HNBA News

As Sri Lanka gradually steps out of lockdown measures, markets are rolling out carefully devised plans like never before, with cuts and chops to cater the all new ‘normal’. The insurance industry in particular has become more attentive and attuned to the time, where deep seated changes are seen throughout the fabric of the Company, also with other players adopting various strategies to cope the challenging outlook of the financial services sector, following the global outbreak of COVID-19. Navigating amidst many a challenges in this regard, HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) has set out well-assessed investment strategies as part of the overall business strategies deemed to add value to all stakeholders, also with the aim of supporting the country’s economy in the run up to its recovery. Sharing his views on the Company’s investment strategy and the way forward, Nilesh Amarasinghe, Chief Investment and Strategy Officer of HNBA Group stated “Having experienced a two month long freeze in certain markets, the financial sector has become wide-eyed, as efforts are now towards converting the setbacks to build a stronger foundation for more sustainable returns in the long run. As for the Group, we actively engaged in counterbalancing actions supported by the contingency planning processes that is set in place, one of which was justified by our investment in highly rated companies that led us in minimizing the effect posed by this global crisis. This is further testified by the recent affirmation of the Group’s Fitch Ratings at A (lka) for “National Insurer Financial Strength Rating”. Speaking further on the Group’s business model, Mr. Amarasinghe added, “Being a Company with a fund based portfolio, managing nearly Rs. 25 Billion funds, a robust fund management strategy is of utmost importance in value creation to our Shareholders and Policyholders, as well as in obtaining increased investment returns. As of year 2019, the Group was able to maintain an average yield of 12.3%, sourced as a result of the investment in longer tenure instruments. This generated attractive returns to our Shareholders and Policyholders, and was followed throughout the beginning of year 2020 as well, which was key in keeping these time sensitive external changes at bay. Such conscious business practices also resulted in maintaining an equity exposure that is less than 1%, despite drastic drops in interest rates. We believe that similar actions upon successful forecasting using economic indicators would support the careful allocation of our strategic assets to maximize returns effectively, which in turn would aid the market to function at its full and true potential”. 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.  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 and also won many awards for its Annual Reports at the Award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation of Accountants).

HNB Assurance PLC Group announces the appointment of Mr. Prasantha Fernando as the Chief Executive Officer of its Life and General Insurance businesses succeeding Mr. Deepthi Lokuarachchi who served the Group in the capacity of Managing Director/CEO. In line with the Group’s retirement policy, Mr. Lokuarachchi will be stepping down from his position with effect from 20th July, 2020 upon reaching the age of 55. Mr. Prasantha Fernando, a career insurance professional joined HNB Assurance as General Manager - Life in March, 2012 and has been serving the Company since then. He holds a Bachelor’s Degree in Mathematics and Statistics awarded by the University of Colombo and is also a Chartered Insurer with the Associateship of the Chartered Insurance Institute, UK. Mr. Fernando being an old boy of Royal College of Colombo has taken an active role during his tenure in the Company and brought about many transformational changes in the Life Insurance business of the Group. Prior to his engagement with HNB Assurance, he served Aviva NDB Insurance since 1992 when it was known as CTC Eagle Insurance. Mr. Fernando has also served the Association of Chartered Insurance Professionals as a Founding Member and was a past Chairman of the Life Insurance Forum of the Insurance Association of Sri Lanka and is an Executive Committee Member of the Insurance Association of Sri Lanka. 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. 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 and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation Accountants).

The first virtually facilitated Annual General Meeting of HNB Assurance PLC was held recently. The Company effectively addressed all Shareholders during the 18th Annual General Meeting supported by well equipped live streaming facilities. The initiative was coordinated keeping in line with all safety precautions imposed in the country due to the active pandemic situation. Sharing her views on the Annual General Meeting, Chairperson of HNBA and HNBGI Mrs. Rose Cooray stated, “The Company led the discussion through digitally driven platforms as part of the well-thought measures initiated towards business continuation, and also in adherence to all compulsory safety guidelines. The uninterrupted streaming service facilities were efficient in addressing our valued Shareholders and related stakeholders effectively on business matters, all thanks to the planning and dedication of the management and IT staff of the Company”. Managing Director/CEO of HNBA and HNBGI, Deepthi Lokuarachchi expressed his thoughts stating, “Careful management of our resources to achieve our business margins in such restricting times is for each of our stakeholders’ betterment, and the 18th ‘Virtual’ Annual General Meeting of HNBA has demonstrated comprehensive outcomes in this regard. I am thankful for the support of all staff involved, and also to our Shareholders for taking their valued time to adopt the relevant technology in making this event a success”. 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. 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 and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation Accountants).