Below is a concise, side‑by‑side comparison of Sri Lanka Insurance Corporation (commonly SLIC / Sri Lanka Insurance) and HNB Assurance PLC (HNBA), covering ownership, scale, recent financials, ratings, distribution & products, strengths, and differences to help you compare them quickly.

1. Ownership & corporate position

• Sri Lanka Insurance Corporation (SLIC): Government‑owned (state corporation), historically the largest composite insurer in Sri Lanka with life and general businesses (operates through Sri Lanka Insurance Life and other group entities). (sliclife.com)
• HNB Assurance (HNBA): A publicly listed insurer and part of the HNB Group (Hatton National Bank). HNBA is primarily a life insurer and has a general insurance subsidiary (HNB General Insurance). It is a bancassurance partner of HNB Bank. (hnbassurance.com)

2. Size & recent financial performance (high‑level)

• SLIC (Life): Reported very strong 2024 results — GWP (life) ~ LKR 26.3 billion and large profit before tax reported for FY2024, with substantial claims/maturities paid (figure reported by SLIC Life announcements). This positions SLIC among the largest life insurers by volume. (sliclife.com)
• HNB Assurance Group (HNBA + HNBGI): Reported strong growth in 2024 and into 2025 — Group GWP reported ~LKR 22.7 billion for FY2024 and continued double‑digit growth into 2025 (press releases show GWP and assets expanding, Group assets and life fund growth noted). HNBA Group PAT and assets have also increased in recent reports. (hnbassurance.com)

3. Credit / insurer strength ratings

• SLIC: Historically assigned high ratings by Fitch (SLIC has been described as having a very strong rating historically). Check the most recent Fitch/Lanka Ratings pages for up‑to‑date rating symbols before relying on them for decisions. (en.wikipedia.org)
• HNB Assurance: Fitch Ratings Lanka (national scale) has rated HNB Assurance highly (press/website refers to an ‘A’ / ‘A+’ (lka) national insurer strength in recent communications). HNBGI (its general insurance arm) also carries a national rating in the A range. (hnbassurance.com)

4. Distribution, product mix & channels

• SLIC: Composite insurer (life and general historically), large branch and agency networks, wide product range including long‑term life, endowments, pensions, and general insurance lines. As the state insurer it has a broad nationwide presence. (sliclife.com)
• HNB Assurance: Strong bancassurance channel through HNB Bank, agency/advisors, digital initiatives and a growing network of branches; product focus on life solutions and takaful plus a separate general insurance subsidiary for motor/non‑motor lines. HNBA emphasizes bancassurance and digital customer service (chatbots/AI). (hnbassurance.com)

5. Strengths & differentiators

• SLIC strengths: Very large scale (especially in life), state ownership (perceived stability), high volumes of payouts and claims settlement reported in 2024 — good for policyholder confidence. Useful where scale and legacy reach matter. (sliclife.com)
• HNB Assurance strengths: Strong bancassurance distribution via HNB, rapid recent growth in GWP and assets, modern digital initiatives and improved Fitch (lka) national ratings; competitive in both life and, via HNBGI, general insurance. Good choice when bancassurance convenience, digital service and fast growth are priorities. (hnbassurance.com)

6. Recent trends (what 2024–mid‑2025 showed)

• Both companies reported double‑digit GWP growth in 2024 and into 2025, increased assets under management and higher claims/maturities paid (indicative of expanding business and active claims settlement). HNBA published consecutive quarters of strong growth into 2025. SLIC Life published very strong 2024 life results. These trends show both incumbents are expanding but with different ownership models and distribution strategies. (sliclife.com)

7. Practical implications (how to choose between them)

• If you prioritise:
  • Nationwide scale, long legacy and state backing → SLIC is notable. (sliclife.com)
  • Bank‑integrated sales, digital services and rapid growth with strong national ratings → HNB Assurance (and its HNB General arm) are attractive. (hnbassurance.com)

Notes & sources

• Key sources used: HNB Assurance official site & pressroom (company updates and 2024–2025 results), SLIC / SLIC Life press release summarising 2024 life results, and public profiles/coverage. For the exact numbers you care about (e.g., consolidated balance sheet figures, solvency ratios, the most recent Fitch/Lanka ratings symbol, policy terms), I can fetch the latest annual reports or regulator filings and provide exact line‑item citations. (hnbassurance.com)

If you want, I can:

• Fetch and put the latest FY2024/2025 key financial lines (GWP, total assets, life fund, PAT, solvency ratio) for both companies in a side‑by‑side table with source links; or
• Compare specific products (e.g., a particular endowment or term policy) or distribution costs/commissions if you’re evaluating purchase choices.

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