May
Providing a ray of hopein the instance cancer strikes, HNB Assurance PLC (HNBA) announced the launch of another revolutionaryproduct to its product bouquet recently.Possibly the first of itskind in the industry, HNBAHope Cancer Insurance Plan, offers a range of special benefitsin the instance of a cancer diagnosis.
Sharing his views,Managing Director/CEO of HNBA and its fully owned subsidiary HNB General Insurance Limited(HNBGI),Mr. Deepthi Lokuarachchi stated “our lifestyles and stress related issuesand hereditary conditionsmake usmoreprone to life threatingdiseases.Cancer is one such diseaseandcauses for cancer have tremendously increased during the recent times.The diagnosis of cancercould threaten the foundation of happiness ofafamily andcost of treatment, right from diagnosiscould become aburden,leaving a dent in the savings of the family.HNBA HopeCancer Insurance Planisour way of providing a ray of hopeand a blanket of financial protectionfor those individuals and families so that they could focus on obtaining treatment and overcoming this dreaded disease.”
Speaking on the product features, Chief Operating Officer of HNBA Mr. Prasantha Fernando stated “HNBA Hopeis the outcome of extensive researchand expertiseof a dynamic team.Our aim was to introduce a product which offerbenefits from thedetection of any Early Stage Cancer, as there are many costs to bear from the time ofdiagnosis.Thisproduct offers a cover up to 10 years for an attractive, affordablesingle premiumthat couldbe borne by persons of all social strata.Our focus is to attract alargecustomer base which in turn will make the
premiums factor affordable to the critical masses.On the diagnosis of an Early Stage Cancer, 20% of the Sum Assuredwill be paidand the balance 80% will be available if itprogresses to Late Stage Cancer. In case of diagnosis of a Late Stage Cancer, 100% of Sum Assuredwill be paid. HNBA HopeInsurance Plancould beobtained fromyour nearest HNBA Branch, HNB Branchorthrough our Insurance Advisors. Further networks will be announced shortly”.
May
HNB Assurance Group deliveredasuperlativefinancialperformance, reporting a Profit After Tax (PAT)of LKR 699 MN for Q1 2018 reflecting a steadygrowth of 844% in comparison tothe PATof LKR 74 MN recordedduring the corresponding period of 2017.This growth mainly resulted due to the transfer of One-off surplus of LKR381 MNto Shareholder Fund from Non-Participating Policyholder Fund due to thechange in liability valuation method and the surplus transfer made during the first quarter 2018amounting to LKR210 MN.
In analyzing the financial results of the periodunderreview, the Group recorded a Gross Written Premium (GWP) of LKR 2.19BN, depicting aconsolidatedgrowth of 15% in comparison withthe GWP of LKR 1.9 BNrecorded during the first quarter of 2017. The Parent Company, HNB Assurance PLC (HNBA) recorded a GWP of LKR 1.06 BN when compared withthe GWP of LKR 988 MN recorded during Q1 2017. The subsidiary, HNB General Insurance Limited (HNBGI) recorded a GWP of LKR 1.14 BN against a GWP of LKR 929 MN recorded during the corresponding period last year, reflecting a growth of 22%. Together with the One-off Surplus,HNBA posted a PAT of LKR 658 MNfor the period, recording a growth rate of 1,159%while the PAT excluding One-off Surplus and Surplus Transfers during Q1 marked a 28% growth. HNBGI recorded a PAT of LKR 41MNwhen compared with the PAT of LKR 22MN recorded during the first quarter of 2017, showcasing a growth of 88%.
Sharing her views on the financialresults, Chairperson of HNBA and HNBGIMrs. Rose Cooraystated “In a challenging period forthe entireinsurance industry, the Company was able todeliver steady financial results for the first quarter of 2018.These results showcasetheeffectiveness of our customer centric strategies and the Company’s day-to-day focus on operationalefficiencies in capturing new market segments. These financial results reassure stability andthe
positivegrowthmomentumof theGroupand will continue to steer its course through challenging market conditionsby focusing on its strengths, core competencies and synergies of the Group.It is pertinent to note that the PATof the Life Insurance Company includes a surplus transfer of LKR210MN made as per the recommendation of the Consultant Actuary, subsequent to thevaluation of the Life Fund as at the end of1Q 2018. Further, the Company also transferred LKR 381 MN toShareholdersFund, with the approval of the Insurance Regulatory Commission of Sri Lanka (IRCSL), as One-off Surplus arising from Non-Participating Life Insurance Fund due to the change in the valuation method of the Life Fund as per the regulations of the IRCSL.The one-off surplus will be kept as a Restricted Regulatory Reserve as per the Directions of the IRCSL.
Speaking on the performanceof the Group, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated “In spite of several macro-economic challengesprevailinginthe country,the Group was able to achieve aGWPgrowth of 15% during the first quarter.TheIndividual and Corporate policies of the Life Insurance Company and categories such as Fire, Motor and Marine of the General Insurance Company depicted a promising growth. During the first quarter, Total Assets of the Group reached LKR 19 BN and the Investments in Financial Instruments surpassed the mark of LKR 15 BN. The Life Insurance Fund andthe General Insurance Fund reached values of LKR 10.9 BN and LKR 2.5 BNrespectively”.Speaking on the Group’s future outlook Mr. Lokuarachchi added “These results are a testament to theefforts, strategiesand the positive directionof the Group. The Group’s performance ambitions remain high as we continue to develop dynamic products and capture growing markets in both Life and General Insurance segments whilst sustaining ourcore business modelto benefit our stakeholders”.
Apr
Continuing its strategic partnership for the 3rdconsecutive year, HNB Assurance PLC (HNBA) entered into anMoU with the College of Community Physicians of Sri Lanka (CCPSL). The primary objective of this partnership is to educate the general public on a number of topics related to health and wellbeing. Sharing his thoughts on this strategic partnership, Managing Director/CEO of HNBA and its fully owned subsidiary HNB General Insurance Limited(HNBGI), Mr. Deepthi Lokuarachchi stated, “with the changing attitude and behavior towards health and wellbeing, communities face various health-related challengesand threatsin their day-to-day lives and as a brand committed towards the wellbeing of the community, HNBA has taken various measuresto address these health related concerns andto propagate the concept of healthy living and this strategic partnership is one such measure to promote the concept of healthy living. Through this partnership wehope to educate communities on a number of topics related to health and wellbeing”. Sharing her thoughts on the MoU, Secretary of the College of Community Physicians of Sri Lanka, Dr. Inoka Suraweera stated “We are extremely pleased to join hands with HNBA, a brand which has travelled an extra mile to propagate the concept of healthyliving. Our environment has a significant impact on our health in various aspects and the changes to our environment including pollution, climate change and exposure to toxic chemicals cause serious threats to human life. And this year CCPSL has outlined a series of programs island wide following the theme, “Healthy Environment, A Healthy Investment for a Healthier Nation” to create awareness on environmental health and its impact on human life”.
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