HNBA News

HNB Assurance secured the Bronze Award at Dragons of Asia 2023 under the "New Product Launch" category, for its marketing communications campaign promoting the innovative SupremeHealth Unlimited product. This prestigious honor at an international stage showcased the company's commitment to understanding trends and ingeniously communicating their message to the public. This success follows HNB Assurance's recent triumph at the CMO Awards, where the company also received the award for the "Best Digital Integrated Campaign". This groundbreaking product for HNB Assurance not only revolutionized the local insurance market, but the innovative campaign accompanying SHU has also been equally lauded now winning multiple international accolades. Expressing his delight, HNB Assurance's CEO Mr. Lasitha Wimalaratne, stated, "Receiving the Bronze Award at Dragons of Asia 2023 is truly an honor. This accolade validates our efforts towards being creative not only in our product offering but also in how we communicate our message to the public. I’d like to extend my heartfelt gratitude to our internal teams and external partners who continue to explore novel approaches to engage with our customers, expressing our solutions in a manner that is not just informative but also captivating and creative.” Mr. Dinesh Yogaratnam, Chief Marketing and Customer Experience officer, opined, “We are extremely proud and delighted to receive this award, which underscores our commitment to delivering impactful campaigns. The multiple international accolades earned for the SHU campaign truly stand as a testament to the campaign's remarkable impact and standard. Further, our unique messaging along with the tactful platform mix had a significant impact on the campaign’s success. My sincere thanks to RN Media, our digital marketing partner, who was instrumental in orchestrating an intricate, multi-faceted digital strategy. I must also mention Iconn Media for conceptualizing and crafting the essential assets for our ATL campaign.”

HNB Assurance PLC (HNBA) and its wholly owned subsidiary HNB General Insurance Limited (HNBGI) ended the third quarter with the Group figures indicating a Profit After Tax (PAT) of Rs. 583 Mn. In terms of Gross Written Premium (GWP), the Group recorded Rs. 13.6 Bn growing by an impressive 21% compared to the previous year. HNBA exhibited exceptional growth during the period by achieving a growth rate twice that of the industry average, while HNB General Insurance Limited (HNBGI) also demonstrated a robust performance, growing at a staggering five times the industry average. “I’m extremely delighted by the outstanding performance exhibited by HNB Assurance Group during the third quarter. Our consistent growth is a clear indication that HNB Assurance as a group is in the forefront of providing exceptional services and adapting to the ever-changing demands of our clientele”, stated, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI. “Amidst the slow recovery of Sri Lanka's economy following a period of significant challenges, both HNB Assurance and HNB General Insurance undertook strategic measures to fortify their operations, which involved equipping themselves with enhanced capabilities, innovative strategies and resilient frameworks to navigate the economic fluctuations and effectively cater to the market. In terms of the performance the group GWP grew by 21% compared to the same period last year. While the Group Assets surpassed the Rs. 48 Bn mark to reach Rs. 48.42 Bn with a growth of 18%. Over the last 10 months, the total equity along with the life fund notably surged, reaching a significant milestone of Rs. 9.1 Bn and Rs. 30 Bn, representing a remarkable increase of 17% and 24% respectively.” stated Mrs. Cooray. She further noted, "The consistent progress achieved quarter by quarter can be attributed to the clear vision both companies possess regarding their vision and strategic trajectory for the upcoming years. It is truly remarkable to see the commitment of the teams towards our long-term objectives which has also helped us be creative and make effective decisions. On behalf of the board, I express my gratitude to the leadership, management and teams for their efforts." Reflecting on the Company's performance during the third quarter, Mr. Lasitha Wimalaratne, CEO of HNBA, expressed his delight with the progress made during the last nine months. “Our strategic focus of enhancing and improving our distribution channels has yielded tremendous results, notably reflected in our impressive 19% growth in GWP to reach Rs. 7.8 Bn, which is almost double the growth rate of the industry and the highest amongst the top tier players, also, the 26% increase in new business premiums compared to the previous year. In addition to our steady and sustainable growth, winning the 'Best Distribution Initiative' award, recognized by Insurance Asia, was extremely heartening as it validated our efforts and well-rounded strategy.” Eager to venture into the final quarter and witness its unfolding, Mr. Wimalaratne emphasized the significance of maintaining this momentum. “While we are happy about the progress made, I believe it's crucial to sustain it and finish the year on a high. Our team is motivated just to do that and with the surplus transfer from the life fund yet to take place, our collective aim is to close the year strong, ensuring substantial benefits for our shareholders." HNBGI saw its GWP reach Rs. 5.9 Bn growing by 24% over the same period last year. Sharing his thoughts on the company’s performance, Mr. Sithumina Jayasundara, CEO of HNB General Insurance, stated, “We have been investing heavily in revamping our core systems and building a solid digital platform, setting us up for the future. These changes are all about making things better for our customers and equipping ourselves for the long run. I’m extremely delighted to see these efforts paying off as we have seen a steady growth in our GWP of 24% when compared to last year, which in comparison to the current industry growth rate reflects a 5-time increase. Diving further into the numbers, our Non-Motor sector saw a 58% growth compared to the industry's 12%, while our Motor portfolio grew by 6% despite the industry’s negative growth of 1.3%. I must convey my sincere appreciation to all the sales and other support teams for their efforts and hard work, ensuring that we continue to make remarkable progress as an organization. Additionally, we were also recognized as the 'Most Customer-Centric General Insurance Brand' in the country, which is extremely big for us because it shows our commitment to putting customers first. Further, we were recognized with a Bronze Award at the CNCI Achiever Awards 2023, which is yet another validation of our efforts and innovation within the industry.”

HNB Assurance, proudly announced its recent achievement of winning the esteemed CMO Award for the Best Digital Integrated Campaign. This accolade which is a testament to the remarkable success of the Supreme Health Unlimited Campaign, which marked a remarkable shift from conventional insurance marketing. The Supreme Health Unlimited Campaign had a simple yet powerful message which was that, life is meant to be lived to the fullest and having the right insurance coverage can give you the peace of mind to do just that. A refreshing and positive stance, focusing on the joys of ‘embracing life’ and the importance of safeguarding one's health and well-being. HNB Assurance's Chief Executive Officer, Mr. Lasitha Wimalaratne, speaking about the recognition, stated, "We are immensely proud to receive the award for ‘Best Digital Integrated Campaign’ at the CMO Awards for our Supreme Health Unlimited Campaign. At HNB Assurance, we believe in redefining the insurance landscape and this award is a testament to our commitment to innovate and create a positive image both for the company as well as the industry. At the time, SHU was a one of kind product which deserved a well-crafted campaign as we introduced it to market. I’m delighted to note that the product as well as the campaign gained extraordinary traction in the digital landscape, capturing the attention of a wide-ranging audience. It resonated with people seeking not only for an insurance coverage but also a holistic approach to their well-being, ultimately leading to impressive sales conversion and customer engagement.” Mr. Dinesh Yogaratnam, Chief Marketing and Customer Experience Officer at HNB Assurance, opined, “This award is a testament to our dedication to delivering meaningful campaigns. We partnered with RN Media, our digital marketing partner, who left no stone unturned in terms of integrating and executing a multi-faceted digital strategy, utilizing platforms like Spotify, TikTok, Facebook, Instagram and LinkedIn ensuring that each platform catered to and resonated with its specific audience. I must also make mention of Icon Media who developed the concept and assets required for our ATL campaign. What makes this campaign more special for us is, during 2022, the same year as the campaign launch, we at HNB Assurance celebrated one of the best years in the company's history, setting new standards in the insurance industry and achieving outstanding growth. My sincere thanks to the CMO Awards for this valued recognition.”