HNBA News

HNB  Assurance  PLC  (HNBA)  and  its  fully  owned  subsidiary  HNB  General  Insurance Limited  (HNBGI)  posted  a  Profit  After  Tax  (PAT)  of  LKR  282  MN  for  the  nine  months ended,  30thSeptember 2017,  depicting  a  growth of  166% compared to  the  PAT of  LKR 106 MN recorded during the corresponding period last year. The Group posted a Gross Written Premium (GWP) of LKR 5.8 BN, signifying a growth of 20% as opposed to the GWP of LKR 4.9 BN recorded during the same period in 2016. In reviewing the performance of each individual company, the Life Insurance Company recorded a  GWP of  LKR  2.9 BN as  opposed to  the  GWP of  LKR  2.6 BN achieved during the  first  nine  months  of  2016.  The  General  InsuranceCompany  registered  a  GWP  of LKR  2.9  BN  against  the  GWP  of  LKR  2.3  BN recorded  during  the  corresponding  period of 2016.   For  the  nine  months  ended  30thSeptember,  2017  the  group  earned  an  Investment Income of LKR 1,197 MN with a growth of 45% against LKR825 MN achieved during the same period of 2016. The Total Assets of the Group reached a value of LKR 17.6 BN and Investments in Financial Instruments reached a value of LKR 14.4 BN. During the same period  the  Life  Insurance  Fund  and  General  Insurance  Fundgrew  by  22%  and  30% reaching values of Rs. 10.6 BN and 2.5 BN respectively. Speaking  on  the  financial  performance  of the    Group,    Chairperson    of    HNBA    and HNBGI Mrs. Rose Cooray stated that “the Board  of  Directors  is  extremely  pleased on  the  Group’s  financial    performance showcased during the first nine months of 2017.    The    profits    of    the    Group    were triggered  by  several  key  contributors  in  both  businesses.  The  growth  of  individual policies of the Life business and the growth of several categories such as Fire, Motor and  Marine  of  the  General  business  led  the  Group  to  yield  these  significant  financial results. These financial results augur well for the sound business strategies deployed by the HNBA Group despite the stressful market conditions in this economic backdrop. The Q3 results of the Group demonstrate its stability where the key focus has always been on maximizing the returns to each stakeholder and delivering sustainable long-term  returns  and  these  robust  financial  results  alongside  the  growth  of  both  HNBA and HNBGI are testaments of the Group’s solid performance”. Sharing his thoughts on the Q3 financial performance,  Managing  Director/CEO  of  HNBA  and HNBGI Mr. Deepthi Lokuarachchi stated “coming off a  strong  first  half,  both  HNBA  and  HNBGI  teams have  delivered  steadfast  results  over  Q3  as  well, which    marks    a    significant    growth    driven    in particular  by  seizing  new  markets  and  deploying effective   business   strategies.   The   Group’s consolidated    figures    showcase    the    growth    of several General Insurance segments, which have led the Group to yield these thriving results. I’m sure that these results will continue its growth in the final quarter of 2017, despite  the  on-going  challenges.  The  Group  continued  to  enhance  and  recalibrate  its risk profile despite the volatile macroeconomic conditions within the regions and as a result the Group’s footprint in the country has been able to seize emerging growth opportunities  by  constantly  maintaining  its position  in  the  industry.  The  HNBA  Group remains confident of its competitive advantage, solidarity of its financial backing and the dynamic business strategies in acquiring new market segments and growing both Life and General businesses”.

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) celebrated the outstanding performance ofthe Branch Managersand key membersof the Retail  Banking  Management  team of  the  Hatton  National  Bank  PLC (HNB)at  a  glamorous event  held recently. This event was graced by the  presence  of  Mrs.  Rose  Cooray,  Chairperson  of  HNBA  and  HNBGI  and  Director  of  HNB together  with  Mr. Kalum  Wijesooriya, Chief  Employee  Experience  Officer/Assistant  General Manager -Deposits   and   Remittancesof   HNB   and  Mr.   Deepthi   Lokuarachchi,  Managing Director/CEO of HNBA and HNBGI as Guests of Honor together with the seniormanagementof HNB, HNBA and HNBGI. Sharing her   thoughts,  Mrs. Cooray  stated  “the synergiesof cooperation, expertise  and assistanceof the Group havehelped  both  HNBA and HNBGI extensively in capturing growing markets   and stabilizing   its   position   in   a   competitive   industry   such   as   insurance.   Theinterlinkages  seen  within  the  Group  set  a  strong  base  for  greater  financial  responsivenessand to be able to offer a holistic proposition to one’s financial needs as a Group”. Speakingat the event, Mr. Wijesooriyacongratulated the winners of the night for their achievements and emphasized  on  the  significantrole  of  banking  and  insurance in growingfinancial  markets of our economy andhow important it is to develop product propositionsto cater to the financialand  protectionneeds  of  individuals  as  a  Group.   Mr.  Lokuarachchi  thanked  the  Board  of Directors  and  the  senior  management  of  HNB  for  their  continuous  support, stating “Banking and  Insurance  together  provides  us  the  opportunity  as  a  Group  to  help  people  build  and sustain their wealth and it is up tous to advice customers on the optimal levels of returns and protection  they  ought  to  have  for  themselves.  So  let  us  continue  to  work  together  to  enrich lives of them that we serve”.

HNB Assurance PLC(HNBA)announced the appointment  ofMr.RajiveDissanayake  as  a Non-Executive, Non-IndependentDirectorto the Boards of HNBA  and  its  fully  owned  subsidiary HNB  General Insurance  Limited(HNBGI)by  the  vote  of  the  Hatton National  Bank  PLC  (HNB),  the  Parent  Shareholder  of HNBA.Accordingly,  the  Board  of  Directors  of  HNBAcomprises  of  Mrs.  Rose  Cooray,Mr.  Sarath  Ratwatte, Mr.  Mahendra  Jayasekera,  Mr.  K.  Balasundaram,  Mr. Dilshan  Rodrigo,  Mrs.  Siromi  Wickramasinghe,  Dr.  Sivakumar  Selliah, Mr.  Deepthi Lokuarachchiand Mr. Rajive Dissanayake. The Boardof Directorsof HNBGIcomprises of    Mrs.    Rose    Cooray,Mr.    Faizal    Sallieh,    Mr.    Dilshan    Rodrigo,    Mrs.    Marina Tharmaratnam, Mr. Deepthi Lokuarachchiand Mr. Rajive Dissanayake. An   old   boy of  St.  Benedict’s  College,  Colombo,Mr.Dissanayake   is   a   Chartered Financial Analystas well as  a  Certified Global ManagementAccountantand aFellow Member  of  the  CharteredInstitute  ofManagement  Accountants. Mr.  Dissanayake obtained  hisBachelor’s degree  in  Business  Administrationfrom  the  University  of Colombo, andhas  served  several  sectors  including  Banking and  capital marketsfor nearly two decades. Mr. Dissanayake started his career atNational Development Bank and then moved toHNB Stockbrokers  (Pvt) Ltd as  the  Head of  Research. HejoinedHatton National  Bank PLC(HNB)in 2008and currently  holds  the  positionofAssistantGeneral  Manager -Strategy/Chief  Strategy  Officer  of HNB.In  addition,he also  serves  as  a  Director  ofHNB Grameen Finance Limited, AcuityPartners (Pvt) Ltd and Acuity Securities Ltd.