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HNBA News

HNB AssuranceContinues to Grow Steadily

HNB  Assurance  PLC(HNBA)and  its  fully  owned  subsidiary  HNB  General  Insurance Limited(HNBGI)posted a Profit After Tax (PAT) of LKR 176MN for the secondquarter of 2017, reflecting a phenomenal growth of 332% compared to the PAT of LKR 41 MN recorded  during  the  same  period  of  2016.  The  impressive  performance  of  the  Group reflected  in  all  performance  indicators.  The  Parent  Company, HNBAposted  a  PAT  of LKR 100MNmarking  a growth  of  54%  while  its  subsidiary  with  a  PAT  of  LKR    76  MN recorded a more impressive growth of 414% in PAT. During  the secondquarter  of  2017,  the  Group achieved  a  22%  growth in  its  Gross Written Premium(GWP), depictinga valueof LKR 3.8BN as against the GWP of LKR 3.1BN  recorded  during the  comparable  periodin2016.  The  Life  Insurance  segment contributeda GWP of LKR 1,919MN and the General Insurance segment contributeda GWP  of  LKR 1,901  MN  to  the  overall  GWP.  The  Life  and  General  Insurance  segments recorded  Premium  growth  rates  of  17%  and  27%  respectively.  During  the  second quarter of 2017, the group recorded an investment income growth of 54% reaching a value  of  LKR  771  MN  against  LKR  500  MN  recorded  during  the  same  period  of  2016.  The  Total  Assets  of  the  Group  reached  a  value  of  LKR  16  BN  and  Investments  in Financial  Instruments  reached  a  value  of  LKR  13  BN.  During  the  same  period  the  Life Insurance Fund and General Insurance Fund grew by 14% and 29% reaching values of LKR 10 BN and LKR 2.5 BN respectively. Sharing  her  thoughts  on  the  Group’sfinancial   performance,   Chairperson   of HNBA    and    HNBGI    Mrs.    Rose    Cooraystated,  “We  are  indeed  delighted  to announce the results of another successful    quarter.        Both    Life    and General Insurance segments have showcased  steady  revenuegrowths. The  concerted  and  well  targeted  efforts the Group  has  taken  throughout  2017 to  grow  profitable  business has  made  both  HNBA and  HNBGI  more  resilient  and  competitive  Insurance  companiesin  the  industry.    The Group  continues  to  leverage  on  its  core  competencies  in  stabilizing  its  market  share by delivering asubstantial long-term value to our shareholderswhilst meeting all our obligations   to   our   valued   customers   with   highest   responsibility.   These   financial results are a testament of the Group’s continuous financial  stability  and  its growth momentum”. Speaking  on  the  financial  performance  of  the  Group, Managing   Director/CEO   of   HNBA   and   HNBGI   Mr. Deepthi  Lokuarachchi  stated,  “Despite  many  tough challengesin  a  rapidly  changing market,  the  Group has  made  significant  strides  by  creating  a  stronger platform  for  growth  by  delivering  a  steady  financial performance.  This  growth  momentumof  the  Groupshowcases the strength of our business strategyand we are confidentthat both our Life and General Insurance companies will reach out as strong players in this industry”.  

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08

Nov

HNB Assurance and HNB General Insurance affirmed by Fitch at ‘A-(lka)’ with a Stable Outlook

HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) have both been reaffirmed by Fitch Ratings with an ‘A-(lka)’ rating indicating an outlook which is stable, signaling confidence in the companies’ financial health and future growth potential.Fitch highlighted that HNBA and HNBGI have strengthened their investment portfolios and maintained healthy liquidity as the Sri Lankan economy recovered. A major part of their investments is in government securities, term deposits and corporate bonds, making them well-poised to venture forward.Sharing his thoughts, HNBA’s CEO, Lasitha Wimalaratne, commented, “Even though we’ve faced many challenges recently, we remained focused on building a steady and sustainable business while putting our customer’s interests at the heart of everything we do. By effectively managing the factors within our control, we successfully strengthened our position, which includes growing our advisor network, enhancing our bancassurance partnerships and being innovative with our product offering. These efforts have enabled us to grow faster than the industry average, showcasing the strength and adaptability of our approach. This reaffirmed rating is not just a measure of our financial stability, it is also a strong endorsement of the trust our policyholders have in us. As we move forward, we do so with renewed confidence, ensuring our customers can rely on us for stability and support.”According to Fitch, HNBGI continued to expand its non-motor segments and implemented enhanced claim management systems to better manage its position. This has led to lowered claims ratios and an improvement in HNBGI’s underwriting profitability in the first half of 2024.“Expanding beyond motor insurance has helped us remain resilient in an unpredictable and challenging market” stated, Sithumina Jayasundara, CEO of HNBGI. “By diversifying our portfolio, we are better equipped to meet the evolving needs of our customers, which has led us to achieve a balance between our motor and non-motor segments. This balance has been key to our growth strategy, helping us reach new customer segments and reduce reliance on a single line of business. Further, our investments in technology and innovative systems that streamline claims management, enhance customer service and improve overall efficiency have allowed us to develop and deliver tailored solutions to our customers more quickly."The Group’s CFO, Punsirini Perera, stated, “This rating highlights our disciplined approach to managing finances and strengthening our capital, which gives a reassurance to our policyholders that we are well-prepared for the future. Both HNBA and HNBGI maintain strong Risk-Based Capital levels that exceed regulatory requirements and our close association with our parent company, Hatton National Bank, one of Sri Lanka’s leading banks, has helped us amplify our reach and influence in the market, positioning us uniquely to offer greater security and peace of mind to our customers.”

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05

Nov

HNB Assurance Steps Up for Children, Community and Education

HNB Assurance PLC continued their efforts to uplift the lives of communities across Sri Lanka through its Corporate Social Responsibility (CSR) initiatives anchored on three fundamental pillars: Health Protection, Environmental Protection and Education Protection. As part of its ongoing efforts, HNB Assurance recently inaugurated two clean drinking water projects and celebrated Children's Day at a local school, making a lasting impact on the lives of children while putting a smile on their faces.Under the Health Protection Pillar, which focuses on enhancing the overall health and wellbeing of communities, HNB Assurance introduced clean drinking water systems at A/Elapathawewa Vidyalaya, Kalawediulpatha, Kebithogollewa, and T/Irakkandi Sinhala Vidyalaya, Nilaweli, Trincomalee. These initiatives address the critical need for access to safe water, which directly impacts physical, mental and social wellbeing.Commenting on the completion of these projects, Mr. Lasitha Wimalarathne, CEO of HNB Assurance, stated, “Health is the foundation of any thriving community especially the wellbeing of our children. Our responsibility extends beyond providing insurance and we are dedicated to ensuring that our future generations grow up in an environment that supports their health, safety and overall wellbeing. These water projects and engagements we have with local schools are a testament to our attempt of creating a better tomorrow.”In addition to the water projects, HNB Assurance celebrated Children’s Day with great enthusiasm at CP/HT/Homagama Vidyalaya, Ginigathhena, creating a day filled with joy and excitement. The event was marked by laughter and fun activities, offering students a memorable experience that highlighted the importance of education, exposure and engagement in childhood development.Reflecting on the success of the event and water projects completed, Mr. Dinesh Yogaratnam, Chief Marketing and Experience Officer / General Manager, opined, “Seeing the bright smiles on these children's faces is incredibly rewarding. At HNB Assurance, we believe in nurturing the potential of young minds. Celebrating their special day with them brings us immense joy and reinforces our commitment to making a difference, not only through our insurance solutions but also through the meaningful connections we build with the communities we serve. In terms of providing access to clean drinking water, I’m happy to note that we have completed 69 successful clean water drinking projects thus far and we wish to continue our efforts in the years to come have noticed the positive impact they make.”

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05

Nov

HNB Assurance Celebrates Customer Service Week with a Commitment to Go Above and Beyond

HNB Assurance celebrated Customer Service Week 2024 with a series of events that spanned from October 7th to 11th, celebrating the dedication and service of its customer-facing teams. This year's theme, Above and Beyond, perfectly captured the essence of HNB Assurance’s commitment to exceeding customer expectations and reinforcing its customer-centric approach.Throughout the week, the company organized interactive activities, workshops and appreciation events, all aimed at recognizing and empowering those who are at the frontlines of servicing policyholders. The celebrations highlighted the pivotal role that the customer experience plays in delivering on HNB Assurance’s promise of protection and care to its valued customers.CEO of HNB Assurance, Mr. Lasitha Wimalarathne, speaking at the Customer Service launch event, stated, “Customer Service Week is a special time for us to pause and acknowledge the incredible efforts of our team, who embody the spirit of going ‘above and beyond’ every day. At HNB Assurance, we believe in not just providing insurance but in offering a promise which is a commitment to being there for our customers when they need us the most. This week is about celebrating that commitment and recognizing the passion and dedication of those who make this happen.”HNB Assurance's commitment to customer service goes beyond traditional interactions. With a strong focus on continuous improvement, the company invests heavily in technology, training and innovations to ensure its customer experience team is empowered to handle every need with precision and care. “At HNB Assurance, we believe we don’t just offer insurance, but an intangible promise to our customers, which requires trust and exceptional service making sure we are there when they need us the most. Having understood this we have invested over LKR 1 billion to streamline and introduce new systems that allow our customers to seamlessly connect with us, ensuring a smoother and more efficient experience.” added, Mr. Wimalaratne. Chief Marketing and Customer Experience Officer / General Manager of HNB Assurance, Mr. Dinesh Yogaratnam, emphasized on the importance of the week, stating, “Customer centricity is no longer a ‘good to have,’ but a must-have in today’s competitive landscape. It’s the driving force behind our ability to deliver exceptional service, building lasting relationships and fulfilling the promises we make to our policyholders. In this regard, our service teams play an essential role in delivering on the promises we make to our policyholders, ensuring that they feel secure and valued. This week is about celebrating them and also empowering them to continue their journey of offering world-class service with a personal touch. My sincere thanks to all our teams for going ‘above and beyond’ making this possible”

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