HNB Assurance
HNB Assurance (rebranding to HNB Life) is a publicly listed Sri Lankan life insurer, founded in 2001 and backed by Hatton National Bank, providing individual, group, health, savings, retirement, mortgage protection and Takaful products to retail customers and corporates nationwide.
- Company typePublic
- Founded2001
- HeadquartersColombo, Sri Lanka
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What HNB Assurance does
HNB Assurance PLC, transitioning to HNB Life PLC, is a publicly listed Sri Lankan life insurer (Colombo Stock Exchange ticker: HASU) founded in 2001 and backed by parent Hatton National Bank. Headquartered in Colombo with 501–1,000 employees, it provides individual life insurance (protection, health, savings, retirement, mortgage protection), business insurance (Prime Group Life, Key Person Insurance) and Shariah-compliant Takaful products to retail customers, families and corporates across Sri Lanka.
The company's core technology stack now centers on a new digital insurance platform deployed in February 2025 that supports automated customer onboarding, digital channels and process automation. Distribution combines a bancassurance channel (the Partnership Channel, anchored by Hatton National Bank's branch network and exceeding LKR 10 billion in Gross Written Premium), direct self-serve digital platforms (eLife for 100% online policy purchase and ePay for online renewals), a branch and agency network (with MDRT/COT/TOT producers), and broker partnerships. The company offers products such as SupremeHealth Unlimited, SupremeHealth Max, Super CI, The Hope Cancer Insurance Plan, Safenet Dengue, Privileged Protect (a 2026 universal life launch) and HNB Mortgage Reducing Takaful.
HNB Assurance/HNB Life generates revenue primarily through recurring life insurance premiums across individual, group and micro policies, with bancassurance as the dominant channel and a women-focused initiative (Liya Harasara) used to expand customer acquisition. The model is subscription/recurring in nature; pricing is quote-based via sales consultation rather than publicly disclosed, and customer concentration is spread across retail consumers and Sri Lankan corporates rather than anchored on a few large accounts.
HNB Assurance firmographics
Firmographics- Name
- HNB Assurance
- Legal name
- HNB Assurance PLC
- Website
- https://hnbassurance.com
- Company type
- Public
- Founded year
- 2001
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- HNB Assurance (rebranding to HNB Life) is a publicly listed Sri Lankan life insurer, founded in 2001 and backed by Hatton National Bank, providing individual, group, health, savings, retirement, mortgage protection and Takaful products to retail customers and corporates nationwide.
- Ownership category
- akta.pro rank
HNB Assurance industry classification
Industry- Product category
- Life Insurance
- NAICS
- Direct Life, Health, and Medical Insurance Carriers (52411), Direct Health and Medical Insurance Carriers (524114), Direct Life Insurance Carriers (524113)
- SIC
- Life Insurance (6311), Accident & Health Insurance (6321)
- akta.pro primary industry
- Annuity + LTC / Long-Term Care Riders (FSAIAJAC)
- akta.pro secondary industry
- Retakaful (Life & Health) (FSAIANAM)
Keywords
Where HNB Assurance is headquartered
LocationHeadquarters
- HQ city
- Colombo
- HQ country
- Sri Lanka
- HQ region
- Asia
Offices1 record
Markets served
HNB Assurance business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Life Insurance Premiums: Core revenue from individual and group life insurance policy premiums including protection, health, savings, retirement, and mortgage protection products.
- Bancassurance Partnership Revenue: Revenue generated through the Partnership Channel (bancassurance) which has surpassed LKR 10 billion in Gross Written Premium with 58% growth.
- Takaful (Islamic Insurance): Shariah-compliant insurance products including HNB Mortgage Reducing Takaful for property-related financial commitments.
- Group Life Insurance: Prime GroupLife and Key Person Insurance products for business customers.
Go-to-market motion3 records
Distribution channels6 records
Marketing channels5 records
HNB Assurance product offering
Product offeringCore offering
HNB Assurance PLC (transitioning to HNB Life PLC) is a Sri Lankan life insurer offering a comprehensive suite of individual life insurance products (protection, health, savings, retirement, mortgage protection), business solutions (Prime GroupLife, Key Person Insurance), and Shariah-compliant Takaful products. Distribution is anchored by bancassurance through parent Hatton National Bank's branch network, supported by digital self-service platforms eLife (100% online policy purchase) and ePay (online premium payment and renewal).
Product overview
HNB Assurance (transitioning to HNB Life) offers a comprehensive suite of life insurance products and services in Sri Lanka. The portfolio includes individual life insurance products (Protection, Health, Savings, Retirement, Mortgage Protection), health-specific plans (SupremeHealth Unlimited, SupremeHealth Max, Super CI, The Hope Cancer Insurance Plan, Safenet Dengue Insurance Plan), and business solutions (Prime GroupLife, Key Person Insurance). Digital channels include eLife for 100% online policy acquisition and ePay for policy renewals. The company also offers Shariah-compliant Takaful products. Recently launched Privileged Protect as a universal life insurance solution combining short-term premiums with long-term coverage. The company operates through bancassurance partnerships with Hatton National Bank, having served Sri Lankan families since 2001 with 25 years of trust and protection.
Differentiator
Problem solved
Functional benefit
Brands
- eLife: Online platform for obtaining life insurance policies 100% online with comprehensive life cover benefits
- ePay
- Liya Harasara
- Wings for Life
- Privileged Protect
- Privileged Life
- SupremeHealth Unlimited
- SupremeHealth Max
- Super CI
- The Hope Cancer Insurance Plan
- SafeNet Dengue Insurance Plan
- Prime GroupLife
- Key Person Insurance
- Takaful
Products and services
- SupremeHealth Unlimited Comprehensive health insurance plan providing medical expense coverage and health-related financial protection for individuals and families in Sri Lanka.
- SupremeHealth Max Enhanced health insurance plan offering maximum protection and coverage for medical needs of individuals and families.
- Super CI Critical illness insurance plan providing financial protection against serious medical conditions for individual policyholders.
- The Hope Cancer Insurance Plan Specialized cancer insurance plan designed to provide financial support for cancer-related treatments and care.
- Safenet Dengue Insurance Plan Targeted health insurance product covering dengue fever treatment and related medical expenses for individuals.
- PrivilegedLife Life insurance savings product combining protection and savings benefits to help policyholders build financial reserves.
- Privileged Protect Universal life insurance solution combining short-term premium commitments with long-term financial security, featuring six compulsory protection benefits, dividend entitlements, and partial withdrawal options.
- Mortgage Protection Insurance Competitive mortgage protection policy designed for individuals purchasing homes, renovating properties, or buying land to cover outstanding loan commitments.
- Prime GroupLife Group life insurance solution for businesses providing comprehensive health and life coverage packages for employees.
- Key Person Insurance Business insurance coverage for indispensable key personnel whose loss could materially impact company performance.
- Takaful (HNB Mortgage Reducing Takaful) Shariah-compliant insurance solution including HNB Mortgage Reducing Takaful cover for individuals purchasing houses, renovating properties, or buying land.
- eLife Digital Insurance Platform
- ePay Online Payment Gateway
Quantifiable outcome
- 58% growth in Gross Written Premium and New Business Premium in Partnership Channel
- +3 more outcomes
Companies that use HNB Assurance
Customer profileNamed customers1 record
Segments3 records
Ideal customer profiles2 records
HNB Assurance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
HNB Assurance partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered minor, core and moderate.
- Sri Lanka Institute of Marketing (SLIM)minorCollaboration with SLIM to conduct the Certified Sales Manager Programme, the first of its kind in the insurance industry. This partnership supports professional development of the sales leadership team as part of the company's strategic investment in human capital.
- Bancassurance Partner BankscoreNetwork of partner banks supporting the Partnership Channel which surpassed LKR 10 billion GWP with 58% growth, contributing to the company's sixth consecutive Best Life Bancassurance Provider award.
- Broker NetworkmoderateInsurance broker network supporting product distribution alongside the primary bancassurance channel, contributing to overall market reach and customer acquisition.
Scale indicators5 records
Recent moves7 records
Expansion highlights5 records
HNB Assurance competitors and assessment
Company assessmentBroad incumbents
- Sri Lanka Insurance Corporation: State-owned composite insurer offering life and general insurance products across Sri Lanka. Comparable to HNB Life in domestic product breadth though with different ownership structure and broader portfolio mandate.
- Prudential Sri Lanka: Local arm of Prudential plc offering life and health insurance in Sri Lanka. Comparable to HNB Life in target market and product range, backed by a global insurance group with stronger actuarial and investment capabilities.
- Allianz Life Insurance Sri Lanka: Local operation of Allianz, a global insurance leader, offering life insurance in Sri Lanka. Comparable target market and product positioning with the backing of a global brand and balance sheet.
- AIA Insurance Sri Lanka: Subsidiary of AIA Group, one of Asia's largest life insurers, operating in Sri Lanka with comprehensive life and health offerings. Competes with HNB Life in the Sri Lankan market with significantly larger group balance sheet and global product capabilities.
Regional players
- Continental Insurance Lanka: Sri Lankan life and general insurer operating primarily in domestic market. Comparable in product mix to HNB Life though smaller in scale and distribution reach.
Direct peers
- Janashakthi Insurance PLC: Sri Lankan composite insurer with material life insurance operations serving individuals and corporates. Overlaps with HNB Life in life and health product categories and Sri Lankan distribution footprint.
- Union Assurance PLC: Sri Lankan life and general insurer listed on the CSE offering individual life, health, group, and Takaful products. Competes head-to-head with HNB Life for bancassurance partnerships and Sri Lankan consumer mindshare.
- Softlogic Life Insurance PLC: Listed Sri Lankan life insurer with strong digital and bancassurance distribution. Directly comparable in product suite (life, health, Takaful), digital-first strategy, and Sri Lankan retail focus.
- Ceylinco Life Insurance: One of Sri Lanka's largest domestic life insurers offering individual life, health, and group insurance products with multi-channel distribution. Directly comparable to HNB Life in product mix, distribution (bancassurance, agency, brokers), and Sri Lankan market positioning.
Emerging players
- Takaful Sri Lanka (family Takaful operators): Sri Lankan Takaful-focused insurers competing in the Shariah-compliant segment where HNB Life also operates via its Mortgage Reducing Takaful and broader Takaful offerings. Relevant as HNB Life expands its Takaful footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
HNB Assurance social profiles
Digital presenceHNB Assurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
HNB Assurance leadership team
Management profileNumber of profiles
Profiles3 records
HNB Assurance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
HNB Assurance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about HNB Assurance
What does HNB Assurance do?
HNB Assurance PLC (transitioning to HNB Life PLC) is a Sri Lankan life insurer offering a comprehensive suite of individual life insurance products (protection, health, savings, retirement, mortgage protection), business solutions (Prime GroupLife, Key Person Insurance), and Shariah-compliant Takaful products. Distribution is anchored by bancassurance through parent Hatton National Bank's branch network, supported by digital self-service platforms eLife (100% online policy purchase) and ePay (online premium payment and renewal).
Is HNB Assurance a public or private company?
HNB Assurance is a public company. It is classified as public and is currently operating.
When was HNB Assurance founded?
HNB Assurance was founded in 2001. It employs 501 to 1,000 people.
Where is HNB Assurance based?
HNB Assurance is headquartered in Colombo, Sri Lanka, in the Asia region.
How does HNB Assurance make money?
Four revenue lines are on record. Life Insurance Premiums are the primary driver. The others are bancassurance Partnership Revenue, takaful (Islamic Insurance) and group Life Insurance.
Who are HNB Assurance's main competitors?
Broad incumbents on record are Sri Lanka Insurance Corporation, Prudential Sri Lanka, Allianz Life Insurance Sri Lanka and AIA Insurance Sri Lanka. Continental Insurance Lanka is listed as a regional player. Direct peers are Janashakthi Insurance PLC, Union Assurance PLC, Softlogic Life Insurance PLC and Ceylinco Life Insurance. Takaful Sri Lanka (family Takaful operators) is listed as an emerging player.
Does HNB Assurance have an API?
No public API is recorded for HNB Assurance.
What industry is HNB Assurance in?
HNB Assurance's product category is Life Insurance. Its primary akta.pro industry code is FSAIAJAC, Annuity + LTC / Long-Term Care Riders, with a secondary code of FSAIANAM, Retakaful (Life & Health). Its NAICS code is 52411 and its SIC code is 6311.