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”.
May
<p class="MsoNormal" style="line-height:115%;"><span style="font-family:"HNBA & GI";font-size:10.0pt;"><span style="line-height:115%;">HNB Assurance proudly announced the achievement of its esteemed Chief Business Officers, Mr. Harindra Ramasinghe – CBO, Advisor Distribution Channel and Mr. Sanesh Fernando – CBO, Partnerships, who clinched top honors at the prestigious General Agency Management Awards (GAMA) held in the United States of America. This historic win marks the first time any Sri Lankan professional have been recognized at this ceremony.</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:115%;"><span style="font-family:"HNBA & GI";font-size:10.0pt;"><span style="line-height:115%;">Mr. Harindra Ramasinghe was honored with the prestigious Master Firm Award (MFA), celebrating his remarkable achievements and exemplary leadership in the Advisor Distribution domain. Similarly, Mr. Sanesh Fernando's exceptional performance earned him the distinguished Master Multiline Award (MMA), highlighting his significant contributions to the Partnership Channel of HNBA. These accolades underscore their contributions and impact, showcasing their commitment to excellence within their respective roles. The GAMA Global Awards, renowned for recognizing excellence in financial services leadership, serve as a testament to their outstanding professionalism and influence in the field.</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:115%;"><span style="font-family:"HNBA & GI";font-size:10.0pt;"><span style="line-height:115%;">Expressing his thoughts on this remarkable achievement, Mr. Lasitha Wimalaratne, CEO of HNB Assurance, stated, "I’d like to extend my heartfelt congratulations to our CBOs Harindra Ramasinghe and Sanesh Fernando on their historic win at the GAMA Awards. This recognition not only reflects their exceptional skill and dedication but also highlights the caliber of professionals within HNB Assurance. I’m certain that this recognition will serve as a great motivation for both our CBOs as well as their teams which will propel us as an organization to even greater heights."</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:115%;"><span style="font-family:"HNBA & GI";font-size:10.0pt;"><span style="line-height:115%;">In response to their success, Mr. Harindra Ramasinghe commented, "Receiving the Master Firm Award at the GAMA Awards is personally a great honor for me. I owe this recognition to my incredible team and want to acknowledge the leadership at HNBA, who have been clear in communicating their vision and have always served as a source of guidance and support, which I believe is the bedrock of HNBA's success. Over the past 03 years we as a company have maintained a consistent growth rate in excess 20% and the Advisor Distribution Channel has also contributed equally. Last year, we recorded a 37% increase in NBP growth, a robust 23% growth in GWP and received a prestigious international recognition from Insurance Asia for the best Distribution Initiative, which solidifies our commitment to excellence in serving our clients and advancing the insurance industry as a whole.”</span></span><o:p></o:p></p><p><span style="font-family:"HNBA & GI";font-size:10.0pt;"><span style="line-height:107%;mso-ansi-language:EN-US;mso-bidi-font-family:"Times New Roman";mso-bidi-language:AR-SA;mso-bidi-theme-font:minor-bidi;mso-fareast-font-family:Calibri;mso-fareast-language:EN-US;mso-fareast-theme-font:minor-latin;">Mr. Sanesh Fernando also expressed his thoughts, stating, "Receiving the Master Multiline Award is a humbling experience and I am deeply honored to be recognized among such esteemed professionals. This achievement would not have been possible without the tireless efforts and support of my exceptional team. I am immensely proud to lead such a talented group of individuals who continuously strive for excellence in serving our clients. Further, receiving the Best Bancassurance Provider Award by Global Banking and Finance Review for the fourth consecutive year recently, serves as a testament to the channel's commitment to innovation and customer-centricity. I’d like to take a moment to thank the our Bancassurance and broker partners along with the all other business stakeholders for their continued support.”</span></span></p>
Read More
Apr
<p class="MsoNormal" style="line-height:150%;text-align:justify;"><span style="font-family:"HNBA & GI";font-size:10.0pt;"><span style="line-height:150%;">HNB Assurance PLC (HNBA) has once again secured the prestigious title of "Best Life Bancassurance Provider in Sri Lanka" for the fourth consecutive year, recognized by the Global Banking and Finance Review. This award underscores HNBA's strong partnerships and commitment to excellence while maintaining its dominant position within the industry.</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:150%;text-align:justify;"><span style="font-family:"HNBA & GI";font-size:10.0pt;"><span style="line-height:150%;">Mr. Lasitha Wimalaratne, Chief Executive Officer of HNBA, stating, “It is indeed an immense honor to be acknowledged as the Best Life Bancassurance provider in the country by the esteemed Global Banking and Finance Review - UK, marking our fourth consecutive win. This achievement truly is a testament to the dedication and collaboration of our teams, who continuously push boundaries, foster partnerships and redefine industry benchmarks."</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:150%;text-align:justify;"><span style="font-family:"HNBA & GI";font-size:10.0pt;"><span style="line-height:150%;">He further emphasized the significance of HNBA's Partnership Channel in their business operations, “As we strive towards our goal to attain 10% market share the partnership channel has a crucial role to play. I’m extremely proud of our team for this achievement and I’m certain we will continue to push boundaries and reach even greater heights.”</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:150%;text-align:justify;"><span style="font-family:"HNBA & GI";font-size:10.0pt;"><span style="line-height:150%;">"We're thrilled by HNBA's achievement of being the Best Life Bancassurance Provider in Sri Lanka for the fourth consecutive year and are committed to ensuring that our partnership grows even further. By leveraging our strengths as a Group, we are consistently exploring ways to keep delivering top-notch solutions to our customers. My congratulations to HNBA and all the teams involved in this impressive achievement", opined, Mr. Supun Dias, Assistant General Manager - Network Management at Hatton National Bank.</span></span><o:p></o:p></p><p class="MsoNormal" style="line-height:150%;text-align:justify;"><span style="font-family:"HNBA & GI";font-size:10.0pt;"><span style="line-height:150%;">Mr. Sanesh Fernando, Chief Business Officer – Partnerships at HNBA, reflected on the significance of this achievement, stating, “Without a doubt, this achievement stands as a testament to the collaborative efforts of the entire Partnership Team, for which I extend my deepest gratitude. A special mention goes out to the management of Hatton National Bank and all our other banking partners for their continued support.</span><span style="line-height:150%;mso-spacerun:yes;"> </span><span style="line-height:150%;">To receive this prestigious recognition for the fourth-year running is a clear indication of our relentless commitment to excellence and the efforts made by our team. I’m confident that moving forward, we as a team are committed to delivering exceptional value to our customers collectively contributing to the larger vision of HNBA.”</span></span><o:p></o:p></p>
Read More
Apr
<p>At the prestigious Great Manager Awards 2024, Mrs. Rose Cooray, the Chairperson of HNB Assurance PLC and HNB General Insurance Limited, was inducted into the Hall of Fame. Mrs. Cooray, who assumed her role in 2015, has been instrumental in steering both companies to remarkable growth and success. Since taking on the mantle of Chairperson, Mrs. Cooray has spearheaded initiatives that have led to substantial financial achievements, embracing cutting-edge technological advancements, securing international acclaim and forming numerous synergies and partnerships that have laid a solid foundation for the future of both organizations. With over 47 years of extensive experience in the financial sector, including a distinguished career at the Central Bank of Sri Lanka where she served as Deputy Governor, Mrs. Cooray brings a wealth of knowledge and expertise to her leadership roles. Her tenure has been marked by astute decision-making, visionary leadership and a commitment to excellence. In recognition of Mrs. Cooray's outstanding contributions, Mr. Lasitha Wimalaratne, CEO of HNBA, remarked, "Mrs. Rose Cooray's induction into the Hall of Fame is well deserved and a testament to her exemplary leadership. I’m proud to state that under her guidance, HNB Assurance has achieved unprecedented growth and success, setting new benchmarks in the industry. Her visionary approach and strategic initiatives have been instrumental in positioning us for sustained excellence in the years to come. I’d like to extend my congratulations to Mrs. Cooray on this great achievement." “Mrs. Cooray's induction to the Great Manager Awards Hall of Fame is a fitting recognition” opined, Mr. Sithumina Jayasundara, CEO of HNBGI. “Personally, to me, what sets her leadership style apart is how she extends her influence and support way beyond boardroom discussions, making a conscious effort to hear every voice and inspire action. Her willingness to go above and beyond has certainly shaped how we operate as a company. At HNBGI we are extremely proud of her recognition and I’d like to congratulate Mrs. Cooray on her induction to the Hall of Fame”</p>
Read More
Solution by Xiteb®
