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HNBA News

HNB Assurance & HNB General Insurance Celebrates International Women’s Day

HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) celebrated International Women’s Day on 8th March, 2022 by honoring and paying tribute to its female colleagues. HNBA and HNBGI as leading Life and General Insurance service providers in the country, have taken a number of measures to create equality, diversity and inclusion within the two organizations and promoting a healthy, work-life balance for all its staff members. Extending his wishes on International Women’s Day, Mr. Lasitha Wimalaratne, Chief Executive Officer of HNBA stated, “Every year on the 8th of March we celebrate the spirit of womanhood and laud their leadership traits, achievements, strength and courage, but in reality, the spirit of womanhood should be celebrated 24 x 7 x 365 as women are the guardians of our families, society and economy. In an effort to create and promote a culture of equality and inclusion and to make a real difference, HNBA has launched several initiatives and programs, especially to empower and motivate women at all levels to reach their career aspirations and goals. For striving to create a meaningful difference, HNBA was recognized among the Top 10 Women Friendly Workplaces in Sri Lanka at Women Friendly Workplaces Awards 2021 organized by the Chartered Institute of Management Accountants. This recognition augurs well for all our efforts to create a happy and safe workplace for all staff members. Mr. Wimalaratne continued, “In celebration of International Women’s Day, HNBA together with HNBGI launched Liya Harasara, offering a range of exclusive benefits for women during the month of March and April. HNBA will always be committed to doing what’s right and standing for its core values and beliefs and is committed to foster inclusion and equality and accelerate diversity for women to help reach great heights in their journey”.  Mr. Sithumina Jayasundara, Chief Executive Officer of HNBGI extended his wishes stating, “In today’s society, women play multiple roles amidst many challenges, barriers and hurdles with the ultimate objective of providing for their families and their loved ones. But most often, their contribution, hard work and dedication is undervalued and ignored by the society. It’s time we change this.  Empowering women is essential to sustainability of any business and HNBGI will continue to empower women at all levels and create space to grow, shine and prosper”. Mr. Jayasundara added, “HNBGI is committed to further amplify the voices of women across the organization and drive a cultural change by bringing women to the forefront and highlight them for their achievements, commitment and hard work. Whilst extending my wishes this International Women’s Day, I wish to reiterate that HNBGI is committed to stand beside women, creating a safe and happy place for women to grow and achieve their career aspiration”. Mrs. Sitari Jayasundara, Chief Legal and Compliance Officer and Board Secretary of HNBA and HNBGI stated, “I wish to extend my wishes on this International Women’s Day to all brave and strong women and I urge all women to keep going forth and stay focused on their goals, as we’re courageous and unstoppable”. Ms. Punsirini Perera, Chief Financial Officer of HNBA and HNBGI extended her wishes stating, “Women are strong, women are confident, and women are real go-getters. Over the years, as women we have achieved many milestones together and made history and let’s continue to do so and let nothing hold you back”. Sharing her views on International Women’s Day, Mrs. Geethani Saram, Head of Procurement and Support Services of HNBA and HNBGI commented, “Women across the country have made great strides in their respective industries and as women we should support one another to overcome day-to-day challenges, hurdles and barriers women face and help each other shine and grow”. Head of Customer Experience of HNBA Mrs. Shaaza Ossen stated, “On this day let’s celebrate and applaud all our efforts and hard work and what we have achieved as women in our lives. Let’s continue to raise our voices and build a truly happy and safe place for all women across the country”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 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 is 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, 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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17

Mar

HNB Assurance celebrates record breaking surge in MDRT Qualifiers

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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27

Feb

HNB Assurance Wins Effie Award for Innovative 'Dola Duka' Campaign

HNB Assurance PLC was recognized with the prestigious Effie Award under the Insurance category for its groundbreaking ‘Dola Duka’ campaign. Notably, HNB Assurance was the only winner in this category, underlining the campaign’s creativity, effectiveness and impact.The ‘Dola Duka’ campaign was conceptualized to address the unique cravings of pregnant and expecting mothers, ensuring they had access to their desired food items at any time. HNB Assurance bore the delivery costs while collaborating with merchants to extend their operating hours late into the night, ensuring seamless fulfillment of these cravings. This initiative showcased the brand’s deep commitment to customer-centric innovation and redefining insurance beyond conventional boundaries.Expressing his thoughts on this achievement, CEO of HNB Assurance PLC, Mr. Lasitha Wimalaratne, stated, “I am truly proud of the effort that went into us winning an Effie Award, which is a testament to the meaningful impactful we managed to make. For us, ‘Dola Duka’ was more than just a campaign, it was about understanding and addressing a real need, reinforcing our promise to care for our customers beyond insurance. My congratulations to all the teams involved.”Adding to this, Chief Marketing and Customer Experience Officer of HNBA, Mr. Dinesh Yogaratnam, commented, “This campaign reflects our ethos of innovation and customer-first thinking. ‘Dola Duka’ was designed to resonate emotionally while delivering tangible value, and this award is a validation of that success. A big thank you to our incredible partners, RN Media and Quickee.lk, for joining us on this journey and making this campaign a reality. We will continue to move forward bigger and better, creating impactful campaigns that redefine the insurance industry and enhance the lives of our customers and beyond.”

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25

Feb

HNB Assurance Group Powers Ahead with 21% GWP Growth in 2024

HNB Assurance Group (HNBA and HNBGI) posted yet another year of remarkable performance, improving on its impressive growth rate maintained over the last few years. For the financial year 2024, the HNBA Group achieved a 21% increase in Gross Written Premium (GWP), growing from Rs. 18.8 Billion to Rs. 22.7 Billion. The Group also recorded a consolidated Profit After Tax (PAT) exceeding Rs. 1.8 Billion, marking a 7% growth compared to the previous year.HNB Assurance PLC's (HNBA) financial strength was highlighted by its upgraded Fitch rating, making it the only life insurance provider in Sri Lanka with an 'A' rating from Fitch Ratings Lanka. Complementing this, HNB General Insurance (HNBGI) also achieved an 'A' rating, positioning it among the few general insurance companies in Sri Lanka to earn this distinction.Chairman of HNBA Group, Mr. Stuart Chapman, commenting on the Group’s financials for the year 2024, stated, “I’m extremely proud to note that the HNBA Group has once again exceeded expectations, delivering strong results that showcase our strategic foresight and operational efficiency. In terms of our numbers, over the past four years, we have consistently delivered strong growth, with a remarkable 22% average annual increase in GWP as a Group. This achievement underlines our focus on sustainable business practices. Our share price growth of 42% at end of 2024 reflects the trust the market places in our stability. It is also remarkable to note that both HNBA and HNBGI have maintained robust capital adequacy ratios of 379% and 219%, respectively, well above the regulatory requirement of 120%.”The Group’s Funds Under Management increased by 24% in 2024, reaching Rs. 55 Billion, highlighting the strength of the investment strategy as a key pillar in maintaining the Group’s financial stability and profitability. “When it comes to Insurance, trust is an absolute must and this remains central to our operations, as evidenced by the fact that we honored claims exceeding Rs. 6.7 Billion, with 98% of complaints being resolved successfully. This track record is a direct result of the dedication and hard work of our team, along with our focus on building lasting relationships with our policyholders”, added Mr. Chapman. CEO of HNBA Mr. Lasitha Wimalaratne, breaking down the achievements of HNBA, stated, “Looking back at 2024, I am genuinely proud of the strides we have made as a company. Achieving a 7.5% market share is a huge milestone and we are well on our way to hitting that 10% target by 2026. Our New Business Premiums grew by 27% and our overall GWP up by 26% compared to 2024, which speaks volumes about the trust our customers place in us. Our investments also paid off, with an 8% boost in investment income, reaching Rs. 6.9 Billion.”“Personally, what stood out last year was, how we weathered challenges together. Despite the higher operating costs from our IT upgrades, we managed to close the year with a 3% growth in profits. Additionally, our Total Assets have grown by 24% to reach Rs.53 Billion with a PBT of Rs. 2.4 Billion and PAT of Rs. 1.66 Billion. I'm extremely thankful to all the teams for their collective efforts in driving our business from strength to strength,” he added.CEO of HNBGI, Mr. Sithumina Jayasundara, sharing his thoughts on the 2024 financial performance, stated, “2024 was a year of resilience and innovation for HNBGI, as we sustained our remarkable growth trajectory, doubling the industry growth rate for the fifth consecutive year. Our overall GWP growth of 14%, compared to the industry’s 6.9%, reflects the strong momentum we continue to drive. Notably, our non-motor segments surged by 24%, with Marine, Fire and Engineering Insurance achieving exceptional growth of 166% and 27% respectively, which is the highest among the top 10 General Insurers in the country. Despite challenges in the motor insurance sector, we remained agile, diversified our offerings, and secured a solid 6% growth."“One of the aspects we paid close attention to during 2024 was customer satisfaction which reflected in our renewal retention ratios of 77% for motor and 82% for non-motor segments, as well as a remarkable Net Promoter Score of 77. These figures show the trust and loyalty our customers have in us. Additionally, we achieved a 59% growth in Profit After Tax, and a market share of 7% which demonstrated the success of our strategy of driving sustainable growth in an uncertain environment. With our total assets reaching Rs. 10.2 Billion, a 7% increase, we’re confident that our approach is positioning HNBGI for long-term success.” Added, Mr. Jayasundara. 

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