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HNB Assurance PLC Group Records a Significant Growth in 1H20

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) recorded a Profit After Tax (PAT) of LKR 500 MN during 1H 2020, depicting a steady growth amidst the outbreak of a global pandemic. Speaking 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 HNB Assurance Group has achieved a significant PAT growth compared to the corresponding period of the previous year following an economic downturn caused by the outbreak of a global pandemic. Through the tireless efforts, our teams successfully navigated the challenging environment to deliver a noteworthy performance. The Life Insurance business recorded a PAT of LKR 176 MN showcasing a growth of 25%. The profit does not include any surplus transfer from the Life Fund. The General Insurance business recorded a PAT of LKR 323 MN depicting an impressive growth of 120%. These results reiterate the resilience of our sustainable core business model and the Group’s undivided focus in capturing market segments with growth potential. The unprecedented challenges arising from the COVID-19 outbreak together with other adverse global and market conditions have created a challenging backdrop which businesses around the globe are currently experiencing; but with the strategies of the Management together with the dedication of the staff members of HNBA and HNBGI and the Advisor Force, I’m sure we could overcome this uncertain turbulence”. Sharing his views on the performance of the Group, Chief Executive Officer of HNBA and HNBGI, Mr. Prasantha Fernando stated, “HNBA Group delivered outstanding financial results amidst a number of macro-economic challenges presented during a global crisis. In a market backdrop where most businesses succumbed its profits to the outbreak of COVID-19, HNBA Group has delivered a notable performance. The Group recorded a Gross Written Premium (GWP) of LKR 4.5 BN. The investment income of the Group surpassed LKR 1.2 BN and the total assets of the Group surpassed LKR 29 BN. The Group has taken swift and effective measures and has adapted various agile initiatives following the COVID-19 outbreak, including enhancing its digital selling portals and claims settlement platforms. It is noteworthy to mention that the Life and General Insurance Funds surpassed values of LKR 15.7 BN and LKR 2.9 BN respectively reaffirming the Group’s firm footing”. Mr. Fernando further added, “the Management is thankful for the commitment and dedication of all employees during these trying times. The Management remains confident that together with the diversified business strategies the Group will be able to sustain its continuous growth and deliver value to all stakeholders”. 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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19

Apr

HNBA Continues Dominance as Best Life Bancassurance Provider for Fourth Consecutive Year

<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 (HNBA) has once again secured the prestigious title of "Best Life Bancassurance Provider in Sri Lanka" for the fourth consecutive year, recognized by the Global Banking and Finance Review. This award underscores HNBA's strong partnerships and commitment to excellence while maintaining its dominant position within the industry.</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, Chief Executive Officer of HNBA, stating, “It is indeed an immense honor to be acknowledged as the Best Life Bancassurance provider in the country by the esteemed Global Banking and Finance Review - UK, marking our fourth consecutive win. This achievement truly is a testament to the dedication and collaboration of our teams, who continuously push boundaries, foster partnerships and redefine industry benchmarks."</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%;">He further emphasized the significance of HNBA's Partnership Channel in their business operations, “As we strive towards our goal to attain 10% market share the partnership channel has a crucial role to play. I’m extremely proud of our team for this achievement and I’m certain we will continue to push boundaries and reach even greater heights.”</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%;">"We're thrilled by HNBA's achievement of being the Best Life Bancassurance Provider in Sri Lanka for the fourth consecutive year and are committed to ensuring that our partnership grows even further. By leveraging our strengths as a Group, we are consistently exploring ways to keep delivering top-notch solutions to our customers. My congratulations to HNBA and all the teams involved in this impressive achievement", opined, Mr. Supun Dias, Assistant General Manager - Network Management at Hatton National Bank.</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. Sanesh Fernando, Chief Business Officer – Partnerships at HNBA, reflected on the significance of this achievement, stating, “Without a doubt, this achievement stands as a testament to the collaborative efforts of the entire Partnership Team, for which I extend my deepest gratitude. A special mention goes out to the management of Hatton National Bank and all our other banking partners for their continued support.</span><span style="line-height:150%;mso-spacerun:yes;">&nbsp; </span><span style="line-height:150%;">To receive this prestigious recognition for the fourth-year running is a clear indication of our relentless commitment to excellence and the efforts made by our team. I’m confident that moving forward, we as a team are committed to delivering exceptional value to our customers collectively contributing to the larger vision of HNBA.”</span></span><o:p></o:p></p>

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17

Apr

Mrs. Rose Cooray Inducted to the Hall of Fame at Great Manager Awards 2024

<p>At the prestigious Great Manager Awards 2024, Mrs. Rose Cooray, the Chairperson of HNB Assurance PLC and HNB General Insurance Limited, was inducted into the Hall of Fame. Mrs. Cooray, who assumed her role in 2015, has been instrumental in steering both companies to remarkable growth and success. Since taking on the mantle of Chairperson, Mrs. Cooray has spearheaded initiatives that have led to substantial financial achievements, embracing cutting-edge technological advancements, securing international acclaim and forming numerous synergies and partnerships that have laid a solid foundation for the future of both organizations. With over 47 years of extensive experience in the financial sector, including a distinguished career at the Central Bank of Sri Lanka where she served as Deputy Governor, Mrs. Cooray brings a wealth of knowledge and expertise to her leadership roles. Her tenure has been marked by astute decision-making, visionary leadership and a commitment to excellence. In recognition of Mrs. Cooray's outstanding contributions, Mr. Lasitha Wimalaratne, CEO of HNBA, remarked, "Mrs. Rose Cooray's induction into the Hall of Fame is well deserved and a testament to her exemplary leadership. I’m proud to state that under her guidance, HNB Assurance has achieved unprecedented growth and success, setting new benchmarks in the industry. Her visionary approach and strategic initiatives have been instrumental in positioning us for sustained excellence in the years to come. I’d like to extend my congratulations to Mrs. Cooray on this great achievement." “Mrs. Cooray's induction to the Great Manager Awards Hall of Fame is a fitting recognition” opined, Mr. Sithumina Jayasundara, CEO of HNBGI. “Personally, to me, what sets her leadership style apart is how she extends her influence and support way beyond boardroom discussions, making a conscious effort to hear every voice and inspire action. Her willingness to go above and beyond has certainly shaped how we operate as a company. At HNBGI we are extremely proud of her recognition and I’d like to congratulate Mrs. Cooray on her induction to the Hall of Fame”</p>

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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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