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.”
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.”
Read More
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.
Read More
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.”
Read More
Solution by Xiteb®
