CFA Society Sri Lanka is pleased to announce a groundbreaking partnership with HNB Assurance, a leading insurance provider in the country, to offer an exceptional group insurance policy exclusively tailored for its valued members. This collaboration aims to provide comprehensive coverage and valuable benefits to CFA Society Sri Lanka members, ensuring their financial security and peace of mind. The group insurance policy, provided as a complimentary benefit, offers a range of extensive coverage options, including a Natural death benefit and a Total accidental death benefit, subject to other applicable conditions set by HNB Assurance. This initiative showcases the commitment of CFA Society Sri Lanka and HNB Assurance to supporting their members and enhancing their overall well-being. Aruna Perera, CFA, President of CFA Society Sri Lanka, expressed his enthusiasm about the partnership, stating, "We are thrilled to join hands with HNB Assurance to provide this exclusive group insurance policy to our esteemed members. At CFA Society Sri Lanka, our mission is to empower our members and ensure their long-term financial security. This collaboration with HNB Assurance exemplifies our dedication to delivering exceptional value and benefits to our members." HNB Assurance, a renowned name in the insurance industry, brings extensive expertise and a strong commitment to customer satisfaction. Lasitha Wimalaratne CEO, of HNB Assurance PLC, emphasized the significance of this collaboration, stating, "We are delighted to partner with CFA Society Sri Lanka to offer this special group insurance policy to its members. HNB Assurance is dedicated to providing innovative and customer-centric insurance solutions. We believe that this collaboration will significantly enhance the financial well-being of CFA Society Sri Lanka members and provide them with peace of mind." CFA Society Sri Lanka members are encouraged to take advantage of this exclusive offering by renewing their membership with CFA Institute and CFA Society Sri Lanka for the year 2024 before 30th June 2023. Upon activation of the group insurance policy, members will gain access to valuable coverage and benefits.
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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Mar
HNB Assurance proudly celebrates another milestone, with 222 financial advisors qualifying for the prestigious Million Dollar Round Table (MDRT) in 2024. This marks a significant growth from the previous year, highlighting the company’s commitment to building a strong and high-performing sales team. Among the qualifiers, 23 achieved Court of the Table (COT), while 8 reached Top of the Table (TOT).MDRT is a globally recognized organization representing top financial professionals from 500 companies. With over 72,000 members worldwide, MDRT sets the gold standard in the insurance and financial services industry. Achieving MDRT status is a symbol of excellence, customer focus, and professional growth.Reflecting on this success, Mr. Lasitha Wimalaratne, CEO of HNB Assurance, stated,“Surpassing our previous record and achieving a highest ever, 222 MDRT qualifiers is nothing short of extraordinary. This achievement is not just a number—it’s a reflection of the resilience and mindset of our team. Having 23 COT qualifiers and 8 TOT qualifiers underscores the level of expertise we cultivate at HNB Assurance. My heartfelt congratulations to our qualifiers along with the Advisor Distribution Management, Partnerships Channel and Sales Training and Development teams for their hard work as well.”Adding to this sentiment, Mr. Shiran Fernando, Head of Sales Training and Development, emphasized the company’s investment in its people “This achievement is not accidental, it is the result of a meticulously crafted strategy and an organizational culture that prioritizes continuous learning. We have built a structure where both our Advisor Distribution and Partnership Channels work in perfect synergy with the Training & Development team, ensuring that our financial advisors are equipped with the skills and insights needed to excel. At HNB Assurance, we are not just selling insurance, we are redefining financial security for our customers with world-class expertise and innovation. As we move into 2025, I am confident that we will surpass this achievement once again and set a new record in our company’s history.
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