During the first half of 2023, HNB Assurance PLC (HNBA) and its fully owned subsidiary, HNB General Insurance Limited (HNBGI), accomplished a noteworthy feat by collectively amassing a Gross Written Premium (GWP) totaling LKR 9.1 billion. This accomplishment underscores a convincing and consistent growth rate of 22% when compared to the same period last year. This growth percentage, which is more than double the industry growth demonstrates the exceptional insurance service levels and innovative product offerings of the HNBA group, even during a challenging year. Mrs. Rose Cooray, Chairperson of HNBA and HNBGI sharing her views on the Group’s H1 performance, stated, “I’m extremely delighted to note that both HNBA and HNBGI have surpassed the market GWP growth and yet again managed to exceed all expectations. To be consistent and deliver exceptional results quarter after quarter makes HNBA Group very desirable to all our customers as well as our investors. The Group delivered a remarkable 22% growth in Gross Written Premium (GWP), achieving LKR 9.1 billion, a notable increase from the LKR 7.4 billion recorded in the same period last year. We also surpassed a significant milestone of LKR 45 billion in Total Assets, simultaneously reaching a LKR 38 billion for Investments in Financial Instruments.” Mrs. Cooray, further added, “I must make mention of the inspiring leadership provided by the two CEOs and their respective corporate management teams, who have consistently demonstrated the ability to swiftly adopt and navigate through any challenge that has come our way. Proactive measures and possessing strategic foresight, has not only guaranteed the seamless continuity of our operations but also positioned us to leverage on emerging opportunities, which I’m certain will help us build on the momentum created and end this year on a very high note.” Amidst the backdrop of a complicated economic landscape, the group’s focus on new business acquisition and the pursuit of simple yet strategic objectives, coupled with an empowered sales force, has paid off during the first half of the year. Reflecting on the company performance, Mr. Lasitha Wimalaratne, CEO of HNBA, stated, "I’m extremely proud to note that HNBA recorded the one of the highest new business premium growth among the top 8 life insurance companies, achieving a total new business premium growth which is twice the industry's rate. Our GWP of 5.1Bn, recorded during the first half, is a 21% increase from the same period last year. Further, the Life Insurance Fund experienced impressive growth, surpassing the 4 billion mark to reach a substantial LKR 28.2 billion over the two quarters. I’m extremely thankful to my incredible sales force for this impressive feat, they have worked extremely hard to educate and earn the trust of our customers while delivering exceptional value which has been a standout feature of our performance this year.” Mr. Sithumina Jayasundara, CEO of HNBGI, echoed similar sentiments, stating, “We at HNBGI recorded a growth of 24% when compared to the same period last year. With a GWP in excess of LKR 4 billion achieved over the first half of the year, I’m extremely happy to note that this has helped us maintain our position as one of the companies with the highest growth rates within the top 10 General Insurance companies in the country.” Despite the challenges posed by the regulatory changes along with the raising costs, Mr. Jayasundara was positive that the company can overcome these hurdles. “Our resilience and proactive approach have always been our biggest strength and I firmly believe that our team is capable of overcoming any challenge that comes our way. Also, we have a few exciting product launches and other initiatives lined up for the final half of the year and I’m personally excited to see how they unfold.”
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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