverse portfolio of quality products that have become an integral part of consumers’ everyday lives for generations. Renowned for enriching households with Delmege’s own brands, leading local brands, and world-renowned international brands, the company continues to strengthen its presence, reputation, and connection with consumers nationwide.

A key strength of the FMCG cluster lies in the strong and enduring partnerships it has cultivated with suppliers, enabling the company to establish a responsive, time-sensitive, and mutually beneficial distribution network that has made a significant impact across Sri Lanka. Through its extensive reach and customer-focused approach, Delmege Consumer serves retail, wholesale, HoReCa, export, and modern trade channels, supported by flexible channel management strategies and winning consumer-centric propositions that cater to evolving market needs.

Further strengthening its distribution network and expanding its digital footprint, Delmege Consumer has partnered with Daraz, Sri Lanka’s leading e-commerce platform, to offer customers a more convenient, seamless, and accessible way to purchase its extensive range of FMCG products online.

Commenting on the partnership, Anil Meegahage, CEO of Delmege Consumer, stated:

“At Delmege Consumer, we are committed to innovation, continuously strengthening our product portfolio, and enhancing customer convenience and experience. Our partnership with Daraz enables us to serve customers across the country more efficiently by providing them with an easy, secure, and reliable platform to purchase trusted Delmege FMCG products online.”

Adding further, Baratha Piyadigama, Head of Group Marketing, Delmege, said:

“This partnership with Daraz marks another important milestone in our journey to enhance brand positioning, visibility, and awareness, especially at a time when digital and online commerce continue to gain significant momentum. As one of Sri Lanka’s leading FMCG distributors, we are proud to extend our trusted portfolio of products into the digital space through Daraz, ensuring customers across the island can conveniently access their favourite products with just a few clicks.”

Delmege’s extensive FMCG portfolio includes well-known Delmege branded products such as Canned Fish, Hiru Kahata Tea, Delmege Soya, Flavours and Colours, Delmege Pasta,

Delmege Noodles, and Salt, together with the much-loved Motha range of dessert ingredients, beverages, and mixes. The company also represents globally renowned international brands including Kellogg’s cereals such as Corn Flakes, Muesli, and Oats; Pringles; and the Ferrero portfolio featuring Ferrero Rocher, Nutella, Kinder Joy, and Tic Tac. Through its diverse and trusted brand portfolio, Delmege Consumer continues to reinforce its position as one of Sri Lanka’s leading FMCG companies.

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