HNB Life records staggering 54% GWP growth in 1Q 2026 as the insurer continued its strong post-rebranding momentum with significant gains in premium income, assets and policyholder funds despite challenging market conditions.
HNB Life records staggering 54% GWP growth in 1Q 2026 amid strong premium and asset expansion
HNB Life PLC reported a robust financial performance for the three months ended March 31, 2026, demonstrating continued business expansion and operational resilience in Sri Lanka’s life insurance sector. The company’s latest quarterly results underline its sustained growth trajectory following its recent rebranding initiative and reinforce its standing as one of the country’s leading life insurers.
During the first quarter of 2026, the company recorded a life gross written premium (GWP) of Rs.7.01 billion, marking a significant 54 percent increase compared to Rs.4.55 billion reported during the corresponding period last year. Net written premium also rose by 54 percent to Rs.6.69 billion, reflecting strong new business generation alongside healthy policy persistency levels.
The performance highlights growing consumer confidence in long-term protection and savings products, particularly as the Sri Lankan insurance industry continues to recover and adapt within a changing economic environment. Industry observers note that sustained premium growth remains a key indicator of customer trust and market expansion for insurers operating in competitive conditions.
HNB Life records staggering 54% GWP growth in 1Q 2026 at a time when many financial institutions are carefully navigating the impact of lower interest rates and evolving investment market dynamics. Despite these external pressures, the company managed to maintain strong operational momentum supported by disciplined execution and expanding distribution capabilities.
Total net income for the period increased by 39 percent to Rs.8.69 billion, driven by healthy underwriting performance and stable investment returns. Interest and dividend income contributed Rs.2.05 billion during the quarter, reflecting the strength of the company’s financial investment portfolio and its ability to generate recurring income streams.
The insurer’s balance sheet also continued to strengthen during the period. Total assets increased to Rs.71.38 billion as of March 31, 2026, compared to Rs.68.44 billion recorded at the end of 2025. Financial investments expanded to Rs.64.39 billion, while the Life Insurance Fund rose to Rs.52.55 billion, indicating steady accumulation of long-term policyholder funds and continued business growth.
Meanwhile, total equity stood at Rs.11.45 billion, providing the company with a solid capital foundation to support future strategic expansion initiatives and long-term operational stability.
Although profitability remained positive, profit after tax for the quarter stood at Rs.0.21 billion and was reported without any surplus transfer from the Life Insurance Fund, which is typically carried out following year-end valuation adjustments. The company stated that profitability was affected by the prevailing low-interest rate environment and fair value movements within its equity investment portfolio.
Such market-related fluctuations are considered consistent with broader financial market conditions and reflect the inherent volatility associated with equity-based investments. However, the company emphasised that its core business fundamentals remain resilient despite short-term market pressures.
Commenting on the company’s performance, Chairman Stuart Chapman said the recent rebranding represented a defining milestone in the organisation’s long-term strategic journey as part of the Hatton National Bank group. He noted that the company continues to operate with strong discipline and purpose while benefiting from the stability and heritage associated with the HNB group.
Chapman further stated that it was encouraging to witness continued growth momentum during the early part of 2026 despite a dynamic economic landscape. He expressed confidence in the company’s ability to pursue sustainable growth alongside HNB General Insurance Ltd while continuing to create long-term value for stakeholders.
Executive Director and Chief Executive Officer Lasitha Wimalaratne attributed the company’s performance to the disciplined execution of its long-term strategy over the past four years. According to him, the insurer has steadily strengthened its distribution network, improved advisor productivity, invested in digital enablement and refined its customer-centric value proposition.
These efforts have enabled the company to sustain premium growth while maintaining focus on quality business generation and long-term value creation. Wimalaratne also highlighted the continued expansion of total assets, financial investments and the Life Insurance Fund as indicators of the underlying resilience and scalability of the business model.
HNB Life records staggering 54% GWP growth in 1Q 2026 while positioning itself for continued expansion in Sri Lanka’s evolving insurance sector. The company’s latest financial results reflect a combination of strategic execution, operational discipline and sustained customer engagement, providing a strong platform for future growth despite broader market uncertainties.