HNBA News

The  Life  Claims  Department  of HNB    Assurance    PLC    (HNBA)obtainedthe    certification    in compliance with ISO 9001  : 2015 for  its service  standards.    TheLife Claims Departmentqualifiedfor   this   certification upon being independently audited and meeting the specific criterion.The   certification   was   issued   for   the   Claims   Process   followed throughout,from claim intimation to claim settlement. Sharing his thoughts, Managing Director/CEO of HNBA and its fully owned subsidiary HNB  General  Insurance  Limited,  Deepthi  Lokuarachchistated  “our primary goalin customerservicehas   always   been   focused   on   its   assured   qualityand   theISO certification  affirms  the  effectiveness  of  the  consistent  service  providedover  the years.  This  certification  demonstratesour  commitment  towards  our  customers  and outlines   the   cutting-edge   practices   the   Company   follows   throughout   its   Claims Settlement Process”. Speaking   on   the   ISO   certification,   Chief   Operating   Officer   of   HNBA,   Prasantha Fernando stated “As an entity highly focussed on quality, we are honoured toearn the ISO   certification   and   thisprovides   that   additional   degree   of   assurance   to   our stakeholders  of  our  continuous  improvements inour  service  quality standardsand deliverables”. Chief  Technical  Officer  of HNBA, Dinesh Udawatta stated “I’m indeed grateful to the entire team for  embarking  on  thisjourney  to  obtainthe world’s most popular quality management  servicecertification as  well  asfor  maintaining  a  servicestandardof highqualitythroughout  the  years.I  am  confident  that  this  certification  will  bolster
our  resolve  to  push  the  envelope  of  customer  service  further  and  to  continue  toprovide a superlative service to our patronage”.

HNB  Assurance  Groupseized  the  Gold  Awardin  the Insurance  Companies  Categoryat  the  53rdAnnual Report Awards Ceremony, organized by the Institute of  Chartered Accountants  of  Sri  Lanka  for  its  2016integrated     annual     report,     themed ’15  Years, Delighting Our Stakeholders’. Sharing her   thoughts   onthe   award,Mrs.   Rose Cooray,  Chairperson  of  HNBA  and  its  fully  owned subsidiary  HNB  General  Insurance  Limited  (HNBGI) stated “as contemporary  business  practicesaround the  worldgrow  in  complexity,  organizations  should work  towards  catching  its  pace  and  adapting  to these global standards in every mode of stakeholder  communication.  The  annual  report  of  an  organization  is  an opportunity  to showcase the strategic direction, scope and values of an entity.HNBA Group no doubt has set a new benchmark through its annual report for the industry”. Sharing his thoughts on the victory,Mr. Deepthi  Lokuarachchi,  Managing  Director/CEO  ofHNBAand HNBGIstated “the annual report of an organization is the single most important document andcalling card. As a Group providing financial protection,we ensure sustainable reporting,transparency andgood governancethat has been showcasedthrough our annual reports successively. Accolades of this  nature  reaffirm stabilityof  the  Group  and we  aredelighted  to  be  the  recipient  of  this year’s Gold Awardfor the Insurance sector, thus demonstrating to the financial markets that HNBA  is  a  Company  beyond  benchmarks”. Mr.  Indika  Perera,  Chief  Financial  Officer  of  HNBA and HNBGI thanked the project team involved in compiling the Group’s annual report stating “thisprestigiousaward  recognizes  the  effortsand  commitmentof  a  team  of  passionate individuals who worked tirelessly in completing the Group’s annual report”.

HNB  Assurance  PLC  (HNBA)  and  its  fully  owned  subsidiary  HNB  General  Insurance Limited  (HNBGI)  posted  a  Profit  After  Tax  (PAT)  of  LKR  282  MN  for  the  nine  months ended,  30thSeptember 2017,  depicting  a  growth of  166% compared to  the  PAT of  LKR 106 MN recorded during the corresponding period last year. The Group posted a Gross Written Premium (GWP) of LKR 5.8 BN, signifying a growth of 20% as opposed to the GWP of LKR 4.9 BN recorded during the same period in 2016. In reviewing the performance of each individual company, the Life Insurance Company recorded a  GWP of  LKR  2.9 BN as  opposed to  the  GWP of  LKR  2.6 BN achieved during the  first  nine  months  of  2016.  The  General  InsuranceCompany  registered  a  GWP  of LKR  2.9  BN  against  the  GWP  of  LKR  2.3  BN recorded  during  the  corresponding  period of 2016.   For  the  nine  months  ended  30thSeptember,  2017  the  group  earned  an  Investment Income of LKR 1,197 MN with a growth of 45% against LKR825 MN achieved during the same period of 2016. The Total Assets of the Group reached a value of LKR 17.6 BN and Investments in Financial Instruments reached a value of LKR 14.4 BN. During the same period  the  Life  Insurance  Fund  and  General  Insurance  Fundgrew  by  22%  and  30% reaching values of Rs. 10.6 BN and 2.5 BN respectively. Speaking  on  the  financial  performance  of the    Group,    Chairperson    of    HNBA    and HNBGI Mrs. Rose Cooray stated that “the Board  of  Directors  is  extremely  pleased on  the  Group’s  financial    performance showcased during the first nine months of 2017.    The    profits    of    the    Group    were triggered  by  several  key  contributors  in  both  businesses.  The  growth  of  individual policies of the Life business and the growth of several categories such as Fire, Motor and  Marine  of  the  General  business  led  the  Group  to  yield  these  significant  financial results. These financial results augur well for the sound business strategies deployed by the HNBA Group despite the stressful market conditions in this economic backdrop. The Q3 results of the Group demonstrate its stability where the key focus has always been on maximizing the returns to each stakeholder and delivering sustainable long-term  returns  and  these  robust  financial  results  alongside  the  growth  of  both  HNBA and HNBGI are testaments of the Group’s solid performance”. Sharing his thoughts on the Q3 financial performance,  Managing  Director/CEO  of  HNBA  and HNBGI Mr. Deepthi Lokuarachchi stated “coming off a  strong  first  half,  both  HNBA  and  HNBGI  teams have  delivered  steadfast  results  over  Q3  as  well, which    marks    a    significant    growth    driven    in particular  by  seizing  new  markets  and  deploying effective   business   strategies.   The   Group’s consolidated    figures    showcase    the    growth    of several General Insurance segments, which have led the Group to yield these thriving results. I’m sure that these results will continue its growth in the final quarter of 2017, despite  the  on-going  challenges.  The  Group  continued  to  enhance  and  recalibrate  its risk profile despite the volatile macroeconomic conditions within the regions and as a result the Group’s footprint in the country has been able to seize emerging growth opportunities  by  constantly  maintaining  its position  in  the  industry.  The  HNBA  Group remains confident of its competitive advantage, solidarity of its financial backing and the dynamic business strategies in acquiring new market segments and growing both Life and General businesses”.