HNB Assurance PLC Group posted a Profit After Tax (PAT) of LKR 1.2 Bn for FY21. The Gross Written Premium (GWP) of the Group showcased an impressive growth of 22% recording LKR 12.6 Bn. Expressing her views on the Group’s performance, Chairperson of HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI), Mrs. Rose Cooray stated, “HNB Assurance PLC Group had a solid fourth quarter of fiscal 2021 and ended the year posting impressive financial results. Our strong performance during the year positioned both businesses as dynamic, agile and innovative entities and I’m extremely pleased with the continued strength and growth of HNBA and HNBGI. It is noteworthy to mention that the Life Insurance Business showcased a growth of 29% and the General Insurance Business showcased a growth of 13% recording GWP of LKR 7.1 Bn and 5.6 Bn respectively and the Net Income and Interest and Dividend Income of the Group surpassed LKR 13.7 Bn and LKR 2.5 Bn respectively. Total Assets of the Group surpassed LKR 35.9 Bn during the year”. Mrs. Cooray continued, “These results are an outcome of the Group’s well-curated business strategies and well-focused Management practices. The Group’s financial performance is proof that both companies have navigated through a dynamic and challenging environment and will continue to do so. With the solidity depicted through these numbers, the Board is confident that the Group will further consolidate its strong footing in the market during 2022”. Speaking on the financial performance of HNB Assurance PLC, Mr. Lasitha Wimalaratne, Chief Executive Officer stated, “HNBA ended 2021 delivering impressive financial results and continued its growth momentum amidst a challenging economic backdrop. In reviewing the performance of the business, HNBA recorded a GWP of LKR 7.1 Bn during FY21, depicting a growth of 29% and the PAT of HNBA for the year surpassed LKR 1 Bn, showcasing a growth of 38%. As a result of our commitment of taking care of our Policyholders and delivering superlative returns, the Life Insurance Business settled Insurance Benefits and Claims amounting to LKR 1.6 Bn during the year. Reaffirming the strong financial footing of the business, the Life Insurance Fund surpassed LKR 20 Bn during the year. HNB Assurance is well geared to improve its resilience to face the on-going market and economic challenges and to provide a distinctive experience to customers as well as other stakeholders”. Mr. Wimalaratne continued, “Taking the winning spirit of the business to new heights, HNBA produced a record breaking 164 Million Dollar Round Table (MDRT) qualifiers, including 05 Court of the Table (COT) and 02 Top of the Table (TOT) achievers in 2021. The Company received several awards and accolades during the year for its business excellence, service excellence and product excellence. Key amongst the accolades received were the Best Health Insurance Initiative of the Year Sri Lanka Award by Insurance Asia Awards, Best Bancasssurance Provider in Sri Lanka 2021 Award by Global Banking and Finance Review, The National Service Sector Silver Award and Top Ten Award for Industrial Excellence at CNCI Achiever Awards 2021. Demonstrating its commitment to gender balance and equality HNBA was recognized as One of Sri Lanka’s Top 10 Women Friendly Workplaces in Sri Lanka at Women Friendly Workplaces Awards 2021. This augurs well for the Company’s open culture where everyone has an equal chance to fulfil one’s dreams and aspirations. I wish to reiterate that the business remains well-focused on what’s ahead and with agile business strategies in place, I’m confident that HNBA will continue to improve on its market share, profitability and drive towards the strategic vision set of the business”. HNB General Insurance delivered a robust performance during FY21, recording notable results during the fiscal 2021. Sharing his views on the performance of HNBGI, Mr. Sithumina Jayasundara, Chief Executive Officer stated, “HNBGI recorded a GWP of LKR 5.6 Bn depicting a growth of 13% and recording a PAT of LKR 338 Mn. These results were recorded against a number of challenges presented by the continuation of a global pandemic. During the year, the business settled Insurance Benefits and Claims amounting to over LKR 2.5 Bn fulfilling its promise to its valued customers. From a segmental perspective, the Motor Insurance segment delivered an exceptional performance followed by Fire, Engineering and Marine Segments. During FY21, the General Insurance Contract Liabilities surpassed LKR 3.7 Bn”. Mr. Jayasundara further added, “HNBGI being an innovative and leading General Insurance service provider in the market has adapted a number of strategies to identify existing gaps in the market and to provide innovate and customer centric solutions to our customer-base. Facing several challenges caused due to adverse weather conditions and COVID-19 related challenges, the business has navigated through a volatile environment to record these impressive results. It is noteworthy to mention that during the year, HNBGI claimed a number of awards including the Motor Insurance Initiative of the Year - Sri Lanka 2021 by Insurance Asia Awards and the National Bronze Award for Industrial Excellence CNCI Achiever Awards 2021. In driving towards its ambitious targets and goals, the business has crafted short and and medium-term strategies for the year and the Management of HNBGI remains well-focused on expanding its operations, accelerating innovative technologies and improving execution to create a meaningful difference in the market”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 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 is 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, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.
Feb
HNB Assurance PLC was recognized with the prestigious Effie Award under the Insurance category for its groundbreaking ‘Dola Duka’ campaign. Notably, HNB Assurance was the only winner in this category, underlining the campaign’s creativity, effectiveness and impact.The ‘Dola Duka’ campaign was conceptualized to address the unique cravings of pregnant and expecting mothers, ensuring they had access to their desired food items at any time. HNB Assurance bore the delivery costs while collaborating with merchants to extend their operating hours late into the night, ensuring seamless fulfillment of these cravings. This initiative showcased the brand’s deep commitment to customer-centric innovation and redefining insurance beyond conventional boundaries.Expressing his thoughts on this achievement, CEO of HNB Assurance PLC, Mr. Lasitha Wimalaratne, stated, “I am truly proud of the effort that went into us winning an Effie Award, which is a testament to the meaningful impactful we managed to make. For us, ‘Dola Duka’ was more than just a campaign, it was about understanding and addressing a real need, reinforcing our promise to care for our customers beyond insurance. My congratulations to all the teams involved.”Adding to this, Chief Marketing and Customer Experience Officer of HNBA, Mr. Dinesh Yogaratnam, commented, “This campaign reflects our ethos of innovation and customer-first thinking. ‘Dola Duka’ was designed to resonate emotionally while delivering tangible value, and this award is a validation of that success. A big thank you to our incredible partners, RN Media and Quickee.lk, for joining us on this journey and making this campaign a reality. We will continue to move forward bigger and better, creating impactful campaigns that redefine the insurance industry and enhance the lives of our customers and beyond.”
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Feb
HNB Assurance Group (HNBA and HNBGI) posted yet another year of remarkable performance, improving on its impressive growth rate maintained over the last few years. For the financial year 2024, the HNBA Group achieved a 21% increase in Gross Written Premium (GWP), growing from Rs. 18.8 Billion to Rs. 22.7 Billion. The Group also recorded a consolidated Profit After Tax (PAT) exceeding Rs. 1.8 Billion, marking a 7% growth compared to the previous year.HNB Assurance PLC's (HNBA) financial strength was highlighted by its upgraded Fitch rating, making it the only life insurance provider in Sri Lanka with an 'A' rating from Fitch Ratings Lanka. Complementing this, HNB General Insurance (HNBGI) also achieved an 'A' rating, positioning it among the few general insurance companies in Sri Lanka to earn this distinction.Chairman of HNBA Group, Mr. Stuart Chapman, commenting on the Group’s financials for the year 2024, stated, “I’m extremely proud to note that the HNBA Group has once again exceeded expectations, delivering strong results that showcase our strategic foresight and operational efficiency. In terms of our numbers, over the past four years, we have consistently delivered strong growth, with a remarkable 22% average annual increase in GWP as a Group. This achievement underlines our focus on sustainable business practices. Our share price growth of 42% at end of 2024 reflects the trust the market places in our stability. It is also remarkable to note that both HNBA and HNBGI have maintained robust capital adequacy ratios of 379% and 219%, respectively, well above the regulatory requirement of 120%.”The Group’s Funds Under Management increased by 24% in 2024, reaching Rs. 55 Billion, highlighting the strength of the investment strategy as a key pillar in maintaining the Group’s financial stability and profitability. “When it comes to Insurance, trust is an absolute must and this remains central to our operations, as evidenced by the fact that we honored claims exceeding Rs. 6.7 Billion, with 98% of complaints being resolved successfully. This track record is a direct result of the dedication and hard work of our team, along with our focus on building lasting relationships with our policyholders”, added Mr. Chapman. CEO of HNBA Mr. Lasitha Wimalaratne, breaking down the achievements of HNBA, stated, “Looking back at 2024, I am genuinely proud of the strides we have made as a company. Achieving a 7.5% market share is a huge milestone and we are well on our way to hitting that 10% target by 2026. Our New Business Premiums grew by 27% and our overall GWP up by 26% compared to 2024, which speaks volumes about the trust our customers place in us. Our investments also paid off, with an 8% boost in investment income, reaching Rs. 6.9 Billion.”“Personally, what stood out last year was, how we weathered challenges together. Despite the higher operating costs from our IT upgrades, we managed to close the year with a 3% growth in profits. Additionally, our Total Assets have grown by 24% to reach Rs.53 Billion with a PBT of Rs. 2.4 Billion and PAT of Rs. 1.66 Billion. I'm extremely thankful to all the teams for their collective efforts in driving our business from strength to strength,” he added.CEO of HNBGI, Mr. Sithumina Jayasundara, sharing his thoughts on the 2024 financial performance, stated, “2024 was a year of resilience and innovation for HNBGI, as we sustained our remarkable growth trajectory, doubling the industry growth rate for the fifth consecutive year. Our overall GWP growth of 14%, compared to the industry’s 6.9%, reflects the strong momentum we continue to drive. Notably, our non-motor segments surged by 24%, with Marine, Fire and Engineering Insurance achieving exceptional growth of 166% and 27% respectively, which is the highest among the top 10 General Insurers in the country. Despite challenges in the motor insurance sector, we remained agile, diversified our offerings, and secured a solid 6% growth."“One of the aspects we paid close attention to during 2024 was customer satisfaction which reflected in our renewal retention ratios of 77% for motor and 82% for non-motor segments, as well as a remarkable Net Promoter Score of 77. These figures show the trust and loyalty our customers have in us. Additionally, we achieved a 59% growth in Profit After Tax, and a market share of 7% which demonstrated the success of our strategy of driving sustainable growth in an uncertain environment. With our total assets reaching Rs. 10.2 Billion, a 7% increase, we’re confident that our approach is positioning HNBGI for long-term success.” Added, Mr. Jayasundara.
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Feb
HNB Assurance PLC entered a strategic partnership between its Partnerships Channel’s training arm, Life Campus and the Sri Lanka Institute of Marketing (SLIM), marking a significant commitment to professional excellence and transformational learning.The Partnerships Channel at HNB Assurance has been rapidly expanding, positioning itself as a key driver of HNB Assurance’s business growth. With an increasing number of partnerships and a dynamic team dedicated to offering tailored insurance solutions, the need for continuous learning and professional development has never been greater. Recognizing this, the Life Campus was established as a dedicated training hub to equip the Partnerships Channel team including Bancassurance officers and other sales and management staff with the knowledge, skills and industry insights required to excel within its competitive market.This affiliation will offer specialized training programs, workshops and courses tailored to hone skills in sales, customer engagement and marketing, ensuring that HNB Assurance’s Partnership team is at the forefront of industry best practices.This initiative is part of HNB Assurance’s broader commitment to continuous professional development and by integrating the National Body for Marketing, SLIM’s robust training framework into Life Campus, the company is ensuring that its team remains agile, forward-thinking and ready to capitalize on emerging opportunities.
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