HNBA News

HNB  Assurance  PLC  (HNBA)  and  it  fully  owned  subsidiary  HNB  General  Insurance Limited  (HNBGI)  held  its  Annual  Staff  Conference  recently  at  BMICH,  Colombo. The event  was  graced  by  the  presence  of  Mrs.  Rose  Cooray,  Chairperson  of  HNBA  and HNBGI as chief guest together with Mr. Deepthi Lokuarachchi, Managing Director/CEO of  HNBA  and  HNBGI  with  members  of  the  Boards  of  HNBA  and  HNBGI  and  other distinguished guests. Speaking  at  this  special  occasion,  Chairperson  of  HNBA  and  HNBGI  Mrs.  Rose  Cooray stated,  “this  year  we  have  come  together  as  one  family  to  celebrate  the achievements, winning spirit and talents of our staff and the Annual Staff Conference of  HNBA  and HNBGI  hold  great  significance  in  our  event  calendar.  It  is  important  to recognize and reward the laudable  efforts and the success of the Group which owes a great deal to the efforts and dedication of our staff and today we stand together to thank  and  appreciate  our  staff  for  their  immense  contribution  to  make  HNBA  and HNBGI solid players in the market”. Speaking on the future outlook of the Group Mrs. Cooray  added  “the  Group  must  strive  to  push  the  envelope  further  in  order  to strengthen its presence in industry and should take all endeavors towards developing its  market share and  rank.  The  two Boards  remain  committed and are confident that this dynamic team would continue to add greater value to all its stakeholders”. Sharing   his   thoughts,   Managing   Director/CEO   of   HNBA   and   HNBGI   Mr.   Deepthi Lokuarachchi stated, “The HNBA Group was able to deliver a solid performance and was able to challenge the industry during 2017 and our growth was fueled by the top-notch performance of our staff at every capacity. Each year we recognize a number of highfliers who have pushed boundaries and are presented with the Chairman’s Award for  Excellence.  Reiterating  the  importance  of  facing  challenges  in  the  market  Mr. Lokuarahchi added “it is important to review and revisit our product  portfolio  as  a mechanism  to  cope  with  the  challenges  of  this  economic  backdrop  as  well  as  to overcome  the  socio-economic  challenges  prevailing  in  the  market  and  with  the
expertise,  competencies  and  the  go-getter spirit of our staff, we’re sure the Group will be able to create an unmatchable competitive advantage and will be able to yield more significant results during this year”.  

Celebrating the  graceful  spirit  of  womanhood  this  International  Women‟s  Day  and paying  tribute  to  the empowered  woman,  HNB  Assurance  PLC  (HNBA)  and  its  fullyowned  subsidiary  HNB  General  Insurance  Limited  (HNBGI)  announced  the  launch  of „Liya  Harasara‟  for  the  sixthconsecutive   year.This   campaign   will   be   in   force throughout  the  months  of  March  and  April,  offering  a  range  of  special  benefits for every LifeandMotorInsurance Policy obtainedby ladies. Sharinghisviews  onthe  6thedition  ofLiya Harasara, Prasantha Fernando, Chief Operating Officer of HNBA stated, “Womenin     our     society     playsa pivotalrole, showcasing  independence,  confidence  and more  importantly  holdsa  prominent  place in our societyas great leaders, entrepreneurs   and   co-breadwinners.Liya Harasara    is    our    way    of    saluting    and appreciating the graceful spirit of women across thecountry”. Speaking  on thiscampaign,  Chief  Business  Officer  of HNBA,  Ivan  Nicholas  statedthat Liya  Harasara  is  an outcome   of   acombination   of   aunique   range   of benefits and  a  range  of  specialofferings  from HNBA and  HNBGI and  otherleadingbrands  such  asSingerPlus,   Vision   Care,   Durdans   Hospital   and   Nolimit.Speaking  on  the  campaign  offerings  Ivan  Nicholas stated“Liya   Harasara   offers   a   range   of   special benefits for ladies withan additional Life Cover of up toLKR 1 Million with every Life Policy anda pregnancy related Hospitalization Benefit of  up  toLKR 10,000  perday  from  HNBA.  In addition,  Liya  Harasara  offer  ladies  a  free
Personal  Accident  Cover  of  up  toLKR 500,000  for  every  MotorInsurance  policy obtained from HNBGI. The brand has collaboratedwith several leading brandsto offer a  range  of  special  discounts  with  every  Liya  Harasara  Policy.  Women  could  obtain  a discount  of  up  to  10%  for  selected  purchases  from  Singer  Plus  showrooms  Island wide anda discount of 10% for purchases of spectacles, sunglasses andhearing aids from Vision Care showrooms Island wide, a discount of 10% from Nolimit showrooms located island wide andaspecial discount schemefrom Durdans Hospital. Commenting  on  this  editionof  Liya  Harasara,  Chief Business    Officer,    (Personal    Lines    and    Branch Network)   of   HNBGI,   Jude   Benjamin,   extended   his sincere gratitude to Singer Plus, Vision Care, Durdans Hospital  and  Nolimit  for  collaborating  with  HNBA andHNBGI  stating,  “we  are  extremely  pleased  to collaborate  with  leading  brands  such  as  Singer  Plus, Vision  Care,  Nolimit  and  Durdans  Hospital  to  offer  a range  of  special  benefits  and  discounts  to  women across our country”.

HNB  Assurance  PLC  (HNBA)  and  its  fully  owned  subsidiary  HNB  General  Insurance  Limited (HNBGI) posted a Profit After Tax (PAT) of Rs. 910 Mn for the year ended 31stDecember 2017, depicting a steady growth of 41% in comparison with the PAT of Rs.647 Mn recorded in 2016. The Group recorded a Gross Written Premium (GWP) of Rs 7.82 Bn, signifying a growth of 17% as  contrasted  with  the  GWP  of  Rs.  6.65  Bn  recorded  in  the  financial  year  2016.  The  Parent Company, HNB Assurance PLC recorded a GWP of Rs 3.96 Bn and the subsidiary, HNB General Insurance Limited recorded a GWP of Rs. 3.86 BN. The  Group  was  able  to  yield  an  Interest  and  Dividend  Income  of  Rs.  1,693  Mn,  showcasing  a growth  of  43%against  an  Interest  and  Dividend  Income  of  Rs.  1,180  Mn  achieved  during  the previous  year.  Total  Assets  of  the  Group  reached  a  mark  of  Rs.  18.65  Bn  and  Investments  in Financial  Instruments  reached  a  value  of  Rs  15.05  Bn.  During  the  course  of  2017,  the  Life Insurance Fund reached a value of Rs. 10.9 Bn and the General Insurance Fund reached a value of Rs 2.38 Bn. Expressing    her    views    on    the    solid    financial performance    during    the    year    under    review, Chairperson  of  HNB  Assurance  Group,  Mrs.  Rose Cooray  stated “the Group delivered a superlative financial  performance  during  the  course  of  2017, depicting  a  steady  flow  of  revenue  generation and  accelerating  progress  towards  achieving  our corporate  goals  during  2017.  The  Management guided  by  the  Board  has  meticulously  executed  a well-crafted  plan  that  focused  on  creating  value to all stakeholders. Not only have we been able to fulfil   the   aspirations   of   the   shareholders,   the Group  paid  out  Rs  2.29  Bn  in  claims  and  have  focused  on  rewarding  its  employees,  while contributing  towards  society  through  various  corporate  stewardship  initiatives  and  we  are confident that this growth we’ve embarked on will continue during 2018”. Sharing  his  thoughts  on  the  Group’s  financial performance,   Managing   Director/CEO   of   HNBA   and HNBGI Mr. Deepthi Lokuarachchi stated “the strategies deployed   during   the   course   of   2017   led   the   Group capture emerging and dynamic markets. The Group was able  to  maintain  its  solid  industry  position  throughout the course of 2017, despite the volatile macro-economic conditions  and  heightened  competition.    The  financial growth  of  HNBA  Group  in  2017  has  been  consistent throughout the year. The positive growth momentum of these  financial  results  was  triggered  by  the  strategic investments   of   the   Group   and   the   dynamicpolicies followed  in  underwriting  risk.  The  General  Insurance business showcased an exponential growth during the course of 2017, surpassing the growth rates  of  the  industry.  HNBGI  was  able  to  achieve  this  outstanding  growth  as  a  result  of  its well-focused risk selection, effective management of claims settlement as well as its pricing strategy.  It  is  noteworthy,  that  both  the  Life  and  General  Insurance  businesses  took  great measures  in  settling  claims,  especially  claims  pertaining  to  catastrophes  such  as floods  and epidemics  such  as  Dengue.  The  Management  of  HNBA  Group  remains  confident  of  its  future outlook  and  in  seizing  every  opportunity  to  further  consolidate  the  Group’s  financial standing”.