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HNB Assurance Group Delivers OutstandingFinancial Results for Q1 2018

HNB  Assurance Group  deliveredasuperlativefinancialperformance,  reporting  a Profit After Tax (PAT)of LKR 699 MN for Q1 2018 reflecting a steadygrowth of 844% in  comparison  tothe  PATof  LKR  74  MN  recordedduring  the  corresponding  period  of 2017.This  growth  mainly  resulted  due  to  the  transfer  of  One-off  surplus  of  LKR381 MNto Shareholder Fund from Non-Participating Policyholder Fund due to thechange in liability valuation  method  and  the  surplus  transfer made during  the  first quarter 2018amounting to LKR210 MN. In  analyzing  the  financial  results  of  the  periodunderreview,  the  Group  recorded  a Gross Written Premium (GWP) of LKR 2.19BN, depicting aconsolidatedgrowth of 15% in  comparison withthe  GWP  of  LKR  1.9  BNrecorded  during  the  first  quarter  of  2017. The  Parent  Company,  HNB  Assurance  PLC  (HNBA)  recorded  a  GWP  of  LKR  1.06  BN when compared withthe GWP of LKR 988 MN recorded during Q1 2017. The subsidiary, HNB General Insurance Limited (HNBGI) recorded a GWP of LKR 1.14 BN against a GWP of  LKR  929  MN  recorded  during  the  corresponding  period  last  year,  reflecting  a growth of 22%. Together with the One-off Surplus,HNBA posted a PAT of LKR 658 MNfor  the  period,  recording  a  growth  rate  of  1,159%while  the  PAT  excluding  One-off Surplus and Surplus Transfers during Q1 marked a 28% growth. HNBGI recorded a PAT of  LKR  41MNwhen  compared  with the  PAT  of  LKR  22MN  recorded  during  the  first quarter of 2017, showcasing a growth of 88%. Sharing  her  views  on  the  financialresults,  Chairperson  of HNBA  and  HNBGIMrs.  Rose  Cooraystated “In  a  challenging period  forthe  entireinsurance  industry,  the  Company  was able todeliver steady financial results for the first quarter of 2018.These results   showcasetheeffectiveness   of   our customer centric strategies and the Company’s day-to-day focus  on  operationalefficiencies  in  capturing  new  market segments. These  financial  results  reassure  stability  andthe
positivegrowthmomentumof theGroupand will continue to steer its course through challenging  market  conditionsby  focusing  on  its  strengths,  core  competencies  and synergies  of  the  Group.It  is  pertinent  to  note  that  the PATof  the  Life  Insurance Company includes a surplus transfer of LKR210MN made as per the recommendation of the Consultant Actuary, subsequent to thevaluation of the Life Fund as at the end of1Q 2018. Further, the Company also transferred LKR 381 MN toShareholdersFund, with  the  approval  of  the  Insurance  Regulatory  Commission  of  Sri  Lanka  (IRCSL),  as One-off Surplus arising from Non-Participating Life Insurance Fund due to the change in the valuation method of the Life Fund as per the regulations of the IRCSL.The one-off surplus will be kept as a Restricted Regulatory Reserve as per the Directions of the IRCSL. Speaking   on   the performanceof   the   Group,   Managing Director/CEO  of  HNBA  and  HNBGI  Mr.  Deepthi  Lokuarachchi stated  “In   spite   of   several macro-economic   challengesprevailinginthe  country,the  Group  was  able  to  achieve  aGWPgrowth  of  15%  during  the  first  quarter.TheIndividual and  Corporate  policies  of  the  Life  Insurance  Company and categories  such  as  Fire,  Motor  and  Marine  of  the  General Insurance  Company  depicted  a  promising  growth.  During the first  quarter,  Total  Assets  of  the  Group  reached  LKR  19 BN  and  the  Investments  in  Financial  Instruments  surpassed  the  mark  of  LKR  15  BN. The  Life  Insurance  Fund  andthe  General  Insurance  Fund  reached  values  of  LKR  10.9 BN   and   LKR   2.5   BNrespectively”.Speaking  on  the  Group’s  future  outlook  Mr. Lokuarachchi added “These results are a testament to theefforts, strategiesand the positive directionof the Group. The Group’s performance ambitions remain high as we continue  to  develop  dynamic  products  and capture growing  markets in  both Life and General Insurance segments whilst sustaining ourcore business modelto benefit our stakeholders”.

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17

Jul

HNB Assurance Wins Gold at National Quality and Productivity Convention 2024

Setting a new benchmark for itself, HNB Assurance PLC bagged the prestigious Gold Award at the National Convention on Quality and Productivity 2024, hosted by the Sri Lanka Association for the Advancement of Quality and Productivity (SLAAQP). The company’s project to streamline its procurement operations while reducing and lead time was recognized for its impact and use of automation.Aligned to the company’s broader objective of efficiency improvement and value creation, this award-winning project is part of HNB Assurance's strategy to improve operational efficiency and achieve 100% paperless operations by 2026. HNB Assurance PLC’s CEO, Mr. Lasitha Wimalaratne, shared his thoughts "Winning this award is a great honor as it recognizes our commitment to enhancing our operations whereby helping us provide better value to our stakeholders. As a company, we continuously seek opportunities to embrace automation and digitization, so, credit to the Business Process Excellence Team along with IT, Finance, Procurement, and all other teams who collaborated and contributed to this remarkable achievement. I’m certain this recognition will motivate our teams to keep pushing the boundaries of excellence and reinforce our commitment to operational efficiency.”The Lean Six Sigma DMAIC methodology was used as the teams successfully improved the lead time of the procurement process. The DMAIC methodology can be used to identify bottlenecks, implement solutions, and achieve measurable improvements which in this case improved the overall efficiency of the company’s procurement operations."In this fast-paced digital world, staying ahead and meeting evolving customer demands requires us to improve and innovate continuously.” Stated Mrs. Geethani Saram, Head of Business Process Excellence and Strategy. “Internal processes are crucial, especially in the service industry, prompting us to reassess our methods and explore avenues for enhancement. This award resulted from a long-term strategic initiative by HNBA to empower employees for scientific recognition of operational gaps and their resolution through adaptation of Lean Six Sigma methodology. The framework facilitated identifying our procurement process as a critical area for improvement and implementing effective solutions to speed up and set a new standard. My sincere thanks to SLAAQP for this recognition as it validate our efforts and inspires us to continuously innovate and drive efficiency across all our processes.”

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19

Jun

HNBA and HNBGI Celebrate Partnership with HNB at Golden Awards 2024

The “Golden Awards 2024” hosted by HNB Assurance and HNB General Insurance, celebrated and recognized the outstanding achievements of top performers, including network management and branch managers from Hatton National Bank, for their significant contributions to the growth of HNBA and HNBGI. The year 2023 was an outstanding period for both HNBA and HNBGI, with impressive financial performances which proved their partnership with HNB to be one of the best in the industry. Mr. Damith Pallewatte, Acting Chief Executive Officer of HNB, who graced the occasion as the Chief Guest, opined, “Having participated in this event for several years, it is incredibly heartening to witness the sustained growth and progress achieved by both HNBA and HNBGI. As we look to the future, I see immense potential and opportunity. I am confident that by continuing to innovate and prioritizing customer-centric solutions, we as a group, can not only maintain our strong position but also dominate the market. Let me also remind you that the bank is fully committed to supporting both HNBA and HNBGI, so let us get out there and redefine the landscape of banking and insurance.”The newly appointed Chairman of HNBA and HNBGI, Mr. Stuart Chapman, stated, “I’m delighted to address this wonderful gathering where we honor and recognize one of our most important stakeholders, HNB. The trust and collaboration between our institutions is what sets this partnership apart from others. As custodians of this relationship, I am confident that our combined efforts will ensure we deliver top-tier insurance solutions to our customers, meeting their needs with the highest standards of service and trust. I’d also like to take this opportunity to congratulate all the award winners and thank the members of the management of HNB for their continued support. Further, as our companies, HNB, HNBA and HNBGI, embrace leadership transformations, I’d like to thank Mr. Jonathan Alles former MD of HNB and our very own former Chairperson Mrs. Rose Cooray for their contributions as well.”The Global Banking and Finance Review, UK, for the fourth consecutive year, honored HNBA as the Best Life Bancassurance Provider, while HNBGI was awarded the Best General Bancassurance Provider for the second consecutive year reflecting the success both HNBA and HNGI has maintained with HNB over the years.

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07

Jun

Stuart Chapman Appointed Chairman of HNB Assurance and HNB General Insurance

HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) are pleased to announce the appointment of Mr. Stuart Chapman as the new Chairman, succeeding Mrs. Rose Cooray. With an exemplary career spanning four decades in multinational and local companies across diverse industries and particularly Insurance, Mr. Chapman brings a wealth of expertise to the organization.Mr. Chapman holds an MBA from the University of Colombo, a Diploma in Marketing from the Chartered Institute of Marketing (CIM-UK), a Diploma in Life Insurance Sales and Marketing from the Life Underwriters Training Council (USA) and a Diploma in Business Management from the National Institute of Business Management (NIBM). His professional affiliations include being a Fellow Member of the Chartered Institute of Marketing (UK) and the Institute of Management (UK) as well as a Member of the Institute of Certified Management Accountants (Australia).In addition to 16 years in insurance, Mr. Chapman has also held leadership positions in industries such as Healthcare, FMCG, Consumer Durables, Banking and Telecommunications. He has previously served as the Managing Director of GlaxoSmithKline (GSK) Pharmaceuticals, Director Life at Ceylinco Insurance, Managing Director LOLC, Director/CEO of Janashakthi Insurance, Marketing Director Reckitt Benckiser, and Senior Brand Manager Unilever, among other significant roles.Expressing his thoughts of his new role, Mr. Chapman stated, "I am honored to assume the position of Chairman at HNBA and HNBGI. Our companies have established a great foundation and a remarkable growth trajectory over the past couple of years. My goal is to support and enhance this growth while gearing the company to take full advantage of upcoming regulations and technological advancements that will shape the companies’ momentum in the years to come. With the incredible talent we possess and the unstinted support from HNB, I am confident that we have what it takes to deliver exceptional business results. Understanding Customers better, providing innovative and differentiated Customer solutions and enhancing shareholder value will be at the core of everything we do’. Mr. Chapman currently serves as an Independent Non-Executive Director of Hemas Pharmaceuticals (Pvt) Limited and United Motors Lanka PLC. He has also been a vital part of industry associations, having held roles such as the Honorary President and Founder Member of the Chartered Institute of Marketing Sri Lanka, President of the Sri Lanka Chamber of the Pharmaceutical Industry and Co-Chairman of the Pharmaceutical & Cosmetics Steering Committee of the Ceylon Chamber of Commerce.

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