HNBA News

HNB Assurance PLC(HNBA)announced the appointment  ofMr.RajiveDissanayake  as  a Non-Executive, Non-IndependentDirectorto the Boards of HNBA  and  its  fully  owned  subsidiary HNB  General Insurance  Limited(HNBGI)by  the  vote  of  the  Hatton National  Bank  PLC  (HNB),  the  Parent  Shareholder  of HNBA.Accordingly,  the  Board  of  Directors  of  HNBAcomprises  of  Mrs.  Rose  Cooray,Mr.  Sarath  Ratwatte, Mr.  Mahendra  Jayasekera,  Mr.  K.  Balasundaram,  Mr. Dilshan  Rodrigo,  Mrs.  Siromi  Wickramasinghe,  Dr.  Sivakumar  Selliah, Mr.  Deepthi Lokuarachchiand Mr. Rajive Dissanayake. The Boardof Directorsof HNBGIcomprises of    Mrs.    Rose    Cooray,Mr.    Faizal    Sallieh,    Mr.    Dilshan    Rodrigo,    Mrs.    Marina Tharmaratnam, Mr. Deepthi Lokuarachchiand Mr. Rajive Dissanayake. An   old   boy of  St.  Benedict’s  College,  Colombo,Mr.Dissanayake   is   a   Chartered Financial Analystas well as  a  Certified Global ManagementAccountantand aFellow Member  of  the  CharteredInstitute  ofManagement  Accountants. Mr.  Dissanayake obtained  hisBachelor’s degree  in  Business  Administrationfrom  the  University  of Colombo, andhas  served  several  sectors  including  Banking and  capital marketsfor nearly two decades. Mr. Dissanayake started his career atNational Development Bank and then moved toHNB Stockbrokers  (Pvt) Ltd as  the  Head of  Research. HejoinedHatton National  Bank PLC(HNB)in 2008and currently  holds  the  positionofAssistantGeneral  Manager -Strategy/Chief  Strategy  Officer  of HNB.In  addition,he also  serves  as  a  Director  ofHNB Grameen Finance Limited, AcuityPartners (Pvt) Ltd and Acuity Securities Ltd.

41highfliers   of   the   Advisor   Force   of   HNB   Assurance   PLC   (HNBA)qualified   to participateat the Million Dollar Round Table (MDRT) conference, in Florida, USAwhich was  held  recently. MDRT  isan  independent  association  which  was  formed  in1927, with   affiliations   of   over   43,000   Insurance   and   Financial   service   professionals attached to companies across the globe. Sharing his thoughts, Chief Business Officer of HNBA, Ivan Nicholas stated “We  arepleased  at  the honourof  being  able  to  produce 41MDRT winners  with aCourt of the Table (COT) qualifier and aTop of  the  Table  (TOT)qualifier.  It  indeed  is  a  great  prestige  to  have HNBArepresentedat  this  global  gatheringof top  qualifiers  in  the industry.  It  is  heartening  towitnessthe  efforts,  dedication  and commitment of our advisors resulting in suchanachievement”.

HNB  Assurance  PLC(HNBA)and  its  fully  owned  subsidiary  HNB  General  Insurance Limited(HNBGI)posted a Profit After Tax (PAT) of LKR 176MN for the secondquarter of 2017, reflecting a phenomenal growth of 332% compared to the PAT of LKR 41 MN recorded  during  the  same  period  of  2016.  The  impressive  performance  of  the  Group reflected  in  all  performance  indicators.  The  Parent  Company, HNBAposted  a  PAT  of LKR 100MNmarking  a growth  of  54%  while  its  subsidiary  with  a  PAT  of  LKR    76  MN recorded a more impressive growth of 414% in PAT. During  the secondquarter  of  2017,  the  Group achieved  a  22%  growth in  its  Gross Written Premium(GWP), depictinga valueof LKR 3.8BN as against the GWP of LKR 3.1BN  recorded  during the  comparable  periodin2016.  The  Life  Insurance  segment contributeda GWP of LKR 1,919MN and the General Insurance segment contributeda GWP  of  LKR 1,901  MN  to  the  overall  GWP.  The  Life  and  General  Insurance  segments recorded  Premium  growth  rates  of  17%  and  27%  respectively.  During  the  second quarter of 2017, the group recorded an investment income growth of 54% reaching a value  of  LKR  771  MN  against  LKR  500  MN  recorded  during  the  same  period  of  2016.  The  Total  Assets  of  the  Group  reached  a  value  of  LKR  16  BN  and  Investments  in Financial  Instruments  reached  a  value  of  LKR  13  BN.  During  the  same  period  the  Life Insurance Fund and General Insurance Fund grew by 14% and 29% reaching values of LKR 10 BN and LKR 2.5 BN respectively. Sharing  her  thoughts  on  the  Group’sfinancial   performance,   Chairperson   of HNBA    and    HNBGI    Mrs.    Rose    Cooraystated,  “We  are  indeed  delighted  to announce the results of another successful    quarter.        Both    Life    and General Insurance segments have showcased  steady  revenuegrowths. The  concerted  and  well  targeted  efforts the Group  has  taken  throughout  2017 to  grow  profitable  business has  made  both  HNBA and  HNBGI  more  resilient  and  competitive  Insurance  companiesin  the  industry.    The Group  continues  to  leverage  on  its  core  competencies  in  stabilizing  its  market  share by delivering asubstantial long-term value to our shareholderswhilst meeting all our obligations   to   our   valued   customers   with   highest   responsibility.   These   financial results are a testament of the Group’s continuous financial  stability  and  its growth momentum”. Speaking  on  the  financial  performance  of  the  Group, Managing   Director/CEO   of   HNBA   and   HNBGI   Mr. Deepthi  Lokuarachchi  stated,  “Despite  many  tough challengesin  a  rapidly  changing market,  the  Group has  made  significant  strides  by  creating  a  stronger platform  for  growth  by  delivering  a  steady  financial performance.  This  growth  momentumof  the  Groupshowcases the strength of our business strategyand we are confidentthat both our Life and General Insurance companies will reach out as strong players in this industry”.