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HNB Assurance Group records 31% Growth in GWP during H1 of 2022

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) recorded a Gross Written Premium (GWP) of LKR 7.4 Bn depicting a steady growth of 31% during H1 of 2022.

Expressing her views on the financial performance of the Group, Chairperson of HNBA and HNBGI, Mrs. Rose Cooray stated, “It is indeed a great pleasure to announce that the HNB Assurance Group has achieved a 31% growth in GWP compared to the corresponding period of the previous year. In reviewing the performance of each business, the Life Insurance Company recorded a GWP of LKR 4.3 Bn showcasing a growth of 37% and the General Insurance business recorded a GWP of 3.3 Bn, depicting a growth of 23%. These significant results were recorded amidst a number of unprecedented economic and social challenges in the country. However, the resilience of our core business model and focus on capturing market segments with growth potential has led to yield these significant results. The commitment and dedication of the Management and staff members of HNBA and HNBGI coupled with the solid business strategies will surely take the HNBA Group to new heights.”

Mr. Lasitha Wimalaratne, Chief Executive Officer of HNB Assurance PLC. expressed his views stating, “I am delighted to share the impressive growth we have achieved despite the challenging market conditions and economic turbulence. During the first half of 2022 HNBA had a growth of 37%, recording the highest growth rate amongst the Top 10 Life Insurance Companies in Sri Lanka. This is a truly commendable achievement since we stand ahead of the industry growth rate of 18%. The Company’s Life Insurance Fund stands at LKR 22.6 Bn at the end of H1 of 2022 whilst the Capital Adequacy Ratio (CAR) of HNBA stood at 320%. This further reaffirms the Company’s financial stability as the CAR is well above the minimum stipulated rate of 120% as directed by the Regulator. Keeping to our promise towards our valued policyholders, HNBA settled Insurance Benefits and Claims amounting to LKR 1 Bn. These results are a depiction of our well-focused strategies, growth initiatives and synergy of all teams involved. The Management of HNBA remains confident of its competitive advantage and strong financial footing and is focused on what is ahead and seizing every opportunity to expand its footprint in the market.”Mr. Sithumina Jayasundara, Chief Executive Officer of HNB General Insurance Limited commenting on the progressive growth stated that “During this challenging period that we are facing as a country and as an industry as a whole, HNBGI was able to maintain a steady financial growth capitalizing on its service and operational excellence.  HNBGI recorded a GWP of LKR 3.3 Bn with a growth of 23%. During the period the Company settled Insurance Benefits and Claims amounting to over LKR 1.6 Bn showcasing a steady commitment to our valuable customers. Demonstrating the Company’s strong financial strength, the Capital Adequacy Ratio (CAR) of HNBGI stood at 235%, which is well above the regulatory requirement. HNBGI was adjudged the Best Insurance Company Claims Management Team - Sri Lanka 2022 by Global Banking and Finance Review and also as the Best General Insurance Company of the Year - Special Recognition Award at the recently held 3rd ICC Emerging Asia Insurance Awards 2021. Our team is set to continue its journey with a positive note capturing every growth opportunity in the market moving forward.”

HNB Assurance PLC (HNBA) is a leading Life Insurance Company in Sri Lanka with a network of 64 branches. HNBA has been assigned a rating of ‘A+’ (lka) by Fitch Ratings Lanka for 'National Insurer Financial Strength Rating'. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a 'National Insurer Financial Strength Rating' of ‘A+’ (lka) by Fitch Ratings Lanka Limited. HNBA is rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.

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15

Apr

HNB Assurance Strengthens Presence with Relocation of Branches in Nugegoda and Nuwara Eliya

<p class="MsoNormal" style="line-height:150%;text-align:justify;"><span style="font-family:&quot;HNBA &amp; GI&quot;;font-size:10.0pt;"><span style="line-height:150%;">HNB Assurance PLC, is delighted to announce the relocation of its branches to prime locations in Nugegoda and Nuwara Eliya. These strategic moves reflect on the company's intention to enhancing accessibility and service delivery to customers in key regions across the island. Providing convenient access to its comprehensive range of insurance products and services, including protection, health, savings, retirement and&nbsp;</span><span style="line-height:150%;mso-spacerun:yes;"> </span><span style="line-height:150%;">MRP has contributed to the progress of the company, showcasing a 20% year on year growth continuously over the past three years.&nbsp;</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:150%;text-align:justify;"><span style="font-family:&quot;HNBA &amp; GI&quot;;font-size:10.0pt;"><span style="line-height:150%;">Mr. Lasitha Wimalaratne, CEO of HNBA, expressing his thoughts at the branch openings, stated, “The decision to relocate our branches in Nugegoda and Nuwara Eliya was driven by our strategic vision to position ourselves in key high-traffic areas, enabling us to foster deeper connections with our customers and offer tailored insurance solutions that safeguard what matters most to them. As we embark on this journey of growth, our branch network remains integral, serving as the bedrock to our customer-centric approach. I have full confidence that these new locations will not only amplify our presence but also elevate the level of service we provide to the local communities."</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:150%;text-align:justify;"><span style="font-family:&quot;HNBA &amp; GI&quot;;font-size:10.0pt;"><span style="line-height:150%;">Mr. Harindra Ramasinghe, Chief Business Officer – Advisor Distribution Channel, emphasized the significance of the relocations in enhancing customer experience. "At HNB Assurance, we are constantly striving to exceed customer expectations and deliver exceptional value. Last year, we were honored for our pioneering Insurance Distribution initiative at the prestigious Emerging Asia Insurance Awards, a recognition which underscores our commitment not only to expansion but also for being innovative with our Distribution Strategy. The relocation of our branches in Nugegoda and Nuwara Eliya enables us to build closer relationships with our customers and provide them with unparalleled support and assistance. With a branch network of 69 branches and an advisor force in excess of 3500, the advisor distribution channel at HNBA has consistently displayed growth and innovation. I extend my heartfelt appreciation for the dedication and hard work of our teams and convey my best wishes for success to both branch teams.”</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:150%;text-align:justify;"><span style="font-family:&quot;HNBA &amp; GI&quot;;font-size:10.0pt;"><span style="line-height:150%;">The Nugegoda branch is now located at 69, S da S Jayasingha Mawatha, Kohuwala, Nugegoda, while the Nuwara Eliya branch has been relocated to 31/1/1, Lowson Street, Nuwara Eliya.&nbsp;</span></span><o:p></o:p></p>

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29

Mar

HNB Assurance Hosts Liya Harasara Event in Pujapitiya

<p class="MsoNormal" style="line-height:normal;"><span style="font-size:12.0pt;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">HNB Assurance PLC, recently organized a special event in celebration of International Women's Day, in Pujapitiya, Kandy. The event, which took place in collaboration with the Pujapitiya Provincial Council, aimed to empower and inspire women in the local community.</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:normal;"><span style="font-size:12.0pt;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">The event marked the launch of the 12th edition of “Liya Harasara”, an annual initiative dedicated to acknowledging and supporting the contributions of women along with the remarkable essence of womanhood, while celebrating International Women’s Day. Additionally, "Liya Harasara" seeks to recognize the achievements of women across various fields and foster an environment of empowerment and inclusivity.</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:normal;"><span style="font-size:12.0pt;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">Featuring insightful sessions facilitated by distinguished individuals in their respective fields, Apsari Tillakaratne, addressed the gathering and shared personal insights from her life on how to overcome challenges. Sunethra Kumari shared her expertise, providing valuable insights into beauty and self-care practices while W.M. Sarani Pushpakumara, delivered an informative session on the importance of nutrition for overall well-being.</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:normal;"><span style="font-size:12.0pt;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">Attendees from the vicinity of Pujapitiya had the opportunity to engage with the facilitators, learn from their expertise, and participate in discussions aimed at promoting women's empowerment and holistic well-being. The event served as a platform for women to connect, share experiences and inspire each other towards personal and professional growth.</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:normal;"><span style="font-size:12.0pt;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">HNB Assurance remains committed to supporting initiatives that promote gender equality, empower women and contribute to the well-being of communities across Sri Lanka. Additionally, the company also offers special benefits to females for new policies obtained during the month of March and April, 2024.</span></span><o:p></o:p></p>

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19

Mar

HNB Assurance Celebrates First Anniversary of Empowering Women with In.She

<p class="MsoNormal" style="line-height:normal;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">HNB Assurance PLC proudly celebrated the first anniversary of its groundbreaking women empowerment program, In.she. This initiative, designed to uplift and support women within both the insurance industry and the company, aims to foster gender equality and diversity.</span><o:p></o:p></p><p class="MsoNormal" style="line-height:normal;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">Launched on March 8<sup>th</sup>, 2023, in celebration of International Women's Day, In.she has exemplified HNB Assurance's commitment to creating an inclusive workplace and empowering women to excel in their careers. The program's first-year celebration, held at the Royal MAS Arena, set the stage for a continued journey of empowerment and growth.</span><o:p></o:p></p><p class="MsoNormal" style="line-height:normal;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">In recognition of its efforts, HNB Assurance was recognized as one of the female-friendly workplaces to work in 2023, a testament to the company's support for women's advancement and well-being.</span><o:p></o:p></p><p class="MsoNormal" style="line-height:normal;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">The first anniversary celebration, themed "Glamor Galore," showcased a fashion show featuring designs and models from within the company's talented staff. Additionally, a panel discussion was hosted during the event, featuring esteemed personalities such as Yureni Noshika, Chathurika Peries, Ruchira Karunarathne and Dilini Jayasuriya.</span><o:p></o:p></p><p class="MsoNormal" style="line-height:normal;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">Mr. Lasitha Wimalaratne, CEO of HNBA, sharing his thoughts at the first year anniversary of In.She, stated, "</span> <span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">At HNB Assurance, we are committed to creating an inclusive workplace where every individual, irrespective of gender, has the opportunity to excel. However, we must acknowledge that there are specific challenges that disproportionately impact women due to social and cultural factors, a key feature of our In.She program is to address and overcome these obstacles by providing support and resources required."</span><o:p></o:p></p><p class="MsoNormal" style="line-height:normal;"><span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">Mr.</span> <span style="mso-bidi-font-family:Calibri;mso-bidi-theme-font:minor-latin;">Navin Rupasinghe, Head of Human Resources / Assistant General Manager of HNBA, added, "Our journey with In.She has been incredibly rewarding and we are thrilled to celebrate its first anniversary. Through this program, we have witnessed the remarkable potential of our female workforce. I’d like to take this opportunity to congratulate the In.She team for their efforts and passion in driving this initiative, let me also remind and emphasize that the management stands firmly behind this endeavor, offering complete support to ensure its continued success.”</span><o:p></o:p></p>

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