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20

Jun

HNBA& HNBGI Relocates its Rathnapura Branch

HNB  Assurance  PLC  (HNBA) and its  fully  owned  subsidiary  HNB General Insurance Limited (HNBGI)relocated theRathnapura   Branchto   a   new business   premises. The   newly relocated  branch  offers  an array of Insurance productsinterwoven    with    an    excellent customer    service. The    branchincludes  a  spacious  atmosphere together  with  ample   parking  in   order  to   enhance  customer  experience   and   the convenience ofobtainingourinsurance solutions. Sharing  his  views, Chief  Operating  Officer  ofHNBA Mr.  Prasantha  Fernandostated “customer convenience has  been  a  key strategic  focus  of  the  Company  and we  have taken  several  measures  to  expandand  upgradeour  branch  network  in  order  to provide  convenience  and  easy  access  toour  growing  customer  base.  Our  branch network expansion will continue as it is pivotal to the growth and development of the business”. Chief  Business  Officer  of  HNBGI  Mr.  Jude  Benjamin expressed his views stating “as HNBA  and  HNBGI  continue  to  honor  the  unwavering  commitment  to  deliver  service excellence  to  its  customer  base,  branch  expansions  and  relocations  ensure  a  more convenient and  a  customer-centric  approach  and  we  will  continue  to  offeravibrant range of Life and General Insurance solutions through our expertise and capabilities”.  


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14

May

A Ray of "Hope‟ from HNB Assurance

Providing  a  ray  of  hopein  the  instance  cancer  strikes, HNB  Assurance  PLC  (HNBA) announced   the   launch   of   another revolutionaryproduct   to   its   product   bouquet recently.Possibly  the  first  of  itskind  in  the  industry,  HNBAHope  Cancer  Insurance Plan, offers a range of special benefitsin the instance of a cancer diagnosis. Sharing  his  views,Managing  Director/CEO  of  HNBA  and  its fully   owned   subsidiary   HNB   General   Insurance   Limited(HNBGI),Mr.  Deepthi  Lokuarachchi  stated  “our  lifestyles and  stress  related issuesand  hereditary  conditionsmake usmoreprone to life threatingdiseases.Cancer is one such diseaseandcauses    for    cancer    have tremendously increased during  the  recent  times.The  diagnosis of  cancercould threaten the foundation of happiness ofafamily andcost  of  treatment,  right  from  diagnosiscould  become  aburden,leaving a dent in the savings of the family.HNBA HopeCancer Insurance Planisour  way  of  providing  a  ray  of  hopeand  a blanket  of  financial  protectionfor  those individuals   and   families so   that   they   could   focus   on   obtaining   treatment   and overcoming this dreaded disease.” Speaking on the product features, Chief Operating Officer  of  HNBA  Mr.  Prasantha  Fernando  stated “HNBA Hopeis the outcome of extensive researchand expertiseof  a  dynamic team.Our  aim was  to introduce a product which offerbenefits from thedetection  of  any  Early  Stage  Cancer,  as  there  are many  costs  to  bear  from  the  time  ofdiagnosis.Thisproduct  offers  a cover up  to  10  years  for  an attractive,  affordablesingle  premiumthat couldbe  borne  by  persons  of  all  social strata.Our  focus  is  to attract  alargecustomer  base  which  in  turn  will  make  the
premiums factor affordable to the critical masses.On the diagnosis of an Early Stage Cancer, 20% of the Sum Assuredwill be paidand the balance 80% will be available if itprogresses to Late Stage Cancer. In case of diagnosis of a Late Stage Cancer, 100% of  Sum Assuredwill  be paid.  HNBA HopeInsurance Plancould beobtained fromyour nearest   HNBA   Branch,   HNB   Branchorthrough   our   Insurance   Advisors.   Further networks will be announced shortly”.  


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03

May

HNB Assurance Group Delivers OutstandingFinancial Results for Q1 2018

HNB  Assurance Group  deliveredasuperlativefinancialperformance,  reporting  a Profit After Tax (PAT)of LKR 699 MN for Q1 2018 reflecting a steadygrowth of 844% in  comparison  tothe  PATof  LKR  74  MN  recordedduring  the  corresponding  period  of 2017.This  growth  mainly  resulted  due  to  the  transfer  of  One-off  surplus  of  LKR381 MNto Shareholder Fund from Non-Participating Policyholder Fund due to thechange in liability valuation  method  and  the  surplus  transfer made during  the  first quarter 2018amounting to LKR210 MN. In  analyzing  the  financial  results  of  the  periodunderreview,  the  Group  recorded  a Gross Written Premium (GWP) of LKR 2.19BN, depicting aconsolidatedgrowth of 15% in  comparison withthe  GWP  of  LKR  1.9  BNrecorded  during  the  first  quarter  of  2017. The  Parent  Company,  HNB  Assurance  PLC  (HNBA)  recorded  a  GWP  of  LKR  1.06  BN when compared withthe GWP of LKR 988 MN recorded during Q1 2017. The subsidiary, HNB General Insurance Limited (HNBGI) recorded a GWP of LKR 1.14 BN against a GWP of  LKR  929  MN  recorded  during  the  corresponding  period  last  year,  reflecting  a growth of 22%. Together with the One-off Surplus,HNBA posted a PAT of LKR 658 MNfor  the  period,  recording  a  growth  rate  of  1,159%while  the  PAT  excluding  One-off Surplus and Surplus Transfers during Q1 marked a 28% growth. HNBGI recorded a PAT of  LKR  41MNwhen  compared  with the  PAT  of  LKR  22MN  recorded  during  the  first quarter of 2017, showcasing a growth of 88%. Sharing  her  views  on  the  financialresults,  Chairperson  of HNBA  and  HNBGIMrs.  Rose  Cooraystated “In  a  challenging period  forthe  entireinsurance  industry,  the  Company  was able todeliver steady financial results for the first quarter of 2018.These results   showcasetheeffectiveness   of   our customer centric strategies and the Company’s day-to-day focus  on  operationalefficiencies  in  capturing  new  market segments. These  financial  results  reassure  stability  andthe
positivegrowthmomentumof theGroupand will continue to steer its course through challenging  market  conditionsby  focusing  on  its  strengths,  core  competencies  and synergies  of  the  Group.It  is  pertinent  to  note  that  the PATof  the  Life  Insurance Company includes a surplus transfer of LKR210MN made as per the recommendation of the Consultant Actuary, subsequent to thevaluation of the Life Fund as at the end of1Q 2018. Further, the Company also transferred LKR 381 MN toShareholdersFund, with  the  approval  of  the  Insurance  Regulatory  Commission  of  Sri  Lanka  (IRCSL),  as One-off Surplus arising from Non-Participating Life Insurance Fund due to the change in the valuation method of the Life Fund as per the regulations of the IRCSL.The one-off surplus will be kept as a Restricted Regulatory Reserve as per the Directions of the IRCSL. Speaking   on   the performanceof   the   Group,   Managing Director/CEO  of  HNBA  and  HNBGI  Mr.  Deepthi  Lokuarachchi stated  “In   spite   of   several macro-economic   challengesprevailinginthe  country,the  Group  was  able  to  achieve  aGWPgrowth  of  15%  during  the  first  quarter.TheIndividual and  Corporate  policies  of  the  Life  Insurance  Company and categories  such  as  Fire,  Motor  and  Marine  of  the  General Insurance  Company  depicted  a  promising  growth.  During the first  quarter,  Total  Assets  of  the  Group  reached  LKR  19 BN  and  the  Investments  in  Financial  Instruments  surpassed  the  mark  of  LKR  15  BN. The  Life  Insurance  Fund  andthe  General  Insurance  Fund  reached  values  of  LKR  10.9 BN   and   LKR   2.5   BNrespectively”.Speaking  on  the  Group’s  future  outlook  Mr. Lokuarachchi added “These results are a testament to theefforts, strategiesand the positive directionof the Group. The Group’s performance ambitions remain high as we continue  to  develop  dynamic  products  and capture growing  markets in  both Life and General Insurance segments whilst sustaining ourcore business modelto benefit our stakeholders”.


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