Reaffirming the strength and stability of HNB Assurance PLC Group, Fitch Ratings upgraded the ‘National Insurer Financial Strength Rating’ (IFS) of both HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) from ‘A(lka)’ to ‘A+(lka)’ citing stable outlooks.
The Rating Actions Commentary issued by Fitch on the 3rd of June 2021 states “The upgrade reflects the insurers' improved capital position, as measured by strong regulatory risk-based capital (RBC) ratios. The ratings also take into account the insurers' 'Favourable' business profiles and a sustained improvement in their non-life underwriting performance, while maintaining satisfactory earnings in its life insurance operation”.
Sharing her views, Chairperson of HNB Assurance PLC Group, Mrs. Rose Cooray stated, “This indeed is another significant achievement for HNB Assurance as well as HNB General Insurance and demonstrates very clearly to the market the singular focus of both companies on maintaining and building their strength and stability. HNBA’s Life Fund has exceeded LKR 17.8 BN, HNBGI’s Contract Liabilities stood at LKR 3.5 BN while the Total Assets of the Group surpassed LKR 32.9 BN by the end of the first quarter of 2021.” Mrs. Cooray further went on to state, “For our Group, it’s not business at any cost, rather, our drive is towards consolidated growth being driven through the focus on key business fundamentals and a prudent outlook to risk underwriting.” She further noted, “this rating upgrade augurs well for the soundness of strategies that have been crafted for both companies as well as for the capability and business acumen of the Management Teams. This will no doubt fortify our position in the market as a solid player and further infuse confidence in the mindset of key stakeholders to transact with both the Companies. I wish to thank each and every member of both teams for their dedication and commitment especially during these trying times that has enabled us to receive this upgrade in ratings by Fitch”.
Chief Executive Officer of HNBA and HNBGI, Mr. Prasantha Fernando shared his thoughts stating, “We are delighted to announce the news of this upgrade to all our stakeholders. The ratings of HNBA and HNBGI have been upgraded by Fitch Ratings upon reviewing the business profiles, the improved capital position, and the sustainable underwriting performance of both entities. Further, an upgrade of this nature demonstrates our consolidated financial strength, low business risk and solid operational performance. Whist thanking Fitch Ratings for this recognition and all our stakeholders for being with us throughout our journey, it is with great reassurance I state that the management of both entities remain confident of driving our performance up further and are well positioned for growth.” Mr. Fernando added “I am happy to note that the Group recorded a Gross Written Premium (GWP) of LKR 3.2 BN for the first quarter of 2021. The Life Insurance business posted a remarkable 51% growth in GWP achieving LKR 1.6 BN and the General Insurance business recorded a GWP of LKR 1.6 BN marking a 27% growth. It is noteworthy to mention that the market rank of HNBGI has improved by one notch to the 7th position during the quarter with the growth in GWP.” Mr. Fernando further stated “the contribution of our Parent Company HNB too has helped us in this achievement and I am truly grateful to the Bank’s Corporate Management and the members of its branch network for all the support that they have given us.” Speaking on the contribution of the team, Mr. Fernando stated “each and every member of the HNBA and HNBGI teams have played a part in contributing towards this achievement, I am truly grateful and thankful to every single one of them for rallying around the Group and giving their best at all times. This upgrade has us all energized, excited and invigorated, and will, I am sure, further bolster the drive and passion of every team member to do better during these difficult times”.
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.
May
HNB Assurance PLC (HNBA) has once again reaffirmed its industry leadership in Bancassurance by securing the title of "Best Life Bancassurance Provider in Sri Lanka" for the fifth consecutive year, awarded by the prestigious Global Banking and Finance Review – UK. Mr. Lasitha Wimalaratne, Chief Executive Officer of HNB Assurance, expressed his thoughts on this milestone, stating, “Being named the Best Life Bancassurance Provider in Sri Lanka for the fifth year in a row is not just an honor, it is a reflection of the enduring partnerships we have built especially with our parent company Hatton National Bank along with the passion of our teams. This accolade speaks volumes of our consistent efforts to elevate standards in bancassurance. Our teams continue to innovate, collaborate and break boundaries to deliver meaningful solutions to our customers. I’d like to extend my sincere thanks to the management of Hatton National Bank and our other partners for their continued guidance and support.”Highlighting the pivotal role of the Partnership Channel, Mr. Wimalaratne further added,“As we accelerate towards our goal of capturing a 10% market share, the Partnership Channel remains central to our growth strategy. Congratulations to the teams involved, I am immensely proud of what we have accomplished and am excited about the journey ahead.”Mr. Supun Dias, Senior Vice President - Network Management at Hatton National Bank, congratulated the team at HNBA, stating, “To witness HNBA win this prestigious title for five consecutive years is truly inspiring. It is a testament to the strength and synergy of our long-standing partnership. As a Group, we are committed to driving innovation and delivering superior value to our clients. Congratulations to HNBA and everyone involved in achieving this exceptional feat.”Also sharing his thoughts, Mr. Sanesh Fernando, Chief Business Officer – Partnerships at HNB Assurance, remarked, “This milestone is the direct result of the dedication our teams and tireless efforts they have made to deliver value to our policyholders. The Partnerships team at HNBA, together with our banking partners, especially Hatton National Bank, have been instrumental in shaping this success story. I’d like to extend my sincere appreciation to the HNB Branch Management, HNB Bank Network Management along our valued customers for their trust placed on us. This fifth win reinforces our drive to deliver excellence and as we move forward we will continue to strive to reach even greater heights.
Read More
May
Strengthening its footprint across Sri Lanka, HNB Assurance PLC officially opened its newest branch in Jaffna, located at No. 521, Point Pedro Road, Nallur. With this addition, the company now operates 11 branches in the North emphasizing the company’s ongoing efforts to bring its life insurance solutions closer to communities in the Northern Province, making protection and financial planning more accessible than ever before. The new Jaffna branch will serve as a hub for customers in the region, delivering personalized insurance services with the hallmark trust, care and professionalism the company is known for.Speaking at the branch opening, Mr. Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance PLC, stated, “We are indeed excited to further strengthen our footprint in the Northern Province with the opening of this new branch in Jaffna. With multiple touchpoints already established in the region, our growing presence allows us to better serve the evolving needs of our customers and create even closer relationships with the communities we operate in. We remain dedicated to being a trusted partner in their journey towards a more secure and resilient future.”Sharing similar sentiments, Mr. Harindra Ramasinghe, Chief Business Officer – Advisor Distribution Channel of HNB Assurance PLC, commented, “With the opening of our newest branch in Jaffna, we now operate over 70 physical branches across the island and with this new branch opening we have reaffirmed our belief in the strategic importance of the Northern Province to our growth journey. We have always recognized Jaffna as a key region with immense potential and we are proud to strengthen our connection with its people. My sincere thanks to the Distribution Management team and all the other support teams for their efforts in helping us open this branch.”The newly inaugurated Jaffna branch is now open to serve customers from Monday to Friday, offering expert guidance and tailored life insurance solutions to meet diverse needs.
Read More
May
In an effort to demonstrate its continued commitment to exceptional service and customer convenience, HNB Assurance PLC (HNBA) has launched a 24-hour call center, enabling policyholders to connect with the company on all matters related to customer service at any time, from anywhere using the short code 1301. While customer service support is now available 24/7, hospitalization claims-related services will continue to be handled as per the specific instructions issued to the policyholder at the time of obtaining a policy.HNB Assurance has experienced consistent growth, recording an impressive average growth rate of 26% over the past four years. The company’s momentum and customer-centric focus have paved the way for initiatives such as the 24-hour call center, designed to strengthen policyholder engagement and ensure seamless service delivery.“Exceptional customer service is not just a value we uphold; it is a critical pillar of our strategy to achieve a 10% market share by 2026” said Lasitha Wimalarathne, Chief Executive Officer of HNB Assurance. “Making our call center available 24 hours a day, 365 days of the year, ensures our policyholders are supported when they need us most, reinforcing the trust they place in us every day. Additionally, our significant investments in digital transformation to make interactions of our policyholders with us seamless, to initiatives like this, all aim at delivering our broader mission to continuously enhance our customer experience”. Speaking further he went on to add “as an industry, as we push towards greater insurance penetration, it is important that players do everything in their power to foster greater levels of confidence and convenience to the customer”.Earlier this year, HNB Assurance also unveiled a dedicated Customer Service Centre, a thoughtfully curated space designed to create personalized and streamlined interactions. Together with the 24-hour call center, HNB Assurance continues to reimagine and elevate every aspect of the customer journey.“Our newly enhanced 24-hour call center operation and the upgraded Customer Service Centre we opened earlier this year are all part of our ongoing efforts to elevate and refine every touchpoint so as to offer a superlative customer experience that truly differentiates us from the competetion,” added Dinesh Yogaratnam, Chief Marketing and Customer Experience Officer / General Manager of HNB Assurance. “We recognize that as a company we offer something that is intangible, protection, trust and peace of mind and for that, we need to be with our customers at all times. Hence, these initiatives are not standalone, they are integral to how we plan to grow, not just in size but in the value and care we offer to every policyholder.”
Read More
Solution by Xiteb®
