HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) posted a Profit After Tax (PAT) of Rs. 910 Mn for the year ended 31stDecember 2017, depicting a steady growth of 41% in comparison with the PAT of Rs.647 Mn recorded in 2016. The Group recorded a Gross Written Premium (GWP) of Rs 7.82 Bn, signifying a growth of 17% as contrasted with the GWP of Rs. 6.65 Bn recorded in the financial year 2016. The Parent Company, HNB Assurance PLC recorded a GWP of Rs 3.96 Bn and the subsidiary, HNB General Insurance Limited recorded a GWP of Rs. 3.86 BN. The Group was able to yield an Interest and Dividend Income of Rs. 1,693 Mn, showcasing a growth of 43%against an Interest and Dividend Income of Rs. 1,180 Mn achieved during the previous year. Total Assets of the Group reached a mark of Rs. 18.65 Bn and Investments in Financial Instruments reached a value of Rs 15.05 Bn. During the course of 2017, the Life Insurance Fund reached a value of Rs. 10.9 Bn and the General Insurance Fund reached a value of Rs 2.38 Bn. Expressing her views on the solid financial performance during the year under review, Chairperson of HNB Assurance Group, Mrs. Rose Cooray stated “the Group delivered a superlative financial performance during the course of 2017, depicting a steady flow of revenue generation and accelerating progress towards achieving our corporate goals during 2017. The Management guided by the Board has meticulously executed a well-crafted plan that focused on creating value to all stakeholders. Not only have we been able to fulfil the aspirations of the shareholders, the Group paid out Rs 2.29 Bn in claims and have focused on rewarding its employees, while contributing towards society through various corporate stewardship initiatives and we are confident that this growth we’ve embarked on will continue during 2018”. Sharing his thoughts on the Group’s financial performance, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated “the strategies deployed during the course of 2017 led the Group capture emerging and dynamic markets. The Group was able to maintain its solid industry position throughout the course of 2017, despite the volatile macro-economic conditions and heightened competition. The financial growth of HNBA Group in 2017 has been consistent throughout the year. The positive growth momentum of these financial results was triggered by the strategic investments of the Group and the dynamicpolicies followed in underwriting risk. The General Insurance business showcased an exponential growth during the course of 2017, surpassing the growth rates of the industry. HNBGI was able to achieve this outstanding growth as a result of its well-focused risk selection, effective management of claims settlement as well as its pricing strategy. It is noteworthy, that both the Life and General Insurance businesses took great measures in settling claims, especially claims pertaining to catastrophes such as floods and epidemics such as Dengue. The Management of HNBA Group remains confident of its future outlook and in seizing every opportunity to further consolidate the Group’s financial standing”.
Apr
HNB Assurance PLC (HNBA) has once again been recognized as a ‘Company with Great Managers’ for the third consecutive year. The recognition was awarded at the prestigious Great Manager Awards 2024, organized by the Colombo Leadership Academy.This year, seven exceptional Managers from HNB Assurance were honored with individual Great Manager Awards for their exemplary leadership and impactful contributions. The winners are Deepal Punchihewa (SBU Head), Rukshan Wijesinghe (Senior Manager – Underwriting - Group Life & DTA), Niranjan Croos (Senior Manager – Customer Experience), D. P. S. Anuranga Peiris (Software Architect), Asanka Gonagala (Manager – Alternate Channels, Vinu Jayasuriya (Senior Manager – Finance) and Amaz Irshad (Senior Manager – Marketing, Digital and PR). A recognition which reflects the company’s strong leadership framework and its ongoing commitment to developing future-ready leaders who drive innovation and performance across every division of the business.Speaking on this remarkable achievement, Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, stated, “There’s no doubt that great companies are built by great leaders. Being recognized for the third consecutive year as a company with Great Managers is not just a milestone, it is a reflection of our continued investment in our people. I’m extremely proud of this recognition as it shines a spotlight on the caliber of leadership within HNBA. Congratulations to all our award-winning Managers who consistently go above and beyond to inspire, engage and drive performance, also, a huge thank you to the Colombo Leadership Academy for this recognition.”Navin Rupasinghe, Head of Human Resources at HNB Assurance, also sharing his thoughts on the award, stated, “At HNBA, we’ve built a culture where people are empowered to lead with purpose and passion. This award is a reflection of our deliberate efforts to nurture talent, invest in learning, and promote a growth mindset at every level of the organization. We are incredibly proud of our managers who embody these values every day. I’d like to take a moment to thank the Colombo Leadership Academy for this wonderful recognition and convey by best wishes to all individual Managers on their recognition, as this achievement is a proud moment for the entire HNBA family.”
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Apr
HNB Assurance PLC (HNBA) delivered another year of outstanding financial performance, securing a 7.5% market share and moving a step closer to achieving its ambitious target of 10% market share by 2026. This success was a result of the company’s well-structured strategies, focused on sustainable growth in an increasingly competitive landscape, which yielded impressive results, with its Gross Written Premium (GWP) growing by 26% compared to the previous year.Over the past four years, HNBA has maintained an average growth rate of 26%, consistently outperforming the industry. A key element of HNBA’s approach has been prioritizing distinctive, value-driven products over high-volume, lower-margin offerings. This strategy has allowed the company to cater to a broader customer base, ensuring inclusivity while maintaining the competitiveness and relevance of its product portfolioIn terms of growth, HNBA’s proactive investment strategy resulted in an 8% growth in investment income, reaching Rs. 6.9 Bn, while Funds Under Management saw a 26% increase. HNBA paid net benefits and claims totaling Rs. 2.9 Bn. The total assets of the company expanded by 24% to Rs. 53.4 Bn, primarily driven by increased financial investments. Additionally, total Life Insurance contract liabilities grew by 25% to Rs. 38.6 Bn, following a surplus transfer of Rs. 1.3 Bn to shareholders.Sharing his thoughts on the company’s remarkable performance, Lasitha Wimalaratne, CEO of HNB Assurance PLC, stated, “Having effectively navigated challenges while prioritizing customer-centric solutions and driving solid business expansion, we are confident in reaching our 10% market share goal by 2026. Last year was an outstanding year for us, where, despite an increase in operating expenses due to IT infrastructure and software investment, we achieved a Profit Before Tax of Rs. 2.3 Bn and a Profit After Tax of Rs. 1.6 Bn. These achievements are the result of the dedication and resilience of our two incredible sales teams, where we produced a record 222 MDRT qualifiers along with the contribution of all our support teams, whose efforts have been instrumental in driving this growth. The most rewarding aspect of our journey has been our consistency, year after year, we have stayed strong and outperformed the industry growth rate, securing our position as one of the fastest growing life insurers in Sri Lanka. Adding to this success, our Fitch Rating was recently upgraded to ‘A,’ further affirming our financial strength and stability.Commenting on the success of the company’s Advisor Distribution Channel, Harindra Ramasinghe, Chief Business Officer / GM – Advisor Distribution Channel, noted, “Our focus on strengthening our advisor network and enhancing distribution channels has significantly contributed to our growth trajectory. The structured career path for our advisors has ensured higher retention, directly impacting our new business growth and long-term sustainability. We expanded this channel by reaching 3,000+ trained and supported advisors who efficiently meet our customers’ protection needs. Supported by a network of 70 branches, targeted growth and capacity-building initiatives, I’m extremely proud to note that the Advisor Distribution Channel reached a 21% YoY increase in GWP and 21% YoY New Business Premium growth, along with 87 MDRT qualifiers for the year 2024.”Mr. Sanesh Fernando, Chief Business Officer / GM - Partnerships, sharing his thoughts on the growth of the Channel, stated, “I’m incredibly proud of what we have achieved last year. Our Bancassurance channel continues to be the ‘Best’ in the industry, securing the top spot for the fourth consecutive year. With a GWP contribution of 48% to the company and Rs. 1.47 Bn in new business premiums, which reflects a 38% Growth from last year, a 29% in overall GWP and an incredible 112% surge in MRP and DTP business, we witnessed a strong momentum across all segments. The Alternate Channel also saw a phenomenal 64% growth, contributing 31% to the total Channel’s growth. Looking ahead, our initiatives like the LIFE Campus, set up to continuously improve and provide training to our teams along with the new Alternate Endowment Business vertical, SME and Micro Business focused partnerships are setting the stage for even greater success. What truly brings me joy is witnessing our people succeed. Last year, we hosted our inaugural international awards ceremony in Bangkok, where we celebrated over 100 of our top-performing sales staff. We also achieved a remarkable milestone with 135 MDRT qualifiers including 05 TOTs and 20 COTs, the highest number we have ever recorded. Lastly, let me also convey my heartfelt thanks to Hatton National Bank, our other partner banks and broker network for their continued support "
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Apr
HNB Assurance launched 'in.together', the company’s Diversity, Equity, and Inclusion (DEI) initiative, in partnership with Diversity Collective, a leading consultancy focused on creating inclusive workplaces. This collaboration is a key step in HNB Assurance’s efforts to build a company that values and respects every individual, creating an environment where employees feel supported and included.Through this partnership, HNB Assurance will undergo a series of consulting sessions aimed at developing policies, strategies and a DEI framework that promote diversity and inclusion across the organization.Mr. Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance, sharing his thoughts at the launch event, stated, “As we continue to grow rapidly as a company, we must be more aware of how we operate and where we stand in terms of diversity and inclusion. These conversations at times can be tough, but they are definitely necessary. It is essential that we create a safe and happy space for our employees to work, where all individuals can thrive. As a company, we have always taken proactive steps towards building a strong culture and now, with our fast growth, we recognize that people contribute in unique ways and it is our responsibility to look after them. We are proud to have a team made up of all types of people and our collaboration with Diversity Collective will help us progress towards becoming a company that truly respects everyone.”Mr. Navin Rupasinghe, Head of HR at HNB Assurance, added, “Partnering with Diversity Collective is an exciting step for us. Together, we will work towards creating a culture that not only champions diversity but also strengthens our focus on equity and inclusion. This partnership is about setting a foundation for future growth, ensuring that as we expand, our company remains a place where every employee feels like they belong. As we move forward, we are focused on building a comprehensive framework for diversity and inclusion, starting with an initial audit to assess where we presently stand. Let me also state that this is a long-term commitment and we recognize the importance of consistently evaluating and evolving our efforts to ensure that we create an inclusive and equitable environment for all.”
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