HNBA News

HNB Assurance PLC, brought together its staff from across the country for their highly anticipated Annual Staff Conference. The event, which showcased the company's commitment to its people and their dedication, celebrated milestones, outstanding performances and exceptional talent within the organization.

During the event, long-serving employees were honored for their unwavering contribution to the company's success. The Chairman's Award, a one-time prestigious recognition, was presented to individuals who demonstrated outstanding performances and exemplified the core values of HNB Assurance. Moreover, the efforts of employees who supported lean initiatives and cost-saving measures throughout the year were also recognized for their crucial role in ensuring operational efficiency and financial sustainability.

“We come together today not just as a company but as a united family celebrating our collective accomplishments. Personally, this event is something that I look forward to the most and as an organization we have always understood the importance of recognizing and giving members of our staff the opportunity to contribute and feel a sense of pride towards the organization that they serve.” stated, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI. “The Annual Staff Conference showcases our shared achievements and the exceptional skills of our teams. My congratulations to all the winners and gratitude to our entire team for their commitment and passion which contributes to HNBA’s success.”

"I’m immensely proud of the accomplishments we’ve made as a team," said Mr. Lasitha Wimalaratne, CEO of HNB Assurance. "I believe, our employees are not just talented professionals, they are a multifaceted group with diverse skills and passions, which was clearly on display at this year’s Annual Staff Conference. I’d like to extend my sincere appreciation to all the winners who not only propel this company towards greater heights but also inspire the rest, in terms of what a person is able to achieve.”

In addition to recognizing exceptional performances within the organization, the conference highlighted the achievements of HNB Assurance employees who represented Sri Lanka in various sports and also served as a platform for the grand finale of the Talent Search Competition. “At HNB Assurance, we believe in fostering a culture of excellence both within and outside the workplace. Hence, we recognize accomplishments of our sports stars in addition to providing a platform to those with other talent such as singing”, further elaborated, Mr. Wimalaratne.

HNB Assurance secured the Bronze Award at Dragons of Asia 2023 under the "New Product Launch" category, for its marketing communications campaign promoting the innovative SupremeHealth Unlimited product. This prestigious honor at an international stage showcased the company's commitment to understanding trends and ingeniously communicating their message to the public. This success follows HNB Assurance's recent triumph at the CMO Awards, where the company also received the award for the "Best Digital Integrated Campaign". This groundbreaking product for HNB Assurance not only revolutionized the local insurance market, but the innovative campaign accompanying SHU has also been equally lauded now winning multiple international accolades. Expressing his delight, HNB Assurance's CEO Mr. Lasitha Wimalaratne, stated, "Receiving the Bronze Award at Dragons of Asia 2023 is truly an honor. This accolade validates our efforts towards being creative not only in our product offering but also in how we communicate our message to the public. I’d like to extend my heartfelt gratitude to our internal teams and external partners who continue to explore novel approaches to engage with our customers, expressing our solutions in a manner that is not just informative but also captivating and creative.” Mr. Dinesh Yogaratnam, Chief Marketing and Customer Experience officer, opined, “We are extremely proud and delighted to receive this award, which underscores our commitment to delivering impactful campaigns. The multiple international accolades earned for the SHU campaign truly stand as a testament to the campaign's remarkable impact and standard. Further, our unique messaging along with the tactful platform mix had a significant impact on the campaign’s success. My sincere thanks to RN Media, our digital marketing partner, who was instrumental in orchestrating an intricate, multi-faceted digital strategy. I must also mention Iconn Media for conceptualizing and crafting the essential assets for our ATL campaign.”

HNB Assurance PLC (HNBA) and its wholly owned subsidiary HNB General Insurance Limited (HNBGI) ended the third quarter with the Group figures indicating a Profit After Tax (PAT) of Rs. 583 Mn. In terms of Gross Written Premium (GWP), the Group recorded Rs. 13.6 Bn growing by an impressive 21% compared to the previous year. HNBA exhibited exceptional growth during the period by achieving a growth rate twice that of the industry average, while HNB General Insurance Limited (HNBGI) also demonstrated a robust performance, growing at a staggering five times the industry average. “I’m extremely delighted by the outstanding performance exhibited by HNB Assurance Group during the third quarter. Our consistent growth is a clear indication that HNB Assurance as a group is in the forefront of providing exceptional services and adapting to the ever-changing demands of our clientele”, stated, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI. “Amidst the slow recovery of Sri Lanka's economy following a period of significant challenges, both HNB Assurance and HNB General Insurance undertook strategic measures to fortify their operations, which involved equipping themselves with enhanced capabilities, innovative strategies and resilient frameworks to navigate the economic fluctuations and effectively cater to the market. In terms of the performance the group GWP grew by 21% compared to the same period last year. While the Group Assets surpassed the Rs. 48 Bn mark to reach Rs. 48.42 Bn with a growth of 18%. Over the last 10 months, the total equity along with the life fund notably surged, reaching a significant milestone of Rs. 9.1 Bn and Rs. 30 Bn, representing a remarkable increase of 17% and 24% respectively.” stated Mrs. Cooray. She further noted, "The consistent progress achieved quarter by quarter can be attributed to the clear vision both companies possess regarding their vision and strategic trajectory for the upcoming years. It is truly remarkable to see the commitment of the teams towards our long-term objectives which has also helped us be creative and make effective decisions. On behalf of the board, I express my gratitude to the leadership, management and teams for their efforts." Reflecting on the Company's performance during the third quarter, Mr. Lasitha Wimalaratne, CEO of HNBA, expressed his delight with the progress made during the last nine months. “Our strategic focus of enhancing and improving our distribution channels has yielded tremendous results, notably reflected in our impressive 19% growth in GWP to reach Rs. 7.8 Bn, which is almost double the growth rate of the industry and the highest amongst the top tier players, also, the 26% increase in new business premiums compared to the previous year. In addition to our steady and sustainable growth, winning the 'Best Distribution Initiative' award, recognized by Insurance Asia, was extremely heartening as it validated our efforts and well-rounded strategy.” Eager to venture into the final quarter and witness its unfolding, Mr. Wimalaratne emphasized the significance of maintaining this momentum. “While we are happy about the progress made, I believe it's crucial to sustain it and finish the year on a high. Our team is motivated just to do that and with the surplus transfer from the life fund yet to take place, our collective aim is to close the year strong, ensuring substantial benefits for our shareholders." HNBGI saw its GWP reach Rs. 5.9 Bn growing by 24% over the same period last year. Sharing his thoughts on the company’s performance, Mr. Sithumina Jayasundara, CEO of HNB General Insurance, stated, “We have been investing heavily in revamping our core systems and building a solid digital platform, setting us up for the future. These changes are all about making things better for our customers and equipping ourselves for the long run. I’m extremely delighted to see these efforts paying off as we have seen a steady growth in our GWP of 24% when compared to last year, which in comparison to the current industry growth rate reflects a 5-time increase. Diving further into the numbers, our Non-Motor sector saw a 58% growth compared to the industry's 12%, while our Motor portfolio grew by 6% despite the industry’s negative growth of 1.3%. I must convey my sincere appreciation to all the sales and other support teams for their efforts and hard work, ensuring that we continue to make remarkable progress as an organization. Additionally, we were also recognized as the 'Most Customer-Centric General Insurance Brand' in the country, which is extremely big for us because it shows our commitment to putting customers first. Further, we were recognized with a Bronze Award at the CNCI Achiever Awards 2023, which is yet another validation of our efforts and innovation within the industry.”