HNBA News

For   the   second   consecutive year,     HNB     Assurance     PLC (HNBA)  entered  into  an  MOU with the College of Community Physicians of Sri Lanka (CCPSL) recently  with  the  sole objective    of    educating    the general  public  on  a  number  of  causes  which  has  an  immense  impacton  a healthy lifestyle. Commenting on this MOU,Deepthi Lokuarachchi,Chief Executive Officerof HNBA and its  fully  owned  subsidiary  HNB  General  Insurance  Limited  (HNBGI)stated,  ‘As  a socially  responsible  brand,  we  take  every measure to ensure that people in today’s society  is  protectedby  all  means,  especially  from  unfortunate  health  conditions.  We strongly believe that protection begins in one’s own household and is propagated to the  surrounding environment;hence  individuals  should  be  aware  ofvarious  health conditions  and  diseases.  Through  this  partnership  we  hope  to  educate  the  general public on a number of topics which has a significant impact on our society’s health and wellbeing’. Sharing views on this partnership  formed with HNBA, Secretary of CCPSL  Dr.  Shiromi  Maduwage  stated,  ‘We  are  indeed  pleased  to  join  hands  with  a brand  that  has  taken a  stand to  propagate  the  concept  of  healthy  living  on  a  much larger  scale.  Each  year  CCPSL  carriesout  a  number  of  activities,Islandwide under  a main theme with anaim of educating the general public on a number of topics related to health and wellbeing.This year CCPSL has introduced the theme ‘strengthening the health system for improving quality of care and patient safety’.  Accordingly,  CCPSL has  plannedto  carry  outa  number  of  national,  provincial,  district  and  regional  level
activities  includinga  number  of  health  symposiumsto  communicate  the  importance of health and wellbeing’.

HNB  Assurance  PLC  (HNBA)  and  its  fully  owned  subsidiary  HNB  General  Insurance Limited  (HNBGI)  posted  a  Profit  AfterTax  (PAT)  of  LKR  74  MN  for  the  first  quarter  of 2017,   reflecting   a   121%   growth   compared   to   LKR   33   MN   recorded   during   the corresponding period last year. The  Group  achieved  a  growth  of  18%  during  Q1  of  2017,  posting  a  Gross  Written Premium (GWP) of LKR 1.9 BN against the GWP of LKR 1.6 BN recorded during the same of  2016. The  Life  Insurance  Company  posted  a  GWP  of  LKR  988  MN  and  the  General Insurance Company posted a GWP of LKR 929 MN during the period under review. The Group was able to deliver a steady performance as a result ofthe strategic initiatives implemented  in  new  business  acquisition  as  well  as streamlining  its  core  business operations. The key contributors to the reported growth were identified as the growth in both Individualand Corporate Policies of the Life Insurance Company as well as the contribution   of   the   Motor   segment   of   the   General   Insurance   Company.   On   a comparable  basis  with  the  results  of  the  corresponding  period  of  2016,  the  post-tax profit  of  the  Life  Insurance  business  showcased a  growth  of  66%.The  businesses were  successful  in  capturing  new  market  segments  and  seizing  profitable  growth opportunities, despite the challenging market and economic conditions. The recorded growth  was  in  line  with  the  Group’s  expectations  on  the  phaseof  maximizing  its profits as well as in delivering value to its stakeholders. Sharing thoughts on the financial performance of the Group, Chairperson of HNBA and HNBGIMrs.Rose Cooray stated, “We are indeed pleased on the results the Group was able  to  yield  at  the  end  of  the  first  quarter  of  this  year,  amidst  the  stiff  competition and  other  macroeconomic  factors.  The  Group  surpassed  the  LKR  15  BN  milestone  of Total Assets during the first quarter of 2017 and Investments in Financial Instruments reached a value of LKR 12 BN. During the same period the Life Insurance Fund grew by 7%  while  the  General  Insurance  Fund  grew  by  5%  reaching  values  of  LKR  9  BN  and LKR  2  BN  respectively.  These  results  reflect  the  favorable  direction  the  company  is
headed  and  the  Board,  the  management  and  staff  of  both  HNBA  and  HNBGI  are committed   to   improve   the   financial   performance   of   the   Group   as   well   as   to strengthen the competitive positioning of both HNBA and HNBGI”. Commenting  on  the  financial  performance  of  the  Group,  Chief  Executive  Officer, Mr. Deepthi  Lokuarachchi  stated,  “I  am  pleased  by  the  performance  delivered  by  both HNBA  and  HNBGI  during  Q1  of  2017.  The  financials  of  Q1  reflects  a  solid  growth compared  to  the  results  of  the  first  quarter  of  2016.  During  the  first  quarter  of  2017 the Group recorded an impressive investment income growth of 84% reaching a value of  LKR  360  MN  against  the  value  of  LKR  195  MN  in  the  first  quarter  of  2016.  Several key  drivers  including  the  synergies  of  the  Group,  deriving  key  strategies  to  further consolidate  the  position  of  the  two  entities  helped  the  Group  to  achieve  these financial results during Q1 2017”.

Deepthi Lokuarachchi, Chief Executive Officer of HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) was appointed to the Boards of HNBA and HNBGI as Managing Director recently. The appointment is made subject to the approval of the Insurance Board of Sri Lanka. Mr. Lokuarachchinow functions as the Managing Director/Chief Executive Officer of both Companies. Mr.  Lokuarachchi  is an  old  boy  of  Trinity  College,  Kandy.  Havingobtained  his Law degree  (LL.B)  from  the  University  of  Colombo,  hewas  enrolled  and  admitted  as  an Attorney-at-Law  in  1996.  He  obtained  his  Associate  Membership of  the  Chartered Insurance Institute, UK and the status of a Professional Chartered Insurer in 2004. As of   recent   times,   his   professional   status   was   converted   to   that   of   a   Chartered Insurance Risk Manager. Mr. Lokuarachchi counts over two decades of professional experience in the fields of general   management,   distribution   and   risk   management   and   overall   operations management.  His career began at Eagle Insurance in 1993. During his tenure with the company   he   held   various   key   positions   culminating   in   2007/2008   as   General Manager,Distribution  and  Risk  Management.  Climbingup  the  corporate  ladder,  he then joined AIG Insurance Limited Sri Lanka in 2008 and served for a period of 3 years and  bade  farewell  in  2011  as  the  Deputy  Chief  Executive  and  the  Chief  Operating Officer   in   charge   of   the   Sri   Lankan   and   Maldivian   operations.   Hislast   two appointments included the appointment as Chief Executive Officer of Orient Insurance LimitedSri Lanka,a  subsidiary  of  Arab  Orient Insurance,  UAE as  theoverallincharge of  the  Sri  Lankan  operationsand  the  appointment  as  Chief  Executive  Officer  of  Sri Lanka Insurance Corporation Limited for a period of two years.