Pressroom

HNB   Assurance   PLC   (HNBA), held its annual Banca Night to felicitate  the  finest  achievers of the Bancassurance Channel  over  the  gone  year.  This  day  of  celebration  was graced by thepresence of the Chief Executive Office of HNBA   and   its   fully   owned subsidiary HNB General Insurance    Limited    (HNBGI), Deepthi Lokuarachchi and many other distinguished guests. Deepthi   Lokuarachchi,   Chief   Executive   Officer   of   HNBAand   HNBGI   thanked   theBancassuranceTeam  led  by  Madawa  Gunaratna,  Senior  Manager,  Partnerships  of HNBA  for  theimmense  contribution  towardsthe  growthand  developmentof  the business.  Sharing  views  on  this  special  occasion,  Lokuarachchi  stated  “the Bancassurance spectrum is a vital business channel with an impact on the growth of the  business.  The  dedication  and  commitment  of  our  Banccassurance  Force  hasplayed   a   significant   role   in   achieving   the   business   targets   and   hashelped   the business  to  grow in  a  highly  competitive  landscapeby  capitalizing  on  their  core competencies   and   expertise.Sharing   views   on   this   occasion, Assistant   General Manager  Deposits  and  Remittances& Chief  Employee  Experience  Officer  of  Hatton National Bank PLC (HNB), Kalum Wijesooriya stated, “HNB is extremely pleased on the outcome of the Bancassurance Channel and how synergies within the Group helps in seizing    opportunities    in    fast-growing    financial    markets”.  Accordingly, M.M.Sanjeewani attached to the Mahiyanganaya Branch was awarded with the Best Junior Executive  Award  and J.M.L.S.Jayasundara  of  the  Thambuttegama  Branch  won  the accolade for the Best Bancassurance Officer.  

HNB Assurance PLC (HNBA) is the proud sponsor of the Sri Lanka Deaf Cricket Team for the 3rd Asia Deaf Cricket Cup which is currently being held in Hyderabad, India. The Sri Lanka Deaf Cricket Team owned the runners up title at the 2nd Asia Deaf Cricket Cup tournament which was held in 2012. The team consists of members from various parts of the island and has been trained under the guidance of the Head Coach, Jayalath Aponso. Sharing thoughts on the sponsorship, Deepthi Lokuarachchi, Chief Executive Officer of HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI) stated that this is a great opportunity to showcase the true Sri Lankan winning spirit in an international arena and HNBA is humbled by the opportunity to support such a team with a conquering spirit and the Company firmly believes in supporting and uplifting such individuals and teams. As part of the Company’s corporate stewardship, each year the Company pays great emphasis on several categories such as arts and culture, education, sports, providing purified drinking water facilities as well as conserving the environment and ensures that the Company becomes a part of worthy causes in supporting and uplifting lives of communities scattered across the country. Speaking further, Lokuarachchi added “contemporary business practices in today’s context is centred on fulfilling corporate social responsibility and HNBA seizes every opportunity and ensures that the HNBA brand name is portrayed through causes which reflects the true human spirit.

HNB Assurance PLC (HNBA) released its Integrated Annual Report for the financial year 2016 which highlighted the growth in Life Insurance as well as the General Insurance business. The Annual Report of the Company showcased its journey of 15 years and the impact which the business has created on all stakeholders throughout its journey. Sharing her views on the performance of HNBA and HNBGI over 2016, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI stated, "It surely was a year of stiff competition across the entire industry. Owing to the regulatory requirements and fulfilling the legal and social obligations, several strategic changes were made in order to secure market share and to achieve a favorable business growth. In comparison with the previous financial results of 2015, I am indeed pleased to state that performance of both HNBA and HNBGI resulted in a 22% top-line growth and a growth of 228% in the bottom-line". "The Life and General Insurance industries in Sri Lanka are highly competitive and dynamic. The Regulatory measures have brought in a framework for the governance structure and the effective use of capital. The Life Insurance industry as a whole recorded a growth of 19% and General Insurance segment posted a growth of 14% as opposed to the growth of the Life Insurance industry of 20% in 2015 and the growth of the General Insurance segment of 15% in 2015. HNBA and HNBGI surpassed the industry growth rates recording growth rates of 27% in its life business and 16% in its general business" she added. Speaking further on the growth perspectives of the Group, Mrs. Cooray added "the Group was able to record a Profit After Tax (PAT) of Rs. 647 Million, showcasing a growth of 228% over 2015. This was the highest PAT the Group recorded since its inception. It is important to note that the Group recorded this significant achievement as a result of the turnaround of HNBGI from loss to profit". Sharing his views on the performance of 2016, Deepthi Lokuarachhci, Chief Executive Office of HNBA and HNBGI stated, "2016 was a challenging year for the entire Insurance industry and the key challenges faced included the high settlement of claims which arose from two devastating catastrophes. Yet, the business was successful in deploying its strategies and capabilities across the Group which led both businesses to yield a profitable growth. The transition from the solvency regime to the Risk Based Capital (RBC) brought in significant changes in valuing Insurance contract liabilities and regulatory reporting”. Speaking on the performance of each category, Mr. Lokuarachchi stated “the Life business showed a remarkable growth surpassing the industry growth and was able to retain an industry rank of six. HNBA was able to record its highest net profit of Rs. 600 Million as opposed to Rs. 427 Million in 2015. The Life business showed a GWP of Rs. 3,554 Million and a Net Income of Rs. 4,427 Million, whereas the General business showed a GWP of Rs. 3,142 Million and a Net Income of Rs. 2,516 Million. The Life Fund reached an 8.6 Billion Rupee mark over 2016. HNBA was able to declare a maximum bonus of Rs. 54 per Rs. 1,000 to its policy holders and a dividend rate of 8% for policyholders of the fund-based product category. The General Insurance business was able to maintain a healthy balanced mix between the Motor and Non-motor segments. The brand was able to retain its position within the top ten General Insurers of Sri Lanka. With this growth momentum, the Board as well as the Management of HNBA and HNBGI has derived sustainable business strategies which would allow the business to compete in a challenging business environment and to post a steady growth during the course of 2017".