Fitch Ratings has maintained ‘A+ (lka)’ National Insurer Financial Strength (IFS) Ratings of HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI). Fitch Ratings confirmed the ratings of the two companies in a statement published recently continuing their ‘A+ (lka)’ rating with Rating Watch Negative. The communiqué of the acclaimed rating agency, Fitch Ratings notes, ‘Fitch regards the insurers' company profiles as 'Favorable' compared to other insurers in Sri Lanka because of a 'Favorable' business profile and 'Moderate/Favorable' corporate governance. HNBA and HNBGI have substantive business franchises that benefit from an association with the group's parent, Hatton National Bank PLC (HNB, AA-(lka)/RWN) - one of the largest private commercial banks in the country - with whom they share the 'HNB' brand name’. Sharing his views, Chief Executive Officer of HNBA, Mr. Lasitha Wimalaratne stated, “During the past two years we have faced a number of challenges and setbacks. However, in response to these unprecedented challenges, HNBA adapted several responsive and agile business strategies and as a result, today, we are stronger than ever. HNBA opted to be rated by Fitch Ratings for its insurer financial strength, investment portfolio, strong risk profile and good governance and the fact that we have been able to maintain our rating at this turbulent time augurs well for the stability of the Company and its future growth trajectory. HNBA stands resilient, confident and affirmed of our journey and what’s ahead”. Mr. Sithumina Jayasundara, Chief Executive Officer of HNBGI stated, “This well-earned confirmation comes at a time of economic uncertainty, and we are delighted to have our Fitch Rating maintained at A+ (lka). As the country navigates through these challenging times, general insurers too have faced a number of operational challenges coupled with restrictions which limits the growth potential of businesses. In this backdrop, a commendable rating of this nature further demonstrates HNBGI’s strong financial footing relative to industry competition and will continue to leverage our footprint, capital and product offerings to deliver a strong performance. This rating will offer continued reaffirmation to all customers and stakeholders of strength and stability of the Company, and we will continue to be by their side, especially during these challenging times”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 64 branches. HNBA is a Life Insurance company with 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 and HNBGI are rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification. HNB Assurance was awarded the Best Bancassurance Service Provider in Sri Lanka by Global Banking and Finance Review and has won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.
Nov
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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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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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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