HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) reported a consolidated Gross Written Premium (GWP) of Rs 11.3 Bn marking a steady growth of 26% and a consolidated Profit After Tax (PAT) of Rs 1.5 Bn marking a growth of 228% during the nine months ended 30th September 2022 compared to the comparative period last year.
Mrs. Rose Cooray Chairperson of HNBA and HNBGI, expressed her views on the financial performance of the Group stating, “despite of the negative impact caused by the economic turbulence of the country and the challenges faced, both companies have performed extremely well in terms of both topline and bottom line. Both HNBA and HNBGI were able to increase their respective market shares by growing well above the market averages. Group PBT grew by 167% for the period reaching Rs 1.9 Bn compared to Rs 731.4 Mn in the corresponding period last year. The key reason for the exceptional growth is the transfer of Rs 1.1 Bn surplus from Life policyholders fund, subsequent to the valuation of the Life Fund as at 30th September 2022. It must be noted that no surplus transfer from Life policyholders was made in 3Q 2021 as it was done in December 2021.These profits posted were after incurring Rs 4 Bn as Net Insurance Benefits and Claims to our policyholders in 2022, compared to Rs 2.9 Bn in the corresponding period. The Group’s strategic emphasis is on increasing growth across key products and services while delivering a superior customer service through digital enablement and process efficiency”.
Sharing his views, Chief Executive Officer of HNBA Mr. Lasitha Wimalaratne stated “I am happy to note that the resilience of our core business model has led to yield these remarkable results despite the challenges we had to face in the previous months. While the business keeps retooling itself with tech transformations and keeping abreast of market trends, HNBA’s GWP increased by 32% achieving Rs 6.6 Bn. HNBA posted a PAT of Rs 1.2 Bn recording a 483% growth with the surplus transfer from the Life Fund. The Company’s Life Insurance Fund stands at Rs 23.1 Bn at the end of Q3 of 2022. Contributing to this momentum HNBA’s Capital Adequacy Ratio (CAR) stood at 283%”
HNBA is the only insurance company to be listed amongst the Top 70 Best Workplaces in Asia whilst also being recognised amongst the Top 50 Best Workplaces in Sri Lanka. The Company was also awarded as the best Digital Marketing Brand in the Insurance Industry and was recognised as the best Bancassurance team for two consecutive years by Global Banking and Finance Review. Mr. Wimalaratne also extended his sincere appreciation to the Agency and Partnership Channels, Support service teams and the HNB Management for their contribution to deliver these impressive results.
Commenting on these results, Chief Executive Officer of HNBGI Mr. Sithumina Jayasundara stated that “the company was able to maintain a sustainable financial growth in 2022 compared to 2021 and that he is confident with the solid business strategies in place, the business will continue to grow to greater heights. Appreciating the dedication and efforts of both Strategic Business Units, Support Services and Operations Units, Mr. Jayasundara also stated that the business delivered a great performance during Q3 2022 recording a GWP of Rs. 4.8 Bn. Further reviewing the performance of the business, HNBGI recorded PAT of Rs. 417.6 Mn compared to Rs. 372.2 Mn last year. The Company’s Capital Adequacy Ratio (CAR) stood at 266% well above the regulatory requirement”
He also stated that we have made some leaps in the industry by becoming adjudged as the Best Insurance Company Claims Management Team Sri Lanka 2022 by Global Banking & Finance Review and also were honored to receive the Best General Insurance Company of the year- special recognition award at the 3rd ICC Emerging Asia Insurance Awards organized by the Indian Chamber of Commerce.
HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 64 branches. HNBA is a Life Insurance company with a rating of ‘A+’ (lka) by Fitch Ratings Lanka for 'National Insurer Financial Strength Rating'. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC. HNB General Insurance has been assigned a 'National Insurer Financial Strength Rating' of ‘A+’ (lka) by Fitch Ratings Lanka Limited. HNBA and HNBGI are rated within the Top 100 brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won international awards for Brand Excellence, Digital Marketing and HR Excellence including the Great Place To Work® Certification. HNB Assurance was awarded the Best Bancassurance Service Provider in Sri Lanka by Global Banking and Finance Review and has won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka
Nov
HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) continued to build on their impressive performance, recording strong financial growth and achieving impressive operational success during the third quarter of 2024. With a focus on innovation, customer-centricity and expanding their market presence, both companies for the nine months ending September 30, 2024, reported a Gross Written Premium (GWP) of LKR 16.6 billion, a 22% increase when compared to the same period last year. This growth was fueled by HNBA’s GWP of LKR 9.9 billion, reflecting a 27% increase, and HNBGI’s GWP of LKR 6.7 billion, marking a 14% increase. Additionally, the Group’s PAT saw a notable growth of 26%, rising from LKR 583 million to LKR 734 million when compared to the same period last year. These exceptional financial performances were further fortified by the affirmation of Insurer Financial Strength ratings of HNBA and HNBGI as ‘A-’ (lka) from Fitch, with a stable outlook."Our robust performance this quarter speaks to the strength of our team and the focus we’ve maintained in expanding our reach," commented Mr. Stuart Chapman, Chairman of HNBA and HNBGI. “The year 2024, we navigated with careful optimism, mindful of the elections and the unpredictability they could bring. Despite these uncertainties, our teams not only anticipated the challenges but surpassed expectations, achieving outstanding growth targets. The Group's GWP saw a substantial increase of 22% compared to the same period last year. Meanwhile, the Group’s Assets grew by almost 15%, rising to LKR 58.9 billion, during the first nine months. Additionally, our total equity touched LKR. 10.6 billion and our life fund reached LKR 37.6 billion, a noteworthy increase of 23%, during the first 03 quarters of the year. These achievements reflect our commitment to sustainable growth, positioning us strongly for the future as we continue to create value for our stakeholders.” Added, Mr. Chapman.“I am delighted to note that we have continued to maintain our remarkable financial performance during the third quarter and maintain our position as the only fitch A- rated life insurance provider in Sri Lanka.” Stated Mr. Lasitha Wimalaratne, CEO of HNB Assurance. “Our Gross Written Premium has grown by 27%, reaching LKR 9.9 billion from LKR 7.8 billion when compared to the same period last year. The company posted a 6% growth in profitability by recording Rs. 550 million as profit after tax. It must be noted that the company is yet to recognize surplus from the Life fund which will be at the end of the year. An achievement which highlights the success of our strategic focus in offering accessible and innovative insurance solutions that truly resonate with the needs of our customers, through collaborations and new partnerships.”For HNBGI, the Q3 performance highlights its proactive stance in navigating challenges while seizing growth opportunities. Mr. Sithumina Jayasundara, CEO of HNBGI, commented, “Our commitment to improved underwriting and efficient claims management has been instrumental to our success. We continue to make considerable strides in offering tailored insurance solutions that resonate with our clients, which has helped us achieve a GWP of LKR 6.7billion, a 14% increase when compared to the same period last year. Our business and efficiency improvements allowed us to increase our profit after tax threefold, to reach a 187% growth when compared to the same period last year. Notably, our focus on diversifying our portfolio beyond motor insurance has yielded significant growth, with our non-motor segment growing by 22% when compared to the same period last year. Within this category, we saw remarkable performances in marine, fire, and engineering insurance lines, which have grown by 121% and 27%, respectively, highlighting our proactive strategy to expand into areas of high demand.”
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Nov
HNB Assurance recently hosted its annual staff conference, bringing together team members from all over the island for a day of celebration, recognition and fellowship. It was a night to honor the amazing people who are at the heart of HNB Assurances’ incredible growth, with awards for long service, excellence and standout achievements.Among the highlights of the evening were the Long Service Awards, recognizing employees who have been part of the HNB Assurance family for over 15 years. The Chairman’s Award, the night’s top honor, went to those who have truly gone above and beyond in their roles. The In.she Woman Empowerment Award celebrated women making an impact and the CEO’s Special Recognition award acknowledged employees achieving outstanding milestones outside their day-to-day work, especially in the field of sports.HNB Assurance CEO, Mr. Lasitha Wimalaratne, sharing his views during the event, stated, “There’s no denying that our success as a company is built on the dedication, talent and heart of our team. It is no small feat that HNB Assurance has been growing at double the rate of the industry for the past three years. This growth is a testament to the efforts of our people who don’t just fulfill their roles but go above and beyond every single day, shaping the very future of HNB Assurance. What I find particularly inspiring is how our people have stepped up to meet every challenge and opportunity that has come with our rapid growth. I couldn’t be prouder of all our award recipients tonight, congratulations and thank you for your hard work.”Head of HR / AGM, Mr. Navin Rupasinghe, highlighted the significance of HNB Assurance’s achievements, stating, “This conference is about celebrating our people and recognizing the values that make HNB Assurance what it is. Every award recipient has contributed in their unique way, and they continue to inspire us all to reach new heights. Our theme this year alludes to challenges that enable us to grow. Hence, this event is a testament to how HNBA continues to embrace challenges, remain resilient and reach ambitious heights.”Additionally, he went on to emphasize the importance of HNBA’s culture and the accolades that reflect it “We are proud to have been recognized as a Great Place to Work this year, a Company with Great Managers, one of the Most Mom-Friendly Workplaces and the recipient of the SLITAD People Development Award. As we look to the future, we want every member of our team to feel inspired to take on new challenges and reach their fullest potential. Hence why this year’s conference theme is, “Challenging You to Grow”, because when our people grow, HNB Assurance grows.” Added, Mr. Rupasinghe.
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Nov
HNB Assurance received two Bronze awards at the prestigious Dragons of Sri Lanka 2024 Awards, held in Malaysia. The company's innovative Dola Duka campaign and Independence Day campaign were celebrated in the Small Budget, Big Impact category and Best Brand Building and/or Awareness Campaign category, respectively. This prestigious international award shows the company’s commitment to keeping up with trends and effectively sharing its message with the public.Commenting on the company’s latest achievement, Lasitha Wimalarathne, CEO of HNB Assurance, stated, “We are truly happy and proud to receive these accolades as they serve as a testament to the creativity, strategic thinking and collaborative effort that goes into every campaign we run at HNB Assurance. Our focus has always been to create meaningful and impactful campaigns that can resonate with our audience and the results we’ve seen along with such recognitions reaffirm our approach and strategy. I’d like to take a moment to commend and extend my gratitude to both our internal teams and partners for their efforts in bringing these ideas to life and driving these accomplishments on an international stage.”Dinesh Yogaratnam, Chief Marketing and Customer Experience Officer/General Manager of HNB Assurance, also shared his thoughts on this remarkable achievement: “This is a proud moment for us at HNB Assurance as we take home not just one but two Dragons at this year’s awards. Winning at last year’s Dragons of Asia Awards set the bar high for us, but our team’s continued focus on meaningful storytelling has proven to be a winning formula. In a competitive landscape, we had to also be innovative with our communications mix, finding fresh ways to break through the clutter and make a memorable impact. I would like to thank Dentsu Communications Sri Lanka and Kites Global for their partnership, which have been integral to our campaign’s success.”
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