HNBA News

HNB Assurance PLC is pleased to announce the appointment of Mr. Rimoe Saldin as Non-Independent Non-Executive Director to its Board with effect from 19 February 2024.

Mr. Rimoe Saldin is a Fellow of the Institute of Chartered Accountants of Sri Lanka and an Associate of Institute of Chartered Accountants of England and Wales. He is also a Fellow of the Chartered Institute of Management Accountants in UK and a Certified Management Accountant, Australia. He is an alumni of the Asian Institute of Management Manila. He has over 30 years of top management level experience in the areas of Finance, Human Resource Development, General Management and Operations as well as Chief Executive Officer.

He is currently employed as Director of Paints & General Industries Limited and Director/Chief Executive Officer of Polypak Secco Limited. He is also the Chairman of Chemanex PLC and serves as a Director of CIC Holdings PLC. He also serves on the Board of Directors of Akzo Nobel Paints Lanka (Private) Limited, Link Natural Products (Private) Limited, CIC Agri Businesses (Pvt) Ltd and a number of companies in the CIC Group. He is the Chairman of CISCO Speciality Packaging (Private) Limited. He also serves in the Board of Directors of Hatton National Bank Plc and also is Chairman of Sithma Development (Private) Limited and serves as a Trustee of the HNB Sustainability Foundation.

Previously Mr. Saldin served as the Commercial Director and Group Finance Director of CIC Holdings PLC for the period 1995-2005. He was the Country Controller & Group Finance Director for Shell Sri Lanka for the period 2005-2010 and also the Group Chief Operating Officer, Browns Group of Companies PLC and the Managing Director of Browns Investments PLC from 2010-2014.

HNB Assurance Group recorded yet another year of exceptional performance, marking the third consecutive year of achieving a growth rate exceeding 20% in terms of GWP (Gross Written Premium). The year 2023 witnessed the Group achieving remarkable financial milestones and an array of local and international awards, solidifying its position as a frontrunner in the insurance industry.

HNB Assurance Group recorded a substantial GWP of LKR 18.7 Bn, showcasing a remarkable growth of 20% compared to the previous year. Reflecting on this achievement, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI, expressed her delight, stating, "To me personally, the remarkable growth trajectory of the HNB Assurance Group stands as a testament to our commitment to delivering value to our stakeholders. Both teams at HNBA and HNBGI performed an outstanding job, leaving no stone unturned, meticulously analyzing every challenge, and capitalizing on every opportunity. This approach to business was imperative, particularly in the aftermath of COVID-19 and the subsequent economic and social upheaval, where we as a nation encountered numerous challenges in diverse forms. In addition to our consistent growth of GWP, over the past three years, we as a group have so much to celebrate. Our Group assets grew by LKR 10Bn during the year, well exceeding a remarkable total of LKR 51.2Bn. Further, investment income for the Group surged to LKR 7.2 Bn, representing an outstanding growth of 49% from LKR 4.8 Bn in the preceding year. In terms of the Group’s profits, we recorded a commendable LKR 1.76 Bn in PAT.” 

Honoring claims plays a vital role in maintaining the trust for any insurance company, “I am proud to note that the HNB Assurance Group honored claims of LKR 6.6Bn, showcasing a growth of 19% compared to the previous year, aptly demonstrating our position as a reliable partner during our policyholder’s time of need.” explained Mrs. Cooray. “As the Sri Lankan economy steadily makes progress towards recovery, I’m confident that our investments in technology, our teams and their skills along with all the fine-tuning we’ve done to our processes will hold us in good stead and propel us towards greater success”, added Mrs. Cooray.

“Consistency has been our main focus and certainly the cornerstone of our success”, said Mr. Lasitha Wimalaratne, CEO of HNB Assurance PLC. At HNB Assurance, our track record speaks for itself. Year after year, we've demonstrated and honored our commitment to our stakeholders and most importantly to our policyholders. This consistency is what set us apart and helped us in being recognized as the Best Life Insurance Company in Sri Lanka by the Indian Chamber of Commerce.” 

The robust financial performance of HNB Assurance resonated with the numerous accolades garnered throughout the year. “I am delighted to highlight that as a team we have effectively translated our promises into action. Our Profit After Tax (PAT) reached LKR 1.61 Bn, marking a commendable 9% increase from the previous year. Moreover, we surpassed the significant milestone of LKR 10 Bn in GWP, representing a growth of 23%, which is almost twice the industry growth rate. We also witnessed a remarkable growth in our life fund from LKR 24.3 Bn to LKR 30.6 Bn.”  Speaking further, Mr. Wimalaratne, added “As we move into 2024, it is going to be pivotal year for HNB Assurance, particularly as we anticipate the fruition of our investment in our core system. This strategic investment is expected to further enhance our operational efficiency and drive sustainable growth.”

HNB General Insurance Ltd witnessed an impressive 18% surge in GWP when compared to 2023, a growth from LKR 6.8 Bn to LKR 8 Bn, which is a three-time increase when compared to the industry growth. Throughout the year, the Company's strategic emphasis on product innovation and customer service proved to be pivotal. Mr. Sithumina Jayasundara, CEO of HNB General Insurance, expressed his thoughts on the team's achievements amidst turbulent times. “Despite economic uncertainties and high inflation rates, the team showcased remarkable proficiency in risk assessment and customer management. Our commitment as an organization to deliver exceptional service led us to the prestigious title ‘Most Customer Centric General Insurance Brand’ by the Global Brand's Magazine. Additionally, we secured a top three position among the most loved General Insurance Brands in the country, recognized by the renowned LMD Magazine. Moreover, we made LKR 4.3 Bn in claims, marking a 12% increase from the previous year, reaffirming our commitment to honoring the trust instilled in us by our valued customers.”

“In a move to enhance customer value, we also launched the revolutionary ‘HNB General Insurance MotorGuard 3 in 1’ product, offering policyholders the convenience of three insurance coverages within a single annual premium payment. Further, this product not only simplifies their insurance management but also ensures they have the necessary coverage for various aspects of their lives, all under one policy. Additionally, we also introduced "Claimee," a cutting-edge digital claims assistant aimed at revolutionizing how we manage our claim settlement process. With Claimee, policyholders can easily initiate and track their claims through a user-friendly digital interface, eliminating the hassle of traditional paperwork and long waiting times. The launch of 'Project Phoenix' marks yet another significant milestone for us internally, representing a strategic investment aimed at enhancing our operational efficiencies. This internal core system is not merely a short-term fix, but a comprehensive revamp geared towards fostering long-term success and sustainable growth. Through these investments and innovations, I’m confident that our team will continue to drive innovation while delivering exceptional service and creating long-term value for our customers and stakeholders,” added, Mr. Jayasundara.

In a historic achievement for HNB Assurance, the company is thrilled to announce a record-breaking 203 Million Dollar Round Table (MDRT) qualifiers, during the year 2023. Amongst them were, 20 sales officers who earned the status of Court of the Table (COT), while another 5 achieved the highly prestigious Top of the Table (TOT) status.

MDRT, The Premier Association of Financial Professionals, which was formed in 1927 is an independent association with a global count of over 72,000 professionals affiliated to insurance and financial services in over 500 companies. Crossing the 200 MDRT qualifier mark for the first time in the company’s history, HNB Assurance has consistently demonstrated a commitment to excellence and this achievement is a testament to the company's vision of maintaining exceptional customer service and expertise.

Speaking about this achievement, CEO of HNB Assurance, Mr. Lasitha Wimalaratne, stated, “We are immensely proud of our 203 MDRT qualifiers, including 20 individuals reaching the Court of the Table and 5 achieving Top of the Table status. This remarkable accomplishment reflects the dedication and professionalism of our team. At HNB Assurance, we are committed to excellence and continuous improvement, ensuring that our clients receive the highest level of service and expertise. In addition to this latest achievement, we were also recognized as one of the MDRT Top 100 Global Companies last year. An accolade which further underscores  our commitment to maintaining global standards within the insurance industry. My congratulations to the Distribution Management, Partnership Channel and the Sales Training and Development team for meticulously crafting a comprehensive strategy that paved the way for this remarkable achievement."

Mr. Shiran Fernando, Head of Sales Training and Development, said, “As a company we believe in investing in our team to equip them with the skills and knowledge needed to excel in the dynamic field of insurance. This achievement of 203 MDRT qualifiers, showcases the high standards we set for ourselves and the exceptional capabilities of our team. While we remain focused on providing innovative insurance solutions and maintaining the highest standards of professionalism in the industry, I must admit that this is a result of our collective efforts where both the Advisor Distribution Channel and the Partnerships channel worked closed with the T&D teams to ensure we were strategically aligned and well-equipped to achieve such a significant milestone.”