HNBA News

HNB Assurance and HNB General Insurance recently held a workshop partnering Mr. Ravi Abeysuriya, CFA to present and distribute his latest book, "Financial Literacy - to achieve your financial wellbeing." This collaboration aims to promote financial literacy and empower individuals to make informed financial decisions to secure a prosperous future. Mr. Ravi Abeysuriya, a Non-executive / Independent Director of the HNB Assurance PLC board, is a veteran in the field of Banking and Finance. He Chairs and presides on the boards and committees of multiple organizations and was honorably named “Lifetime Achievement” award laureate by CFA Institute, USA in 2017 for his outstanding work and dedication to the investment management profession. Sharing his thoughts at the presentation and distribution event of his book, he opined, "Firstly, I’d like to extend my heartfelt gratitude to the Management of HNBA and HNBGI for their invaluable partnership in propagating this message of financial literacy, empowering a wider audience to shape their financial destinies.” Sri Lanka has the highest gap between print literacy and financial literacy in the region. On Average, 65% of the adults in advanced economies are financially literate. South Asia records the lowest percentage of financial literacy, with Sri Lanka coming in at about 35%. "Numerous studies have indicated that insurance penetration is among the most reliable indicators of financial literacy in any society. Unfortunately, Sri Lanka currently exhibits a penetration of less than 2%, reflecting a significant disparity in comparison to the global average," highlighted Mr. Abeysuriya, shedding light on the prevailing situation in Sri Lanka. While encouraging the participants to read and understand the book “Financial Literacy - to achieve your financial wellbeing," Mr. Abeysuriya emphasized the importance of equipping oneself with the knowledge and skills contained within the book to make informed and pertinent financial decisions. "Comprehending how money works and effectively managing personal finances are crucial steps toward attaining financial stability. Budgeting, planning, investing, asset accumulation and managing borrowings are practices adopted by successful organizations. Similarly, it is important that we apply these skills to our personal lives as well, equipping ourselves with the necessary knowledge and empowering ourselves to make sound financial decisions based on our current financial needs.” The presentation and distribution event was graced by esteemed guests including the Chairman, Director General and other members of the Insurance Regulatory Commission of Sri Lanka (IRCSL), the CEO of Chartered Financial Analysts (CFA) along with the Chairperson, CEOs and Senior Management and members of the advisory teams from both HNBA and HNBGI. The Chief guest of the event Mr. Razik Zarook PC, Chairman of the IRCSL sharing his views at the event stated, "I am deeply honored to be a part of this significant and momentous occasion today. The principles of financial management, articulated in the 'Sigalovada Sutta' of the Digha Nikaya almost 2500 years ago continue to hold relevance even in today's complex economic landscape. I can’t think of a better way to create awareness among people than going back to the words of the Exalted one, the principles of whom, I’m certain this book encapsulates.”

HNB Assurance and HNB General Insurance celebrated the Sinhala and Tamil new year with its staff at the Malay Grounds, Colombo on the 21st of April 2023. This highly anticipated event included a variety of fun-filled activities and traditional “Avurudu” games that brought all teams together, after a hiatus of three years. The “Avurudu” celebrations took place against the backdrop of HNB Assurance Group’s outstanding performance during the previous year, which gave added significance and meaning to the event. As an organization committed to promoting inclusivity and cultural diversity, HNB Assurance group, over the years have made a conscious effort to celebrate religious, cultural, and traditional events to bring their staff together and foster a sense of community within the organization. All participants expressed their delight as they were able to celebrate the Sinhala and Tamil new year together after a long break. Keeping the spirits up and maintaining the morale of the organization at an optimum has been a challenge over the past couple of years for various reasons. However, this event was an opportunity to embrace normalcy and give the HNBA and HNBGI teams a reason to celebrate – recognizing their tremendous dedication and hard work, which has largely contributed to the success of the group. The atmosphere was filled with joy and laughter as employees competed in games like Tug-of-war, Kanamutti, and Avurudu Kumaraya and Kamari. The participants clad in “Avurudu” attire and had a memorable time, unwinding and enjoying themselves – reinforcing the commitment of the company to fostering a culture of togetherness and camaraderie.

HNB Assurance PLC (HNBA) recorded an impressive growth of 26% in its Gross Written Premium (GWP) as at end December 2022 to reach LKR 8.9Bn. It is pertinent to note that this is in fact the highest GWP growth rate when compared with the Top 8 players in the Life Insurance industry in Sri Lanka, and is almost three fold of that of the industry which saw a growth of 9% . In terms of new business too, the Company was able to notch up a fantastic new business growth of 30% compared to last year which is almost 10 times as much as the industry average. Sharing his thoughts on the performance of the sales teams of the Company, Mr. Lasitha Wimalaratne, CEO of HNBA opined “our growth has been driven consciously by way of acquisition of long-term endowment business that would ensure sustained growth of the business into the future”. He further went on to add, “we as team fought tooth and nail in acquiring new business whilst also working tirelessly in maintaining policy persistency; both being extremely onerous endeavours in a what was the most calamitous of environments to operate in. I am indeed most grateful to our two sales teams: the Agency Channel and the Alternate Channel teams for their phenomenal efforts in this most resounding of achievements”. He went on to add that the year saw the unveiling of the flagship health proposition in SupremeHealth Unlimited. Apart from this the Company was also the recipient of many awards both locally and internationally further affirming the solidity and all-encompassing nature of the growth that the Company has acquired for itself. The Company has also been able to produce 194 Million Dollar Round Table (MRDT) qualifiers this year up from 164 produced a year earlier. The Company unveiled its new branch outlook during the year offering a totally new experience in terms of aesthetics, ergonomics and convenience to our customers and employees alike. Chief Business Officer / GM – Advisor Distribution Channel of HNBA, Mr. Harindra Ramasinghe expressed his views stating, despite the numerous obstacles posed by the remnants of the global pandemic as well as economic and political upheaval, the HNBA Advisor Channel demonstrated unwavering performance, significantly boosting business growth. The Channel was able to contribute 56% to the total GWP of the Company growing by 19% to reach LKR 4.8 Bn as at the end of 2022. The growth was made possible by the expansion of the channel to burgeoning markets throughout the country. Recruitments campaigns were conducted national wide resulting the growth of the Advisor Force as well. With gratitude to the Advisor Force, Field Management , Distribution Management Team and the Sales Training Team, I’m confident that this momentum will continue into 2023 as well. Our channel produced 83 MDRT qualifiers during the year which is indeed a significant achievement”.  Mr. Sanesh Fernando, Chief Business Officer / GM - Partnership Business, sharing his thoughts on the growth of the Alternate Channel stated “The Alternate Channel team recorded expectational results in 2022 with Total GWP growing by 34% compared to the previous year to reach LKR 4.2 Bn . The Channel was also honoured to have received the Best Bancassurance Service Provider for the third consecutive year by the Global Banking and Finance Review and stands as testament to the resilience and vitality of the channel. I wish to very sincerely extend by most heartfelt appreciation to the Management of HNB, Other banking partners and all the insurance brokers who have been a pillar of strength in our growth thus far, as well as to our other partners who have been part of parcel of our growth”. He further went on to add that “with the development of other alternate channels of business we are poised for a high growth trajectory and I’m confident that our team will no stone unturned in achieving the objectives set for 2023”. 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 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.