HNB Assurance PLC (HNBA) and its wholly owned subsidiary HNB General Insurance Limited (HNBGI) ended 2022 in spectacular fashion with the Group figures indicating a growth in Profit After Tax (PAT) of 50% to Rs 1,830.5 Mn for the year ended December 2022 compared to Rs 1,223.6 Mn recorded a year earlier. In terms of Gross Written Premium (GWP), the Group recorded Rs 15.6 Bn growing by a handsome 24% compared to the previous year. “I certainly am elated by the performance of both companies in a year of unprecedented challenges” said Mrs. Rose Cooray, Chairperson of HNBA and HNBGI sharing her views on the Group’s performance, and pointed out that at a Group level, GWP grew by 24% to Rs 15.6 Bn as a result of the very aggressive strategies of new business acquisition that were put in place by HNBA and HNBGI, taking into account the volatilities that were prevalent in the socio economic and political fronts. “While the Group Assets surpassed the 40 Billion mark to reach Rs. 41.1 Bn with a growth of 15%, the Earnings Per Share (EPS) grew by 50% to Rs 12.20 compared to Rs 8.16 as at the end of 2021. The Group has been able to honour maturities and claims to the tune of Rs 5.6 Bn growing by 36% compared to the previous year”. Mrs. Cooray added “these results and the many awards that both companies won during the year are the outcome of keen management insight and strategies that have been put in place and implemented meticulously, and also augurs well for the performance of the two new CEO’s who took office at the beginning of the year. I resonate the sentiments of the Board in congratulating the teams of both companies for their stellar performance and reassure all our stakeholders that we will continue to add value to them into the future as well. The Group, whilst acquiring the latest in terms of technological capabilities have implemented many initiatives to rationalize their cost structures to ensure that resource utilization is at its optimal level”. In terms of the Life Businesses PAT, the Company was able to reach 1,483.6 Mn growing by an impressive 48% compared to Rs. 1,000.5 Mn recorded a year earlier, whilst in terms of GWP the Company recorded a growth of 26% to reach Rs. 8.9Bn by the year end, which in fact is the highest growth when compared with the top 8 players in the industry, whilst growth in terms of New Business achieved is 10 times more than that of the industry average. Mr. Lasitha Wimalaratne, CEO of HNBA sharing his thoughts on the performance of the Company stated, “this has been a remarkable year for us, not only have we been able to grow in terms of all our financial indicators; we have also had the honour of being the only Sri Lankan insurer to be listed amongst the top 70 best workplaces in Asia by Great Place to Work. Apart from this, we have won many awards during the year including Gold Award for Service Sector at the CNCI Achiever Awards as well as other awards for Digital Marketing, Financial Reporting, and also for our Bancassurance Operation. The Life Fund has reached Rs 24.4 Bn while the total assets of the Company has reached Rs 33.7 Bn and an increase of Return on Equity (ROE)by 22% as at the end of 2022.” Speaking further, Mr Wimalaratne added, “the Company has made much headway in terms of increasing the output and efficiencies of both the Advisor and the Partnership business channels. The Company was able to produce 194 MDRT qualifiers with 4 TOT’s and 12 COT qualifiers including the Company’s first MDRT Lifetime Member. The Company whilst unveiling its premier health proposition SupremeHealth Unlimited during the year, which enables customers to have the best medical treatment both here and overseas, also rolled out its new branch outlook at three strategic locations offering both customers and employees the best in terms of aesthetics, ergonomics, and convenience”. “All in all”, he reiterated “the Company is well on course to reach its 5 year plan and thanked the Board, Sales force and staff for their untiring efforts in this remarkable achievement”, and re-emphasized the Company’s commitment to its customers and all stakeholders in adding value to them. HNBGI saw its GWP reach Rs. 6.8Bn growing by 21% over 2021. Mr Sithumina Jayasundara, CEO of HNBGI stated that the General Insurance business has done well amidst many a challenge with almost no new vehicle registrations and a contraction in trade and commerce, whilst also grappling with an ever-increasing claims costs. The Company’s PAT grew by 33% to Rs. 450.4 Mn from Rs. 338.1 Mn recorded a year earlier. The Company saw a healthy rise in Total Assets which grew by 13% and a ROE of 20% as at the year end. A noteworthy fact was also the improvement of the Non-Motor segment which demonstrated a growth of 46% from the previous year. Further, the Company was the recipient of the Service Sector Silver Award at the CNCI Achiever Awards in 2022 and stands as testament to the overall performance of the Company Mr. Jayasundara further went on to add, “in the business of insurance the claim becomes the moment of truth for the customer, and we have been able to take some giant strides in offering a superlative claim settlement process, we have been able to reduce claim processing and settlement times and also have very successfully incorporated digitally enabled claim intimation process adding much convenience to the customer. Our efforts in this regard have won us acclaim by the Global Banking and Finance Review in being awarded the Best Claims Management Team Sri Lanka in 2022 auguring well for the soundness of the measures that have been put in place. Our aim in the next 4 years is to get to a market share of 10%, this is a journey that we embarked upon at the beginning of this year, and I am happy to state that we firmly are on course in this regard. I wish to thank the staff and all the intermediaries for the support extended to help us achieve the results we did”. HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 64 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. HNB General Insurance has been assigned a 'National Insurer Financial Strength Rating' of 'A-' (lka) by Fitch Ratings Lanka Limited. 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 including the Great Place To Work® Certification, and won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka.
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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