In 2022, HNB Life set itself a target that looked ambitious even by its own admission: double its share of the life insurance market, from roughly 5% to 10%, within five years. By the end of 2025 it had reached 8.58%, and the pace has not slowed. Premium income from life policies rose 42% that year, to Rs19.49 billion. New business rose 38%. Group and corporate insurance, a newer priority, rose 49%.
The growth has come alongside a rebrand. The company began in 2001 as HNB Assurance, a composite insurer and subsidiary of Hatton National Bank. It now operates solely as a life insurer, trading as HNB Life, with a focus on advisor training, automation and bancassurance distribution through its parent. Lasitha Wimalaratne, Executive Director/Chief Executive Officer, and Dinesh Yogaratnam, Executive Vice President/Chief Marketing and Customer Experience Officer, spoke to Echelon about the years behind the numbers, and a bigger target already in view: a place among the three largest life insurers by 2030.
Twenty-five years after its founding, and coming off a year in which Life GWP grew 42% to Rs19.49 billion, HNB Life has stepped into a new brand identity. What vision is this evolution built around?
Lasitha Wimalaratne: Our new identity is the natural evolution of a 25-year journey. The name has changed from HNB Assurance to HNB Life, but the purpose has not: protecting lives and empowering dreams. The transition reflects who we have become and where we intend to go. We began as a composite insurer. In 2015, we narrowed our focus to life insurance alone, then transformed our products, customer experience, technology, talent and distribution. Today we are a stronger, more agile life insurer, and the new identity reflects that shift.
This goes beyond a logo or a name change. It signals a renewed commitment to helping Sri Lankans live with confidence by making life insurance simpler, more accessible and more relevant at every life stage. We built a brand that speaks to today’s customer while staying rooted in 25 years of trust. The timing reflects our position. In 2025, our Life Gross Written Premium grew 42% to Rs19.49 billion, making us one of the fastest-growing life insurers in the country. That growth reflects the confidence customers have placed in us and the work of our employees, Life Planners and partners.
HNB Life is about looking ahead. We are building an insurer that is digitally enabled but human, innovative but dependable, and ambitious while staying customer-centric. The new identity is our promise to keep evolving with our customers and delivering protection that stays relevant.
HNB Life had a 38% increase in new business in 2025 compared to the year before. What’s this traction that the brand has with customers?
Dinesh Yogaratnam: First, customers are looking for insurers they can trust. After 25 years in the industry, we have earned that trust by delivering consistently on our promises. When customers see a financially strong insurer that invests in service, technology and innovation, confidence follows. Second, we have made insurance easier to understand and buy. Insurance could once feel complex, but we have simplified the customer journey. Whether someone engages us through a Life Planner, our bancassurance network, corporate partnerships or digital platforms, the experience is more seamless than before.
We have also broadened our product portfolio to meet changing customer needs. Today’s customer wants more than protection. They look for solutions that support health, children’s education, retirement planning, wealth accumulation and financial resilience, and we have built our product innovation around those needs. Our distribution network has also driven this growth. Our partnership with Hatton National Bank gives us access to one of the country’s strongest bancassurance networks. At the same time, we have expanded our professional sales force, rebranded as Life Planners, who provide customers with personalised financial guidance rather than simply selling policies.
Finally, our new identity has arrived at the right moment. It signals confidence and a clear direction for the future. Customers want to engage with organisations that are moving forward, and HNB Life represents that.
“Today’s customer wants more than protection. They look for solutions that support health, children’s education, retirement planning, wealth accumulation and financial resilience, and we have built our product innovation around those needs.”
Group life and corporate insurance grew 49% in 2025, as HNB Life deepened its reach into SMEs and corporate accounts. What’s the company’s strategy for this side of the business?
Lasitha: Corporate insurance matters more today because organisations recognise that protecting employees is a strategic investment, not simply an HR benefit. Our approach has never been about standard products. Every organisation’s needs differ, so we work closely with businesses to develop protection solutions aligned with their workforce, industry and long-term objectives.
The SME sector represents one of Sri Lanka’s largest growth opportunities. Many small and medium-sized businesses are beginning to recognise the value of structured employee benefits, and we want to support that shift by making life insurance more accessible and affordable. Beyond protection, we see ourselves as a long-term partner to businesses. Our solutions help organisations attract talent, improve employee wellbeing and strengthen financial security across their workforce.
In 2022, HNB Life set out to double its life insurance market share from roughly 5% to 10% within five years. Having closed 2025 at 8.58%, with early 2026 figures suggesting the pace has only picked up since, how close is the company to the finish line, and what’s carried it this far?
Lasitha: When we introduced our “10 in 5” strategy, many considered it ambitious. But ambition has always been part of our culture. Having reached a market share of 8.58%, we are on track to meet that goal, and the momentum we are seeing in 2026 gives us confidence that we are moving in the right direction.
This growth hasn’t come from one area alone. It has been broad-based. Our advisor force has expanded, our partnership channel continues to perform well, our corporate business has grown, customer retention has improved and digital transformation has enhanced operational efficiency across the organisation.
The “10 in 5” strategy rests on three pillars: expanding our sales force, delivering strong customer service and accelerating technological transformation. Those pillars continue to guide our work.
We have also invested in developing our people. Our newly introduced Life Planner identity reflects a broader evolution in the role of our advisors. They no longer simply sell insurance; they help customers make informed financial decisions throughout their lives. Our culture has mattered equally. We have built an organisation that embraces innovation, continuous learning and operational excellence, which has allowed us to respond quickly to changing customer expectations and market dynamics.
Reaching 10% market share will be a significant milestone, but we see it as a step in a larger journey, not the destination.
Backed by a significant technology investment, HNB Life is targeting 85% of policies issued without human interaction by the end of 2026, alongside using AI to automate processing of up to 70% of health claims. How is technology changing what happens when a customer files a claim?
Dinesh: Claims define an insurance company. Customers don’t remember how quickly they bought a policy. They remember how they were treated when they needed support most. That’s why technology is one of our biggest investments. We are redesigning the claims journey to make it faster, simpler and more transparent. AI-powered automation processes many routine health claims more efficiently, so customers receive decisions faster than before.
Technology also reduces manual errors, improves consistency and frees our claims teams to focus on complex cases that require empathy and human judgement. Customer experience matters equally. Customers increasingly expect the same convenience from insurers that they get from banks or digital service providers: submitting documents digitally, receiving real-time updates and avoiding unnecessary paperwork. We are building our digital ecosystem around those expectations.
We are also working towards issuing about 85% of our policies digitally, without manual intervention. This means customers receive protection faster while our teams spend more time on advice rather than paperwork. But speed doesn’t replace the human side of insurance. During illness or loss, customers still need reassurance, compassion and human understanding. Technology should enhance those interactions, not replace them.
With the current five-year market share target nearly complete, HNB Life has named its next ambition: a top-three position among Sri Lankan life insurers by 2030. What would that next chapter look like?
Lasitha: The next chapter is about more than rankings. To become one of the top three life insurers by 2030 is an ambitious goal, but for us it represents the outcome of building a stronger, smarter, more customer-focused organisation. We believe the future of life insurance will be shaped by three characteristics: personalisation, digital experiences and lifelong customer relationships. HNB Life intends to lead in all three.
“The SME sector represents one of Sri Lanka’s largest growth opportunities. Many small and medium-sized businesses are beginning to recognise the value of structured employee benefits, and we want to support that shift by making life insurance more accessible and affordable.”
Innovation will remain central to our strategy. As customer lifestyles evolve, insurance must evolve with them. We want to create solutions that stay flexible, relevant and responsive to the changing needs of individuals, families and businesses. Our people remain our greatest strength. We will keep investing in leadership development, capability building and creating one of the best workplaces in the industry, because exceptional customer experiences begin with engaged employees.
Most importantly, our new identity as HNB Life provides the platform for what comes next. It reflects a company that has honoured its legacy while embracing the future with confidence. Twenty-five years have given us a strong foundation. The next decade is about building on it with greater purpose and impact.