HNB Assurance

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.

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

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

• Life insurance products
• Health insurance plans
• Group life coverage
• Shariah-compliant takaful
• Bancassurance distribution

Headquarters

HQ city

Colombo

HQ country

Sri Lanka

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Life Insurance Premiums: Core revenue from individual and group life insurance policy premiums including protection, health, savings, retirement, and mortgage protection products.
2. Bancassurance Partnership Revenue: Revenue generated through the Partnership Channel (bancassurance) which has surpassed LKR 10 billion in Gross Written Premium with 58% growth.
3. Takaful (Islamic Insurance): Shariah-compliant insurance products including HNB Mortgage Reducing Takaful for property-related financial commitments.
4. Group Life Insurance: Prime GroupLife and Key Person Insurance products for business customers.

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core 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

Named customers1 record

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered minor, core and moderate.

• Sri Lanka Institute of Marketing (SLIM)minorStrategic or Co-development PartnerCollaboration 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 BankscoreChannel Partner/ Reseller/ DistributorNetwork 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 NetworkmoderateChannel Partner/ Reseller/ DistributorInsurance 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

Broad 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

• Facebookfacebook.com/HNBAssurance
• Xx.com/HNBASL

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HNB Assurance