HNB Assurance PLC(HNBA)and its fully owned subsidiary HNB General Insurance Limited(HNBGI)posted a Profit After Tax (PAT) of LKR 176MN for the secondquarter of 2017, reflecting a phenomenal growth of 332% compared to the PAT of LKR 41 MN recorded during the same period of 2016. The impressive performance of the Group reflected in all performance indicators. The Parent Company, HNBAposted a PAT of LKR 100MNmarking a growth of 54% while its subsidiary with a PAT of LKR 76 MN recorded a more impressive growth of 414% in PAT. During the secondquarter of 2017, the Group achieved a 22% growth in its Gross Written Premium(GWP), depictinga valueof LKR 3.8BN as against the GWP of LKR 3.1BN recorded during the comparable periodin2016. The Life Insurance segment contributeda GWP of LKR 1,919MN and the General Insurance segment contributeda GWP of LKR 1,901 MN to the overall GWP. The Life and General Insurance segments recorded Premium growth rates of 17% and 27% respectively. During the second quarter of 2017, the group recorded an investment income growth of 54% reaching a value of LKR 771 MN against LKR 500 MN recorded during the same period of 2016. The Total Assets of the Group reached a value of LKR 16 BN and Investments in Financial Instruments reached a value of LKR 13 BN. During the same period the Life Insurance Fund and General Insurance Fund grew by 14% and 29% reaching values of LKR 10 BN and LKR 2.5 BN respectively. Sharing her thoughts on the Group’sfinancial performance, Chairperson of HNBA and HNBGI Mrs. Rose Cooraystated, “We are indeed delighted to announce the results of another successful quarter. Both Life and General Insurance segments have showcased steady revenuegrowths. The concerted and well targeted efforts the Group has taken throughout 2017 to grow profitable business has made both HNBA and HNBGI more resilient and competitive Insurance companiesin the industry. The Group continues to leverage on its core competencies in stabilizing its market share by delivering asubstantial long-term value to our shareholderswhilst meeting all our obligations to our valued customers with highest responsibility. These financial results are a testament of the Group’s continuous financial stability and its growth momentum”. Speaking on the financial performance of the Group, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated, “Despite many tough challengesin a rapidly changing market, the Group has made significant strides by creating a stronger platform for growth by delivering a steady financial performance. This growth momentumof the Groupshowcases the strength of our business strategyand we are confidentthat both our Life and General Insurance companies will reach out as strong players in this industry”.
Oct
Four renowned industry players, Macksons Solar, Hatton National Bank (HNB), HNB Assurance (HNBA) and HNB General Insurance (HNBGI) have come together to form a collaboration to provide Sri Lankan customers with a solution which blends solar technology with flexible financing solutions and all-around insurance coverage, making it easier than ever for customers to switch to clean energy and secure their investment.Mr. Sajjaad Saliheen, CEO of Macksons Power and Energy, highlighted the importance of this collaboration, starting, “For us, this collaboration is about empowering Sri Lankans to take control of their energy requirements in a sustainable manner. By teaming up with HNB, HNB Assurance and HNB General Insurance, we are offering a complete package, which includes a proven and high-quality product, the ease of financing and the peace of mind ensuring that our customer’s investment is well secured. I must take a moment to thank all our partners for coming onboard and the teams who worked tirelessly to bring this solution to the market, which I believe will truly be a game-changer for us.”Mr. Lasitha Wimalaratne, CEO of HNB Assurance shared his thoughts about the collaboration, stating,"This collaboration is particularly unique for us, given the level of customization required. However, we were eager to adapt and meet those specific needs, as it aligns with our commitment to innovation and flexibility in providing tailored insurance solutions. As one of the fastest-growing insurance companies in Sri Lanka, we are excited to partner with Macksons Holdings on this venture, which we believe will set a new standard in the industry both in terms of insurance and solar."The collaboration was officially launched through the signing of a Memorandum of Understanding (MOU), marking the start of an exciting new chapter which aims to offer Sri Lankans a unique solution, combining Macksons Solar’s cutting-edge solar technology, HNB’s financing options and the comprehensive insurance packages from HNB Assurance and HNB General Insurance. This unique combination ensures that anyone making the shift to solar can do so confidently, knowing they’re covered from every angle.“What excited us the most about this collaboration is that, by joining forces with Macksons Solar, HNB, and HNB General Insurance, we are creating a comprehensive solution that goes beyond just insurance. We are integrating financial security, renewable energy and risk management into one offering”, stated Mr. Harindra Ramasinghe, Chief Business Officer Advisor Distribution Channel of HNB Assurance. “I must thank the entire Macksons Holdings team along with our project coordinator, parent company HNB and also HNB General Insurance for joining hands in this collaboration to form this unique collaboration.”Details on solar solutions can be obtained by contacting Macksons Solar on 0704001199 and for information on HNB Assurance’s insurance covers contact 1301.
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Oct
HNB Assurance signed a Memorandum of Understanding with SMIB, marking the beginning of a strategic partnership aimed at offering financial security solutions for their customers. This collaboration will help deliver tailored products that meet the needs of SMIB’s borrowing customers as well as providing them with comprehensive life insurance coverage.CEO of HNB Assurance, Mr. Lasitha Wimalratne, sharing his views on this partnership, stated, “We are thrilled to team up with SMIB to offer integrated financial solutions that prioritize the well-being of their customers. This MOU is yet another step towards our vision of creating a more secure financial future for individuals and their families through the formation of a Partnership. We believe that by working together, we can make insurance more accessible and relevant to all."CEO of SMIB, Mr.Thushara Asurananna, shared similar sentiments, stating, "Our partnership with HNB Assurance is crucial as we strive to enhance our product portfolio and offer the best possible solutions to our customers. I certainly believe, through partnerships such as this, we can provide our customers with a more comprehensive financial service while ensuring they have the protection they seek. As we partner HNB Assurance, I’m certain that together, we can deliver exceptional value and a great service to our customers enabling them financial stability and peace of mind."Through this partnership, HNBA will work closely with SMIB to integrate insurance solutions into their product offerings, ensuring that customers have access to financial protection that aligns with their needs. This collaboration will mainly facilitate Decreasing Term Assurance (DTA) while also focusing on creating a seamless experience for customers seeking financial security in various aspects of their lives.Mr. Sanesh Fernando, Chief Business Officer - Partnerships of HNB Assurance, added, "This partnership is yet another example of our commitment to widen our reach and deliver significant benefits to all stakeholders involved. At HNB Assurance we have a proven track record, being recognized as the Best Life Bancassurance Provider for four consecutive years by the Global Banking and Finance Review. Similar to our other partnerships, our goal is to create a hassle-free experience that empowers customers to safeguard their financial futures. My sincere thanks to the management of SMIB and all the teams from HNBA involved for their support in bringing this partnership to life.”
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Oct
HNB Assurance PLC made history by hosting its Partnership Awards 2024 on an international stage for the very first time. Held at the prestigious Berkeley Hotel in Bangkok, the event brought together over 100 participants, including HNB and HNB Assurance staff, Bancassurance Officers and their families, for a night of celebration, recognition and appreciation. The Partnership Awards, a key annual event for HNB Assurance, is about acknowledging the exceptional contributions of the company’s partnership channel, which has played a critical role in the overall company’s growth. This year’s event was special, as it was the first time an awards ceremony of this nature was held outside Sri Lanka—an exciting milestone which reflects HNB Assurance’s growth and ambitious leadership and vision. Speaking at the event, Mr. Lasitha Wimalaratne, CEO of HNB Assurance shared his excitement about the channel’s achievements: “It’s a proud moment for us to be here in Thailand, celebrating the hard work and remarkable milestones of our partnership channel which has shown remarkable growth over the past couple of years. The journey of crossing the LKR 5 billion Gross Written Premium milestone is no small feat and the fact that our partnership channel now contributes almost 46% of our total GWP shows just how vital its role is, in our success. As we move ahead, we must strive to push our boundaries by staying innovative and focusing on customer satisfaction. So, congratulations to all the award winners and teams behind organizing this gala event.”Mr. Supun Dias, Assistant General Manager, Network Business of Hatton National Bank, attending the ceremony as the Guest of Honor, opined, “It truly is remarkable to see the progress HNB Assurance has made over the years. To grow year after year within a challenging economic landscape is no easy task. I am confident that with this momentum, HNB Assurance will continue to achieve greater success and set new benchmarks in the industry. It’s an exciting time and journey ahead for us as the HNB group and I’m extremely proud to be here to witness this milestone."HNB Assurance was recognized as the best Life Bancassurance Provider by the Global Banking and Finance Review for four consecutive years. Further the bancassurance team recorded an impressive milestone of 122 MDRT qualifiers out of a sales force of over 200.“What makes this event special is that we’re not just celebrating numbers, we’re celebrating our people” stated Mr. Sanesh Fernando, Chief Business Officer Partnerships. “It’s been a privilege to watch our Bancassurance Officers grow and achieve new heights each year. This event in Thailand is a reflection of just how far we’ve come together and I certainly believe that the best is yet to come. Recording 122 MDRT qualifiers including 17 COTs and 02 TOTs last year and being recognized as the Best Life Bancassurance Provider on four consecutive occasions is a testament to the dedication and hard work of our team. While these achievements highlight the exceptional talent within our Bancassurance channel, I have no doubt that we will continue reach even greater heights in the future. Finally, I’d like to take a moment to thank our parent company Hatton National Bank along with our other partner banks, financial institutions and broker network for their continued support.”
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