HNBA News

Celebrating the  graceful  spirit  of  womanhood  this  International  Women‟s  Day  and paying  tribute  to  the empowered  woman,  HNB  Assurance  PLC  (HNBA)  and  its  fullyowned  subsidiary  HNB  General  Insurance  Limited  (HNBGI)  announced  the  launch  of „Liya  Harasara‟  for  the  sixthconsecutive   year.This   campaign   will   be   in   force throughout  the  months  of  March  and  April,  offering  a  range  of  special  benefits for every LifeandMotorInsurance Policy obtainedby ladies. Sharinghisviews  onthe  6thedition  ofLiya Harasara, Prasantha Fernando, Chief Operating Officer of HNBA stated, “Womenin     our     society     playsa pivotalrole, showcasing  independence,  confidence  and more  importantly  holdsa  prominent  place in our societyas great leaders, entrepreneurs   and   co-breadwinners.Liya Harasara    is    our    way    of    saluting    and appreciating the graceful spirit of women across thecountry”. Speaking  on thiscampaign,  Chief  Business  Officer  of HNBA,  Ivan  Nicholas  statedthat Liya  Harasara  is  an outcome   of   acombination   of   aunique   range   of benefits and  a  range  of  specialofferings  from HNBA and  HNBGI and  otherleadingbrands  such  asSingerPlus,   Vision   Care,   Durdans   Hospital   and   Nolimit.Speaking  on  the  campaign  offerings  Ivan  Nicholas stated“Liya   Harasara   offers   a   range   of   special benefits for ladies withan additional Life Cover of up toLKR 1 Million with every Life Policy anda pregnancy related Hospitalization Benefit of  up  toLKR 10,000  perday  from  HNBA.  In addition,  Liya  Harasara  offer  ladies  a  free
Personal  Accident  Cover  of  up  toLKR 500,000  for  every  MotorInsurance  policy obtained from HNBGI. The brand has collaboratedwith several leading brandsto offer a  range  of  special  discounts  with  every  Liya  Harasara  Policy.  Women  could  obtain  a discount  of  up  to  10%  for  selected  purchases  from  Singer  Plus  showrooms  Island wide anda discount of 10% for purchases of spectacles, sunglasses andhearing aids from Vision Care showrooms Island wide, a discount of 10% from Nolimit showrooms located island wide andaspecial discount schemefrom Durdans Hospital. Commenting  on  this  editionof  Liya  Harasara,  Chief Business    Officer,    (Personal    Lines    and    Branch Network)   of   HNBGI,   Jude   Benjamin,   extended   his sincere gratitude to Singer Plus, Vision Care, Durdans Hospital  and  Nolimit  for  collaborating  with  HNBA andHNBGI  stating,  “we  are  extremely  pleased  to collaborate  with  leading  brands  such  as  Singer  Plus, Vision  Care,  Nolimit  and  Durdans  Hospital  to  offer  a range  of  special  benefits  and  discounts  to  women across our country”.

HNB  Assurance  PLC  (HNBA)  and  its  fully  owned  subsidiary  HNB  General  Insurance  Limited (HNBGI) posted a Profit After Tax (PAT) of Rs. 910 Mn for the year ended 31stDecember 2017, depicting a steady growth of 41% in comparison with the PAT of Rs.647 Mn recorded in 2016. The Group recorded a Gross Written Premium (GWP) of Rs 7.82 Bn, signifying a growth of 17% as  contrasted  with  the  GWP  of  Rs.  6.65  Bn  recorded  in  the  financial  year  2016.  The  Parent Company, HNB Assurance PLC recorded a GWP of Rs 3.96 Bn and the subsidiary, HNB General Insurance Limited recorded a GWP of Rs. 3.86 BN. The  Group  was  able  to  yield  an  Interest  and  Dividend  Income  of  Rs.  1,693  Mn,  showcasing  a growth  of  43%against  an  Interest  and  Dividend  Income  of  Rs.  1,180  Mn  achieved  during  the previous  year.  Total  Assets  of  the  Group  reached  a  mark  of  Rs.  18.65  Bn  and  Investments  in Financial  Instruments  reached  a  value  of  Rs  15.05  Bn.  During  the  course  of  2017,  the  Life Insurance Fund reached a value of Rs. 10.9 Bn and the General Insurance Fund reached a value of Rs 2.38 Bn. Expressing    her    views    on    the    solid    financial performance    during    the    year    under    review, Chairperson  of  HNB  Assurance  Group,  Mrs.  Rose Cooray  stated “the Group delivered a superlative financial  performance  during  the  course  of  2017, depicting  a  steady  flow  of  revenue  generation and  accelerating  progress  towards  achieving  our corporate  goals  during  2017.  The  Management guided  by  the  Board  has  meticulously  executed  a well-crafted  plan  that  focused  on  creating  value to all stakeholders. Not only have we been able to fulfil   the   aspirations   of   the   shareholders,   the Group  paid  out  Rs  2.29  Bn  in  claims  and  have  focused  on  rewarding  its  employees,  while contributing  towards  society  through  various  corporate  stewardship  initiatives  and  we  are confident that this growth we’ve embarked on will continue during 2018”. Sharing  his  thoughts  on  the  Group’s  financial performance,   Managing   Director/CEO   of   HNBA   and HNBGI Mr. Deepthi Lokuarachchi stated “the strategies deployed   during   the   course   of   2017   led   the   Group capture emerging and dynamic markets. The Group was able  to  maintain  its  solid  industry  position  throughout the course of 2017, despite the volatile macro-economic conditions  and  heightened  competition.    The  financial growth  of  HNBA  Group  in  2017  has  been  consistent throughout the year. The positive growth momentum of these  financial  results  was  triggered  by  the  strategic investments   of   the   Group   and   the   dynamicpolicies followed  in  underwriting  risk.  The  General  Insurance business showcased an exponential growth during the course of 2017, surpassing the growth rates  of  the  industry.  HNBGI  was  able  to  achieve  this  outstanding  growth  as  a  result  of  its well-focused risk selection, effective management of claims settlement as well as its pricing strategy.  It  is  noteworthy,  that  both  the  Life  and  General  Insurance  businesses  took  great measures  in  settling  claims,  especially  claims  pertaining  to  catastrophes  such  as floods  and epidemics  such  as  Dengue.  The  Management  of  HNBA  Group  remains  confident  of  its  future outlook  and  in  seizing  every  opportunity  to  further  consolidate  the  Group’s  financial standing”.

HNB  Assurance  PLC  (HNBA)  announced  the  launch  of  another  revolutionary  product to  its  product  portfolio  recently.  HNBA  Araksha,  aLife  Insurance product  which focuses  purely on the protection element,providinga  range of benefits  to  safeguard the family of the Life Assured when uncertainty strikes. Sharing  his  views  on  the  importance  of  protection based products in our market, Managing Director/CEO of HNBA and its fully owned subsidiary HNB  General  Insurance  Limited  (HNBGI),Mr.  Deepthi Lokuarachchi  stated  “In  today’s  fast-paced   world individuals’  face  unforeseen  tragediesthatleavestheir families and loved ones exposed to tremendous emotional  stress coupled  withfinancial  burden.It  is in theirbest interest to take sufficientmeasures to facesuchuncertaintiesassociated with life. We often cannot do this ourselves and that’s whereLife  Insurance  comes into play to easeour loved ones of the burden of financial stress.HNBA Araksha is our way  of  helping  individualsin  the  very  act  of  protectingthemselves  as  well  astheir loved ones”. Mr. Lokuarachchi further added,“The Management of HNBA has put in great efforts to develop a  product which purely  focuses  on the  protection aspect of  the  Policyholder and   HNBA   Araksha   is   a   product   developed   with   the   expertise   of   a   team   of professionals  with  a  thorough  understanding  of  the  behavioral  and  psychological aspects  of  our  community.  The  product  has  been  developed  upon  the  analysis  of current  market  trends,  the  real  need  of  our  community  and  the  existing  gaps  in fulfilling  the  insurance  needs  of  the  community.  And  we  strongly  believe  that  a product of this nature would empower families to strike through, even during times of uncertainties”. Sharing   views   on   the   product   attributes,   Chief Operating  Officer  of  HNBA  Mr.  Prasantha  Fernando stated  “HNBA   Arakshaoffers   a   range   of   special benefits. The  product  offers  a  minimum  lump-sum of LKR  5  MN  and  amonthly  incomebetweenLKR25,000.00 -200,000.00for  a  maximumperiodof  10 years   to   the   family   upon   the   demise   of   the   life assured.    In    addition    to    these    main    features, customers   could   opt   fora   number   of   additional covers   such   as   Critical Illness,   Medical   Reimbursement   and   Total   Permanent Disabilitycovers.Furthermore,an    extension    ofCritical    Illness    and    Medical Reimbursement  covers  could also  be  obtained  for  spouse  and children,subject  to conditions.  This  product  could  be  obtained  through  our  Advisors  and  Bancassurance Officers  who are  well-versed  in  assessing  and  providing  the  best  Life  Insurance solutions to fulfill one’s protection needs”.