HNB Assurance Group delivered impressive financial results for the 1sthalf of 2018, posting a Profit After Tax (PAT) of LKR 805 MN. The 1sthalf PAT is inclusive of the regular profits together with the One-off Surplus which arose from the insurance industry valuation rule change as well as the 1stquarter valuation of the Life Fund under the new valuation method. The profit growth thus reflected the 357% growth over prior. However, the resultant increase remains uniquely applicable only for the year 2018, the Company communication stated. The Group recorded a Gross Written Premium (GWP) of LKR 4.2 BN depicting a growth of 12% amidst very tight market conditions when compared with the GWP of LKR 3.8 BN recorded during the corresponding period of 2017.
Sharing her views on the financial results, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI stated, “The Group has made progress during the first half, further strengthening our footprint in the insurance industry. These impressive results were achieved amidst many economic and operational challenges. The first half operating results showcase solidity of the HNBA Group and the improved efficiencies of the Life and General businesses and the strategies in place to cater to the insurance needs of our community. Both businesses of the Group are committed to deliver value to all stakeholders as well as to further consolidate firm standing of the Group in the insurance industry”.
Expressing his views on the first half financial results, Mr. Deepthi Lokuarachchi, Managing Director/CEO of HNBA and HNBGI stated, “These results are an outcome of the Group’s well-founded strategies and well-focused management practices. In a challenging economic backdrop, the Group was successful in achieving a GWP growth of 12% during 1H 2018”. Speaking on the performance of each business, Managing Director/CEO, Mr. Lokuarachchi commented “classes such as motor and fire of the General Insurance business showcased an impressive growth while other classes including the Life Insurance business have grown consistently with the
market ratios of growth. Total assets of the Group reached LKR 20 BN and the investment in financial instruments surpassed the value of LKR 16.5 BN. As at 30thJune 2018, the Life Insurance Fund reached a value of LKR 11.6 BN and the General Insurance Fund reached a value of LKR 2.6 BN”. Speaking on the Group’s future prospects, Mr. Lokuarachchi added that the Group remains confident of its ability to deal with ongoing and imminent challenges facing the business and to grow beyond benchmarks.
May
HNB Assurance PLC (HNBA) has once again reaffirmed its industry leadership in Bancassurance by securing the title of "Best Life Bancassurance Provider in Sri Lanka" for the fifth consecutive year, awarded by the prestigious Global Banking and Finance Review – UK. Mr. Lasitha Wimalaratne, Chief Executive Officer of HNB Assurance, expressed his thoughts on this milestone, stating, “Being named the Best Life Bancassurance Provider in Sri Lanka for the fifth year in a row is not just an honor, it is a reflection of the enduring partnerships we have built especially with our parent company Hatton National Bank along with the passion of our teams. This accolade speaks volumes of our consistent efforts to elevate standards in bancassurance. Our teams continue to innovate, collaborate and break boundaries to deliver meaningful solutions to our customers. I’d like to extend my sincere thanks to the management of Hatton National Bank and our other partners for their continued guidance and support.”Highlighting the pivotal role of the Partnership Channel, Mr. Wimalaratne further added,“As we accelerate towards our goal of capturing a 10% market share, the Partnership Channel remains central to our growth strategy. Congratulations to the teams involved, I am immensely proud of what we have accomplished and am excited about the journey ahead.”Mr. Supun Dias, Senior Vice President - Network Management at Hatton National Bank, congratulated the team at HNBA, stating, “To witness HNBA win this prestigious title for five consecutive years is truly inspiring. It is a testament to the strength and synergy of our long-standing partnership. As a Group, we are committed to driving innovation and delivering superior value to our clients. Congratulations to HNBA and everyone involved in achieving this exceptional feat.”Also sharing his thoughts, Mr. Sanesh Fernando, Chief Business Officer – Partnerships at HNB Assurance, remarked, “This milestone is the direct result of the dedication our teams and tireless efforts they have made to deliver value to our policyholders. The Partnerships team at HNBA, together with our banking partners, especially Hatton National Bank, have been instrumental in shaping this success story. I’d like to extend my sincere appreciation to the HNB Branch Management, HNB Bank Network Management along our valued customers for their trust placed on us. This fifth win reinforces our drive to deliver excellence and as we move forward we will continue to strive to reach even greater heights.
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May
Strengthening its footprint across Sri Lanka, HNB Assurance PLC officially opened its newest branch in Jaffna, located at No. 521, Point Pedro Road, Nallur. With this addition, the company now operates 11 branches in the North emphasizing the company’s ongoing efforts to bring its life insurance solutions closer to communities in the Northern Province, making protection and financial planning more accessible than ever before. The new Jaffna branch will serve as a hub for customers in the region, delivering personalized insurance services with the hallmark trust, care and professionalism the company is known for.Speaking at the branch opening, Mr. Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, stated, “We are indeed excited to further strengthen our footprint in the Northern Province with the opening of this new branch in Jaffna. With multiple touchpoints already established in the region, our growing presence allows us to better serve the evolving needs of our customers and create even closer relationships with the communities we operate in. We remain dedicated to being a trusted partner in their journey towards a more secure and resilient future.”Sharing similar sentiments, Mr. Harindra Ramasinghe, Chief Business Officer – Advisor Distribution Channel of HNB Assurance PLC, commented, “With the opening of our newest branch in Jaffna, we now operate over 70 physical branches across the island and with this new branch opening we have reaffirmed our belief in the strategic importance of the Northern Province to our growth journey. We have always recognized Jaffna as a key region with immense potential and we are proud to strengthen our connection with its people. My sincere thanks to the Distribution Management team and all the other support teams for their efforts in helping us open this branch.”The newly inaugurated Jaffna branch is now open to serve customers from Monday to Friday, offering expert guidance and tailored life insurance solutions to meet diverse needs.
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May
In an effort to demonstrate its continued commitment to exceptional service and customer convenience, HNB Assurance PLC (HNBA) has launched a 24-hour call center, enabling policyholders to connect with the company on all matters related to customer service at any time, from anywhere using the short code 1301. While customer service support is now available 24/7, hospitalization claims-related services will continue to be handled as per the specific instructions issued to the policyholder at the time of obtaining a policy.HNB Assurance has experienced consistent growth, recording an impressive average growth rate of 26% over the past four years. The company’s momentum and customer-centric focus have paved the way for initiatives such as the 24-hour call center, designed to strengthen policyholder engagement and ensure seamless service delivery.“Exceptional customer service is not just a value we uphold; it is a critical pillar of our strategy to achieve a 10% market share by 2026” said Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance. “Making our call center available 24 hours a day, 365 days of the year, ensures our policyholders are supported when they need us most, reinforcing the trust they place in us every day. Additionally, our significant investments in digital transformation to make interactions of our policyholders with us seamless, to initiatives like this, all aim at delivering our broader mission to continuously enhance our customer experience”. Speaking further he went on to add “as an industry, as we push towards greater insurance penetration, it is important that players do everything in their power to foster greater levels of confidence and convenience to the customer”.Earlier this year, HNB Assurance also unveiled a dedicated Customer Service Centre, a thoughtfully curated space designed to create personalized and streamlined interactions. Together with the 24-hour call center, HNB Assurance continues to reimagine and elevate every aspect of the customer journey.“Our newly enhanced 24-hour call center operation and the upgraded Customer Service Centre we opened earlier this year are all part of our ongoing efforts to elevate and refine every touchpoint so as to offer a superlative customer experience that truly differentiates us from the competetion,” added Dinesh Yogaratnam, Chief Marketing and Customer Experience Officer / General Manager of HNB Assurance. “We recognize that as a company we offer something that is intangible, protection, trust and peace of mind and for that, we need to be with our customers at all times. Hence, these initiatives are not standalone, they are integral to how we plan to grow, not just in size but in the value and care we offer to every policyholder.”
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