HNB Assurance PLC (HNBA) and it fully owned subsidiary HNB General Insurance Limited (HNBGI) held its Annual Staff Conference recently at BMICH, Colombo. The event was graced by the presence of Mrs. Rose Cooray, Chairperson of HNBA and HNBGI as chief guest together with Mr. Deepthi Lokuarachchi, Managing Director/CEO of HNBA and HNBGI with members of the Boards of HNBA and HNBGI and other distinguished guests.
Speaking at this special occasion, Chairperson of HNBA and HNBGI Mrs. Rose Cooray stated, “this year we have come together as one family to celebrate the achievements, winning spirit and talents of our staff and the Annual Staff Conference of HNBA and HNBGI hold great significance in our event calendar. It is important to recognize and reward the laudable efforts and the success of the Group which owes a great deal to the efforts and dedication of our staff and today we stand together to thank and appreciate our staff for their immense contribution to make HNBA and HNBGI solid players in the market”. Speaking on the future outlook of the Group Mrs. Cooray added “the Group must strive to push the envelope further in order to strengthen its presence in industry and should take all endeavors towards developing its market share and rank. The two Boards remain committed and are confident that this dynamic team would continue to add greater value to all its stakeholders”.
Sharing his thoughts, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated, “The HNBA Group was able to deliver a solid performance and was able to challenge the industry during 2017 and our growth was fueled by the top-notch performance of our staff at every capacity. Each year we recognize a number of highfliers who have pushed boundaries and are presented with the Chairman’s Award for Excellence. Reiterating the importance of facing challenges in the market Mr. Lokuarahchi added “it is important to review and revisit our product portfolio as a mechanism to cope with the challenges of this economic backdrop as well as to overcome the socio-economic challenges prevailing in the market and with the
expertise, competencies and the go-getter spirit of our staff, we’re sure the Group will be able to create an unmatchable competitive advantage and will be able to yield more significant results during this year”.
Sep
HNB Assurance PLC was once again recognized for its ongoing commitment to fostering a supportive and inclusive environment for women, helping them secure the prestigious "Sri Lanka's Most Outstanding Women Friendly Workplace" award at the Satynmag Women Friendly Workplace Awards 2024 powered by AICPA & CIMA.For the second consecutive year, HNB Assurance was honored with this esteemed accolade highlighting the organization’s efforts including the in.she initiative which drives the company’s employee wellbeing program, particularly targeting women, championing gender equity, work life balance and supporting their career advancement within the insurance industry. Reflecting on this achievement, Mr. Lasitha Wimalaratne, CEO of HNB Assurance, stated, “It is truly an honor to be recognized for our efforts in creating a workplace where women can grow and succeed. At HNB Assurance, we’ve always believed that diversity and inclusion are key to our strength as a company and this award shows that we’re on the right track. Our recent Great Place to Work certification is further proof of our commitment in this regard.”In addition to the company’s recognition, Padma Dissanayake, Senior Manager Technical was recognized as the Most Outstanding Female of the Sri Lankan Workplace, marking another milestone for the organization in promoting women leaders.“I also take this opportunity congratulate Padma Dissanayake on being named Most Outstanding Female Employee, which I’m certain will serve as an inspiration to all. I must also say a big thank you to the HR team along with the members of the in.she committee for steering these initiatives within the organization” added, Mr. Wimalaratne.Mr. Navin Rupasinghe, Head of Human Resources at HNB Assurance, stated, “Winning this award again clearly shows that our efforts to create a women-friendly workplace are truly making an impact. We’ve placed great importance on ensuring that our workplace is one where everyone has the opportunity to thrive equally. This recognition inspires us to keep pushing ahead and it’s rewarding to know that the work we’re doing is being noticed and making a real difference. I’d like to extend my gratitude to Satyn Magazine for this recognition, as it validates our efforts and drives us to continue building a more inclusive future for all our employees.”
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Sep
HNB Assurance PLC (HNBA) proudly joins the Insurance Month celebrations with a renewed pledge to safeguard the financial well-being and aspirations of all Sri Lankans. Despite being a relatively young company, HNB Assurance has shown remarkable growth over the years, especially the past three years, earning the trust and confidence of its policyholders.From health to home, travel to trade, savings to investments, HNB Assurance as a group as well as a standalone Life Insurance company has developed products which not only covers potential risks but also adapt to the ever-changing landscape, ensuring that every policyholder receives the protection they require.Sri Lanka has significant potential for increased insurance penetration when compared to its neighboring countries, as many citizens are yet to fully grasp the long-term benefits of insurance.Mr. Lasitha Wimalaratne, CEO of HNB Assurance, sharing his thoughts on the importance of Insurance Month and the company's vision for the future, stated, “Insurance Month is an opportunity for us to come together as an industry and reaffirm our commitment of the valuable service we provide. I truly believe that Life Insurance companies, including HNB Assurance, have a pivotal role to play in bridging this gap.” Over the years, HNB Assurance has focused on increasing awareness and accessibility with the aim of making a meaningful impact on the lives of Sri Lankans and also contributed to the nation's progress even by supporting SMEs and other businesses.“By embracing new distribution channels, entering into mutual beneficial partnerships and leveraging technology, we have significantly expanded our reach and improved service delivery,” Mr. Wimalaratne added. “Our commitment to innovation is driven by our desire to better serve our customers and to be at the forefront of the industry. We believe that by utilizing data and advanced analytics, we can offer personalized solutions that accurately identify and evaluates risks, providing our customers with the best possible protection. This customer-centric approach not only enhances customer satisfaction but also strengthens the overall resilience and growth of our community. As we look ahead, I for one am excited about the future of the insurance industry in terms of making a positive impact on the lives of all Sri Lankans”In terms of its financial performance during the first half of 2024, HNB Assurance has maintained a growth well ahead of the industry average, achieving a total Gross Written Premium (GWP) of LKR 6.4 Bn, representing a 24% increase compared to the same period last year. The company’s life fund also grew significantly, rising from LKR 30.6 Bn to LKR 35.2 Bn. The company also paid out a total of LKR 1.5 Bn in maturities and claims. Furthermore, new business premium saw an increase of 39%, while long-term endowment grew by 24%. HNB Assurance's total assets have now reached LKR 47.6 Bn, showcasing its strong financial performance and commitment to securing the future of its policyholders.
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Aug
HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), recorded outstanding financial results for the first half of 2024. Both companies demonstrated remarkable resilience, leveraging strategic foresight to deliver sustained growth within the competitive insurance landscape. The Group recorded an impressive Gross Written Premium (GWP) of LKR 10.9Bn, which is a 20% growth when compared to the corresponding period last year.Reflecting on the Group’s financial accomplishments, Mr. Stuart Chapman – Chairman of HNBA and HNBGI, expressed his confidence in the organization’s direction, stating, “Our continued financial success is a direct result of our strategic focus on technology, operational efficiency, and customer satisfaction. With so much going on around us, it is easy to lose focus, so we as a team have remained steadfast in our commitment and continue to deliver value to all our stakeholders and the results speak for themselves. The Group’s overall GWP growth of 20% and PAT growth of 14%, certainly reflect this. We honored claims and maturities exceeding LKR 3.3Bn as a Group, further solidifying the trust our policyholders have placed in us. This trust we’ve earned is a key driver, helping us continuously improve and achieve substantial growth in our Group assets, which have risen to LKR 56.5Bn from LKR 51Bn over the past six months. Additionally, our earnings per share increased by 14% and our investments grew from LKR 43.8Bn to LKR 48.7Bn during the same period positioning us well to capitalize on opportunity that lie ahead.”“Starting the year with the prestigious title of ‘Best Life Insurance Provider’ from the Indian Chamber of Commerce, we embraced the approach of ‘being the best in all we do’ guided by the principles of Protection, Persistency and Productivity. Thus, this recognition has been a catalyst for us to not only maintain but elevate our standards across all facets of our operations, which was evident by our financials during the first half of 2024, stated, Mr. Lasitha Wimalaratne, CEO of HNB Assurance PLC. “I'm proud of how our team has turned our goals into real achievements. We have continued to maintain our growth way ahead of the industry growth rate achieving a total GWP of LKR 6.4Bn which is a 24% increase when compared to the same period last year. Additionally, our life fund grew significantly, rising from LKR 30.6Bn to LKR 35.2Bn. We also paid out maturities and claims totaling LKR 1.5Bn. Our new business premium increased by 39%, long-term endowment grew by 24% while our total assets reached LKR 47.6 Bn.”With an ambitious goal of achieving a 10% market share by 2026, HNB Assurance places a strong emphasis on the development of its people. “I must also make mention of the several honors we have received during the year which includes the SLITAD People Development Award, acknowledgment as a Company with Great Managers, a mom-Inclusive Workplace and recognition from the National Convention on Quality and Productivity highlight our commitment to our people who also play a vital role on the growth of our organization. These achievements in addition to our business-related accolades along with us recently being recognized as finalists for our marketing efforts at the Drum Awards and MobEx Awards certainly validate our efforts and execution.” added, Mr. Wimalaratne.HNB General Insurance Limited (HNBGI) also experienced significant growth, with a substantial increase in its total GWP. Amidst a dynamic and complex market environment, HNBGI has demonstrated agility, not only adapting to changes but also seizing new opportunities.CEO of HNB General Insurance, Mr. Sithumina Jayasundara, emphasized the importance of agility in driving the company’s success. “In today’s rapidly changing world, it is crucial to remain agile and responsive to market trends. At HNBGI, we continue to adjust our product offerings and invest in technology to meet the requirements of our customers. This, coupled with our focus on transformational initiatives, has significantly contributed to our business success, enabling us to achieve a GWP of LKR 4.6Bn which represents a growth of 14% from last year and a three time increase when compared to the current industry growth rate.The company also saw significant growth in non-motor; fire and engineering, medical and marine insurance segments, outpacing the industry growth rate by a considerable margin. “The challenges with managing motor insurance due to rising costs is no secret, but our team has effectively leveraged on the non-motor segment, achieving growth more than 10 times the industry average and contributing LKR 2.3 Bn to our total GWP. Additionally, we have paid out net insurance claims and benefits of LKR 2 Bn, providing crucial support to our policyholders at their hour of need."Looking ahead, HNB General Insurance is poised to continue their growth trajectory expecting its investments in the new core system to take shape, “We are excited about the future as our new core system begins to take effect. This investment is improving our efficiency and service capabilities, allowing us to better meet the needs of our customers while capitalizing on emerging trends and sustaining our growth momentum.Further, throughout this year, we have actively pursued strategic partnerships to enhance our reach and provide additional value to our customers. Additionally, we launched HNBGI Loyalty Rewards collaborating with various partners to offer exclusive discounts to our policyholders, further delivering added value. We also introduced the short code '1303' to access our 24/7 dedicated hotline anytime, anywhere.” Added, Mr. Jayasundara.During the first half of the year, HNBGI earned significant local and international accolades, including the ‘Runner-up in the General Insurance category at the prestigious National Business Excellence Awards (NBEA) 2024’, ‘Best General Bancassurance Provider in Sri Lanka 2024’ from the Global Banking and Finance Review - UK, the ‘Takaful Window/Unit of the Year 2023/2024’ award from the Sri Lanka Islamic Banking & Finance Industry (SLIBFI), and the Silver Award at the SLITAD People Development Awards 2023/24.
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