HNB Assurance PLC (HNBA) released its Integrated Annual Report for the financial year 2016 which highlighted the growth in Life Insurance as well as the General Insurance business. The Annual Report of the Company showcased its journey of 15 years and the impact which the business has created on all stakeholders throughout its journey. Sharing her views on the performance of HNBA and HNBGI over 2016, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI stated, "It surely was a year of stiff competition across the entire industry. Owing to the regulatory requirements and fulfilling the legal and social obligations, several strategic changes were made in order to secure market share and to achieve a favorable business growth. In comparison with the previous financial results of 2015, I am indeed pleased to state that performance of both HNBA and HNBGI resulted in a 22% top-line growth and a growth of 228% in the bottom-line". "The Life and General Insurance industries in Sri Lanka are highly competitive and dynamic. The Regulatory measures have brought in a framework for the governance structure and the effective use of capital. The Life Insurance industry as a whole recorded a growth of 19% and General Insurance segment posted a growth of 14% as opposed to the growth of the Life Insurance industry of 20% in 2015 and the growth of the General Insurance segment of 15% in 2015. HNBA and HNBGI surpassed the industry growth rates recording growth rates of 27% in its life business and 16% in its general business" she added. Speaking further on the growth perspectives of the Group, Mrs. Cooray added "the Group was able to record a Profit After Tax (PAT) of Rs. 647 Million, showcasing a growth of 228% over 2015. This was the highest PAT the Group recorded since its inception. It is important to note that the Group recorded this significant achievement as a result of the turnaround of HNBGI from loss to profit". Sharing his views on the performance of 2016, Deepthi Lokuarachhci, Chief Executive Office of HNBA and HNBGI stated, "2016 was a challenging year for the entire Insurance industry and the key challenges faced included the high settlement of claims which arose from two devastating catastrophes. Yet, the business was successful in deploying its strategies and capabilities across the Group which led both businesses to yield a profitable growth. The transition from the solvency regime to the Risk Based Capital (RBC) brought in significant changes in valuing Insurance contract liabilities and regulatory reporting”. Speaking on the performance of each category, Mr. Lokuarachchi stated “the Life business showed a remarkable growth surpassing the industry growth and was able to retain an industry rank of six. HNBA was able to record its highest net profit of Rs. 600 Million as opposed to Rs. 427 Million in 2015. The Life business showed a GWP of Rs. 3,554 Million and a Net Income of Rs. 4,427 Million, whereas the General business showed a GWP of Rs. 3,142 Million and a Net Income of Rs. 2,516 Million. The Life Fund reached an 8.6 Billion Rupee mark over 2016. HNBA was able to declare a maximum bonus of Rs. 54 per Rs. 1,000 to its policy holders and a dividend rate of 8% for policyholders of the fund-based product category. The General Insurance business was able to maintain a healthy balanced mix between the Motor and Non-motor segments. The brand was able to retain its position within the top ten General Insurers of Sri Lanka. With this growth momentum, the Board as well as the Management of HNBA and HNBGI has derived sustainable business strategies which would allow the business to compete in a challenging business environment and to post a steady growth during the course of 2017".
Nov
HNB Assurance PLC (HNBA) and HNB General Insurance Limited (HNBGI) continued to build on their impressive performance, recording strong financial growth and achieving impressive operational success during the third quarter of 2024. With a focus on innovation, customer-centricity and expanding their market presence, both companies for the nine months ending September 30, 2024, reported a Gross Written Premium (GWP) of LKR 16.6 billion, a 22% increase when compared to the same period last year. This growth was fueled by HNBA’s GWP of LKR 9.9 billion, reflecting a 27% increase, and HNBGI’s GWP of LKR 6.7 billion, marking a 14% increase. Additionally, the Group’s PAT saw a notable growth of 26%, rising from LKR 583 million to LKR 734 million when compared to the same period last year. These exceptional financial performances were further fortified by the affirmation of Insurer Financial Strength ratings of HNBA and HNBGI as ‘A-’ (lka) from Fitch, with a stable outlook."Our robust performance this quarter speaks to the strength of our team and the focus we’ve maintained in expanding our reach," commented Mr. Stuart Chapman, Chairman of HNBA and HNBGI. “The year 2024, we navigated with careful optimism, mindful of the elections and the unpredictability they could bring. Despite these uncertainties, our teams not only anticipated the challenges but surpassed expectations, achieving outstanding growth targets. The Group's GWP saw a substantial increase of 22% compared to the same period last year. Meanwhile, the Group’s Assets grew by almost 15%, rising to LKR 58.9 billion, during the first nine months. Additionally, our total equity touched LKR. 10.6 billion and our life fund reached LKR 37.6 billion, a noteworthy increase of 23%, during the first 03 quarters of the year. These achievements reflect our commitment to sustainable growth, positioning us strongly for the future as we continue to create value for our stakeholders.” Added, Mr. Chapman.“I am delighted to note that we have continued to maintain our remarkable financial performance during the third quarter and maintain our position as the only fitch A- rated life insurance provider in Sri Lanka.” Stated Mr. Lasitha Wimalaratne, CEO of HNB Assurance. “Our Gross Written Premium has grown by 27%, reaching LKR 9.9 billion from LKR 7.8 billion when compared to the same period last year. The company posted a 6% growth in profitability by recording Rs. 550 million as profit after tax. It must be noted that the company is yet to recognize surplus from the Life fund which will be at the end of the year. An achievement which highlights the success of our strategic focus in offering accessible and innovative insurance solutions that truly resonate with the needs of our customers, through collaborations and new partnerships.”For HNBGI, the Q3 performance highlights its proactive stance in navigating challenges while seizing growth opportunities. Mr. Sithumina Jayasundara, CEO of HNBGI, commented, “Our commitment to improved underwriting and efficient claims management has been instrumental to our success. We continue to make considerable strides in offering tailored insurance solutions that resonate with our clients, which has helped us achieve a GWP of LKR 6.7billion, a 14% increase when compared to the same period last year. Our business and efficiency improvements allowed us to increase our profit after tax threefold, to reach a 187% growth when compared to the same period last year. Notably, our focus on diversifying our portfolio beyond motor insurance has yielded significant growth, with our non-motor segment growing by 22% when compared to the same period last year. Within this category, we saw remarkable performances in marine, fire, and engineering insurance lines, which have grown by 121% and 27%, respectively, highlighting our proactive strategy to expand into areas of high demand.”
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Nov
HNB Assurance recently hosted its annual staff conference, bringing together team members from all over the island for a day of celebration, recognition and fellowship. It was a night to honor the amazing people who are at the heart of HNB Assurances’ incredible growth, with awards for long service, excellence and standout achievements.Among the highlights of the evening were the Long Service Awards, recognizing employees who have been part of the HNB Assurance family for over 15 years. The Chairman’s Award, the night’s top honor, went to those who have truly gone above and beyond in their roles. The In.she Woman Empowerment Award celebrated women making an impact and the CEO’s Special Recognition award acknowledged employees achieving outstanding milestones outside their day-to-day work, especially in the field of sports.HNB Assurance CEO, Mr. Lasitha Wimalaratne, sharing his views during the event, stated, “There’s no denying that our success as a company is built on the dedication, talent and heart of our team. It is no small feat that HNB Assurance has been growing at double the rate of the industry for the past three years. This growth is a testament to the efforts of our people who don’t just fulfill their roles but go above and beyond every single day, shaping the very future of HNB Assurance. What I find particularly inspiring is how our people have stepped up to meet every challenge and opportunity that has come with our rapid growth. I couldn’t be prouder of all our award recipients tonight, congratulations and thank you for your hard work.”Head of HR / AGM, Mr. Navin Rupasinghe, highlighted the significance of HNB Assurance’s achievements, stating, “This conference is about celebrating our people and recognizing the values that make HNB Assurance what it is. Every award recipient has contributed in their unique way, and they continue to inspire us all to reach new heights. Our theme this year alludes to challenges that enable us to grow. Hence, this event is a testament to how HNBA continues to embrace challenges, remain resilient and reach ambitious heights.”Additionally, he went on to emphasize the importance of HNBA’s culture and the accolades that reflect it “We are proud to have been recognized as a Great Place to Work this year, a Company with Great Managers, one of the Most Mom-Friendly Workplaces and the recipient of the SLITAD People Development Award. As we look to the future, we want every member of our team to feel inspired to take on new challenges and reach their fullest potential. Hence why this year’s conference theme is, “Challenging You to Grow”, because when our people grow, HNB Assurance grows.” Added, Mr. Rupasinghe.
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Nov
HNB Assurance received two Bronze awards at the prestigious Dragons of Sri Lanka 2024 Awards, held in Malaysia. The company's innovative Dola Duka campaign and Independence Day campaign were celebrated in the Small Budget, Big Impact category and Best Brand Building and/or Awareness Campaign category, respectively. This prestigious international award shows the company’s commitment to keeping up with trends and effectively sharing its message with the public.Commenting on the company’s latest achievement, Lasitha Wimalarathne, CEO of HNB Assurance, stated, “We are truly happy and proud to receive these accolades as they serve as a testament to the creativity, strategic thinking and collaborative effort that goes into every campaign we run at HNB Assurance. Our focus has always been to create meaningful and impactful campaigns that can resonate with our audience and the results we’ve seen along with such recognitions reaffirm our approach and strategy. I’d like to take a moment to commend and extend my gratitude to both our internal teams and partners for their efforts in bringing these ideas to life and driving these accomplishments on an international stage.”Dinesh Yogaratnam, Chief Marketing and Customer Experience Officer/General Manager of HNB Assurance, also shared his thoughts on this remarkable achievement: “This is a proud moment for us at HNB Assurance as we take home not just one but two Dragons at this year’s awards. Winning at last year’s Dragons of Asia Awards set the bar high for us, but our team’s continued focus on meaningful storytelling has proven to be a winning formula. In a competitive landscape, we had to also be innovative with our communications mix, finding fresh ways to break through the clutter and make a memorable impact. I would like to thank Dentsu Communications Sri Lanka and Kites Global for their partnership, which have been integral to our campaign’s success.”
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