Pressroom

The  „peoplefactor‟of  an  organization  with  no doubt    is itsgreatest    strength,    making    its management crucial    in    a    highly    competitive industry  such  as  Insurance. HNB  Assurance  PLC (HNBA)and    its    fully    owned    subsidiary    HNB General Insurance Limited (HNBGI)has deployed a Human Resourcestrategyfor   its   staffwhich focuses  onenriching  the  life  of  its  employees,both throughenhancing quality of time at work as well as providing for greater work-life balance. Sharing views on the Human Resource strategy, Managing Director/CEO of HNBA and HNBGIMr.Deepthi  Lokuarachchi  stated,  “The  Human  Resource  strategy  is  akey success  driverof  any  organizationand  it  is  believed  that  the  Human  Resource function adds a great deal of value to the corporationandthe „people factor‟provides for  greater stability  of  the  business  as  well  as  superior  organizational  performance.Cherished   Human   Resource   practices   could   result   in   a   pool   of   competentand dedicated employees.The  Grouppays  great  emphasis  on  its  recruitment  strategy  as well as in retaining its employees. As a Group with over 900 employees,the Strategic Human Resource practices extendbeyond the standard Human Resource practices, to help   our   staff   and   their   families   fulfill   their   aspirations   and   dreams.Extensive measures  are  taken  in  order  to  create  acontemporary  organization culturewith augmented valuesas well asasupport mechanism toenable one to go forthin one‟s career.” Speakingfurther Mr. Lokuarachchi added“The Group has an „opendoor‟ policy where employees  could  access  the  top  management concerningany  matter.  Continuous learning  and  development  is  encouraged  throughout  each  tier  of  the organization. The  Group  envisions creating  charismatic  leaders  andhas  invested  its  resources  in talent  management  and  talent  development  which  helps  in  building  competencies and   skills   within   employees.   As   part   of   the   Human   Resource   strategy,   training programs  are  conducted  on  a monthly  basis  focusing  onprofessionalas  well  as personaldevelopment of employees.These programs rangefrom personal grooming to  professional  training to  workshops  on  striking  the  right  work-life  balance  and healthy  living.A  case  in  point  here  is  the  workshop  that  was  held for  staff  on  the prevention of Dengue and H1N1 as well as a workshop to help individuals understand what  measures  should  be  takeninorderto spend the golden eve of one‟s life in a happy  and  a  healthy  manner. These  workshops  were  conducted  byDr.  Shiromi Maduwage and Dr. Sameera Sennanayake ofthe  College of  Community  Physicians of Sri  Lanka.The  Group  identifies  the  true  potentialofeach  staff  member  and  set  in place   a   compensation   scheme   which   has   both   monetary   and   non-monetary components. The  Group  constantly  encourageemployees  in enhancingleadership roles  and  in  empowering  employees  by  creating  additional  tiers  in  the  managementhierarchyto allow career progression. In addition, the Group has taken a step forward in   implementing   advanced   Human   ResourceInformationsystems and   reward schemes”.

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”.