HNBA News

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) delivered a strong start for 2019, posting a Profit After Tax (PAT) of LKR 119 MN being in line with the business and profit forecast. In reviewing its performance, the Group recorded a Gross Written Premium (GWP) of LKR 2.5 BN against a GWP of LKR 2.2 BN recorded in 2018, depicting a growth of 14%. Sharing her views on the financial performance, Chairperson of HNBA and HNBGI Mrs. Rose Cooray stated “HNBA showcased a promising start for 2019 in topline growth and, despite the challenging external environment, steady improvement in the profitability of the group.  Profits of Life Insurance segments grew by 10% excluding one-off items recorded the previous year, while the profitability of General Insurance segment grew by 11% compared to the same period of 2018.  The Group is confident that they will be able to maintain this profits momentum and deliver attractive returns to the shareholders. The Group has also crafted for itself more ambitious strategies for the year for the Life and General Insurance businesses and the Group remains well focused on expanding its operations, accelerating innovative technologies and improving execution to create a meaningful difference”. Expressing his views, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated, “we got off to a positive start in 2019 and our teams have delivered affirmative results during the first quarter despite many challenging conditions. Collective efforts were made to deliver on our long term goals as well as to create value for all stakeholders”. Sharing his views on the financial performance, Mr. Lokuarachchi added, “the Life Insurance business showcased a steady and stable growth momentum, well over the consolidated growth achieved by the Life Insurance sector. Segments such as Motor and Fire of the General Insurance business depicted notable results amidst a challenging environment”. He further stated, “total assets of the Group surpassed LKR 23 BN and the investments in financial instruments reached a value of LKR 18.6 BN. The Life and General Insurance Funds reached values of LKR 12.8 BN and LKR 2.7 BN respectively. The Group is well positioned in its differentiated portfolios and the Management remains confident of the Group’s future outlook in seizing new opportunities and expanding its footprint”. HNB Assurance PLC (HNBA) is the one of the fastest growing Insurance Companies in Sri Lanka with a network of 59 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 Insurer 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. 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 and also won many awards for its Annual Reports at the Award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation Accountants).

HNB  Assurance  PLC  (HNBA)  and  its  fully  owned  subsidiary  HNB  General  Insurance  Limited (HNBGI)   celebrated   the   unwavering   commitment   of   the   Branch   Managers   and   the   key members of the Retail Banking Management team of the Hatton National Bank PLC (HNB) at a splendid  event  held  recently.  This  night  of  celebration  was  graced  by  Mr.  Jonathan  Alles, Managing  Director/CEO  of  HNB,  Mrs.  Rose  Cooray,  Chairperson  of  HNBA  and  HNBGI,  Mr. Deepthi  Lokuarachchi,  Managing  Director/CEO  of  HNBA  and  HNBGI  and  members  of  the  top management of HNB, HNBA and HNBGI. Addressing  the  audience,  Mr.  Jonathan  Alles  stated  that “this event is a testimony to the rise in stature of HNBA and  HNBGI.  The  consistent  and  successful  performance notched by our subsidiaries; HNB Assurance, HNB General Insurance,    HNB    Finance    and    Acuity    Partners    have contributed  well  to  the  Bank’s  position  today  as  Sri Lanka’s  leading  financial  conglomerate.  HNB  is  very excited with the businesspotential that HNB Life and General Businesses hold in a Sri Lankan market  which  is  still  under  penetrated  for  Insurance.  Hence,  we  see  the  Bank  and  Group deriving substantial value from the Insurance business lines in the not too distant future.” Mr.  Alles  further  added  that  “all  of  us  who represent  the Banking,  Finance  and  Insurance sector have a responsibility to go beyond driving financial and business results. It is pertinent that  you  also  assess  how  your  Corporate  Vision,  Business,  Sales  and  perhapscrucially Innovation strategies add value to and spur Sri Lanka’s economic growth; during a phase in which  the  country  needs  the  Corporate  sector  to  step  up  to  play  a  dominant  role  in  driving national  development.  Finally,  I  wish  to  congratulate  all  winners  today  and  encourage  all  of you to strive to push the bar of excellence even higher”. Sharing  her  words  Mrs.  Rose  Cooray  stated  “as  a  majority  of insurance  companies  stand  alone  in  this  industry,  we  operate beside  a  long  reigning  corporate,  a  leader  in  banking,  which  is pin  point  evidence  as  to  how  strong  the  partnership  has  stood up to. Such collaboration, expertise and assistance of the Group has paved the path for both HNBA and HNBGI in capturing growing markets and maintaining optimum levels of stability within a competitive industry such as insurance”. Mr. Deepthi Lokuarachchi shared his thoughts stating, “Tonight we laud and celebrate the commitment and dedication of the go-getters of the HNB family and the relationship we have cultivated over the years have led HNB, HNBA and HNBGI to grow as leaders in highly competitive markets. The corporate synergies shared between HNB, HNBA and HNBGI have enhanced business performance evidenced by highly positive numerical outputs as well as all other aspects that have put together a state of the art business outlook which might have not been a reality if not for such fine collaboration”.

A promising lifestyle encompasses of key essentials such as protection, health, retirement and savings and once these four essentials in life are met, the life’s journey becomes a truly privileged one. With this in mind, HNB Assurance PLC (HNBA) announced the launch of PrivilegedLife, a lifestyle product for every step, in life’s journey.
Sharing his thoughts, Managing Director/CEO of HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI), Deepthi Lokuarachchi stated “PrivilegedLife is another unique product from HNBA which addresses the needs of protection, health, savings and retirement. As a business built on the pillars of protection and focused on taking care of our people, it is our belief that PrivilegedLife would strengthen the core pillars of a thriving life. PrivilegedLife has been developed by carefully analyzing and diving deep into customer insights and the evolving consumer needs to provide the ultimate insurance solution”.
Expressing his views, Chief Operating Officer of HNBA, Prasantha Fernando stated, “PrivilegedLife is not only a product with multiple benefits, it also becomes your go to at times of need as it offers the options of partial fund withdrawals. One of the most significant features of this insurance plan is the Top-Up premium option which protects the Fund’s value over time with attractive annual dividends and we firmly believe that this innovative plan is one plan that could improve the quality of lifestyle as it offers a range of incomparable benefits”.
Lasitha Wimalaratne, Deputy Chief Operating Officer of HNBA stated, “this comprehensive insurance plan is another revolutionary product of HNBA’s product portfolio with bouquet of special benefits including number of Protection Benefits, attractive Annual Dividends, Loyalty Dividends and many more. The journey with PrivilegedLife continues even after the policy reaches its Maturity stage as it allows the Maturity Fund to be obtained as a Lump Sum or to be converted to Health Fund which could be used for medical needs through cashless bill settlement or the Policy’s Maturity Fund could be obtained as a lifelong pension to spend the golden eve of life with peace of mind. In addition to the main benefits, additional Protection Benefits such as Additional Life Benefit, Accidental Death Benefit, Critical Illness Benefit (covering 29 illnesses), Hospitalization Benefit, Surgical Benefit and Medical Reimbursement Benefit (SupremeHealth Benefit) with an annual worldwide coverage of up to LKR 50 Million could be obtained. PrivilegedLife could be tailored to suit every need in life’s journey and has been designed to ensure that you and your loved ones are well taken care to face the challenges of tomorrow whether or not you’re here for them”.