With Sri Lanka’s life insurance GWP to GDP ratio standing at 0.6%, the industry presents significant potential to expand financial protection and long-term financial security across the country. Positioned at the forefront of this opportunity is HNB Life PLC, rebranded from HNB Assurance, backed by 25 years of consistent growth, over Rs70 billion in assets and a bold ambition to shape the future of life insurance in Sri Lanka.
Echelon sat down with Lasitha Wimalaratne, Executive Director/Chief Executive Officer and Dinesh Yogaratnam, Executive Vice President/Chief Marketing & Customer Experience Officer, at HNB Life PLC, to discuss the company’s transformation, what the rebrand signals to the market, and how it plans to grow market share and industry reach.
Over 25 years, HNB Assurance has built a foundation of trust. What was the most pivotal turning point, and how did it help rebrand?
Lasitha Wimalaratne: HNB Assurance is one of the most stable life insurers in Sri Lanka. Riding on the legacy of HNB Bank, the company ended 2025 with revenue of approximately Rs20 billion, an asset base of Rs70 billion, a life fund of approximately Rs50 billion, and 8.5% market share.
In 2015, the company separated its life and general insurance businesses, sharpening its focus on life insurance. In January 2022, a bold five-year target was set: double the market share. To get there, growth had to be sustained at double the market average, with a CAGR of around 30%. The company delivered a five-year top-line CAGR of 32%, with 42% growth in 2025 alone.
Alongside that, Rs1 billion was invested in IT infrastructure to go digital.
“HNB Life is also among only two companies in the industry to be assigned an “A” rating by Fitch Ratings.”
The wing-shaped logo symbolises empowerment and support. Did customer insights shape the rebranding, and how will it be used to change market positioning?
Dinesh Yogaratnam: As the company approached 25 years, the question was what comes next. The process began with understanding what prevents people from engaging with insurance. The answer: demystifying insurance had to be the goal.
Market research revealed customers were more likely to engage if the brand changed from “Assurance” to “Life,” and the leadership recognised this as the right moment to make that shift.
Central to this was a new vision: to be an enabler of thriving in life, no matter what. The work ahead is as much about living up to that promise as the rebrand itself.
This rebrand is more than a name change. What were the most critical internal changes that enabled this transformation?
Lasitha: Firstly, culture. HNB Life’s culture has always been one of its greatest strengths, built on inclusivity, a flat structure and working as one team. It required deliberate effort to align thinking and build belief. Getting everyone on board paid off, and the company is confident in raising the bar for insurance service.
Secondly, operations. The company had to ensure operations could deliver on the promise the new brand represents. That meant seamless customer experiences throughout.
Lastly, technology and process efficiency. Investments in artificial intelligence and robotic process automation have been critical.
Growth targets and expansion make it difficult to maintain culture and consistency. How have you coped?
Lasitha: Nobody believed in the target to double market share. This is the truth for any bold ambition. However, as time went on, the team rallied, and a culture of celebrating even small wins became anchored into how we HNB Life operate. This sense of achievement created momentum, with each milestone reinforcing conviction.
What also helped was connecting organisational and personal growth. As the company expanded, staff began to see the direct impact on their own career benefits. This made it considerably easier to bring the team along on the journey.
The results have spoken for themselves. HNB Life has gone on to win multiple awards, including being certified as a Great Place to Work, a Women Friendly Workplace, Mom-Friendly Workplace and many other accolades that reaffirm the company’s commitment to building an inclusive culture, empowering its people and delivering excellence to customers and communities alike.
Further strengthening this credibility, HNB Life is also among only two companies in the industry to be assigned an “A” rating by Fitch Ratings, underscoring its strong financial stability and trusted standing in the market.
Technology adoption is no longer optional. How has technology supported the rebrand, and how will it help achieve HNB Life’s ambitions?
Dinesh: Before introducing new technology, the priority was building a robust IT backbone. This is what enabled HNB Life to layer on AI and other platforms. This meant working with historical data, some stored physically which were digitalised. For a 25-year-old company, this historical data is imperative.
Insurance is one of the most analytically sophisticated industries there is. The dependence on data science, from actuarial sciences through to customer trend analysis, is considerable.
Training AI on a wider pool of data is deliberate. The focus has therefore been on solidifying the data foundation first, so that the rollout of AI, RPA and other interventions is built on something reliable.
Lasitha: What HNB Life sells is a promise. A policy is a contract, sometimes spanning 40 years, and the company has to live with that customer throughout. Given that industry products and services are similar, the differentiator is customer experience, and that requires embracing digitalisation.
The Rs1 billion invested in infrastructure was the genesis. Built upon this is HANA, a chatbot that allows customers to engage with, and soon will be available with voice assistance. The customer app empowers policyholders to manage their requirements without visiting a branch. A 24×7 call centre, reachable on 1301, ensures support is always available.
The goal is a seamless experience at every layer. Especially, the most critical of all: claims. Paying claims on time and remaining present throughout the customer’s life is what builds the trust that sustains the business.
Insurance is data-driven and fiercely competitive. How is HNB Life leveraging its platforms to stay competitive while also motivating staff?
Dinesh: The platforms were designed to serve people on the front lines. For an advisor or bancassurance officer, access to data means more thorough analysis, clearer product propositions and more effective pitching. In a competitive market, the right information at the right time is the difference.
Insurance professionals are target-oriented, and data that arrives faster adds value. The needs of a bancassurance officer and an advisor differ. Separate platforms, tailored to each, have been deployed on the same core system.
Lasitha: Speaking of customer experience, onboarding is almost fully digital. Need analysis and data submission can be done through mobile and tablet applications. The next step is automated policy issuance. 85% of policies issued end-to-end without human interaction is the goal by the end of 2026.
Claims are the deal breaker in any insurance relationship. HNB Life is in the process of introducing AI-driven claim scrutiny, targeting automation for between 50-70% of health claims.
This builds a smoother customer experience that is reliable and frees staff to work on other initiatives.
Rebrands can go right or wrong. What has driven success since the launch, and how have customers reacted?
Dinesh: Operating as a subsidiary, HNB Life was not something to be treated carelessly. Equally, HNB Assurance had accumulated considerable equity of its own. The objective was synthesis: bringing both together in a way that felt additive.
The deliberate incorporation of HNB’s blue into the new identity signals continuity while projecting renewed vigour. The reception has been broadly affirmative.
What underpins leadership’s confidence is the recognition that the rebrand is not cosmetic. It is to lead in empowering people to thrive, whatever life brings. Every decision is measured against that vision.
With Rs1 billion invested in technology and customer experience, what does the next five to ten years look like?
Lasitha: The platforms were designed to serve people on the front lines. For an advisor or bancassurance officer, access to data means more thorough analysis, clearer propositions and more effective pitching. In a competitive market, the right information at the right time is the difference.
Sales staff have real-time visibility into pipelines, earnings and progress against goals. Data that arrives weeks late has limited value.
The needs of a bancassurance officer and an advisor differ. Separate platforms, tailored to each, run on the same core system.
“HNB Life is in the process of introducing AI-driven claim scrutiny, targeting automation for between 50-70% of health claims.”
Life insurance penetration in Sri Lanka remains low by regional standards. What is the company doing to grow penetration?
Lasitha: While headcount coverage sits at roughly 35-40% of the population, the more widely accepted measure is the ratio of total premiums (GWP) to GDP. Sri Lanka’s life insurance industry contributes approximately 0.6% of GDP, or 1.1% when general insurance is included. India’s is 4%, Vietnam and Indonesia above 2%, and Singapore and Hong Kong approach 10%. Only Bangladesh and Pakistan trail Sri Lanka.
However, we developed a national roadmap with the government targeting double the penetration by 2030 and triple by 2035. Having grown at double the market average and doubled market share over five years, HNB Life intends to remain the growth leader.
Dinesh: What is distinctive about this industry, for all the intense competition within it, is the unity around the shared goal of growing penetration.
Insurance is not always a product people seek out, but the stories that emerge when it delivers are a reminder that the industry matters.