HNB Assurance Records a Robust 1st Quarter Performance

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) posted a Profit After Tax (PAT) of LKR 74 MN for the first quarter of 2017, reflecting a 121% growth compared to LKR 33 MN recorded during the corresponding period last year.

The Group achieved a growth of 18% during Q1 of 2017, posting a Gross Written Premium (GWP) of LKR 1.9 BN against the GWP of LKR 1.6 BN recorded during the same of 2016. The Life Insurance Company posted a GWP of LKR 988 MN and the General Insurance Company posted a GWP of LKR 929 MN during the period under review. The Group was able to deliver a steady performance as a result of the strategic initiatives implemented in new business acquisition as well as streamlining its core business operations. The key contributors to the reported growth were identified as the growth in both Individual and Corporate Policies of the Life Insurance Company as well as the contribution of the Motor segment of the General Insurance Company. On a comparable basis with the results of the corresponding period of 2016, the post-tax profit of the Life Insurance business showcased a growth of 66%. The businesses were successful in capturing new market segments and seizing profitable growth opportunities, despite the challenging market and economic conditions. The recorded growth was in line with the Group’s expectations on the phase of maximizing its profits as well as in delivering value to its stakeholders.

Sharing thoughts on the financial performance of the Group, Chairperson of HNBA and HNBGI Mrs. Rose Cooray stated, “We are indeed pleased on the results the Group was able to yield at the end of the first quarter of this year, amidst the stiff competition and other macroeconomic factors. The Group surpassed the LKR 15 BN milestone of Total Assets during the first quarter of 2017 and Investments in Financial Instruments reached a value of LKR 12 BN. During the same period the Life Insurance Fund grew by 7% while the General Insurance Fund grew by 5% reaching values of LKR 9 BN and LKR 2 BN respectively. These results reflect the favorable direction the company is headed and the Board, the management and staff of both HNBA and HNBGI are committed to improve the financial performance of the Group as well as to strengthen the competitive positioning of both HNBA and HNBGI”.

Commenting on the financial performance of the Group, Chief Executive Officer, Mr. Deepthi Lokuarachchi stated, “I am pleased by the performance delivered by both HNBA and HNBGI during Q1 of 2017. The financials of Q1 reflects a solid growth compared to the results of the first quarter of 2016. During the first quarter of 2017 the Group recorded an impressive investment income growth of 84% reaching a value of LKR 360 MN against the value of LKR 195 MN in the first quarter of 2016. Several key drivers including the synergies of the Group, deriving key strategies to further consolidate the position of the two entities helped the Group to achieve these financial results during Q1 2017”.

***

HNB Assurance Join Hands with the College of Community Physicians of Sri Lanka for the Second Consecutive Year

For the second consecutive year, HNB Assurance PLC (HNBA) entered into an MOU with the College of Community Physicians of Sri Lanka (CCPSL) recently with the sole objective of educating the general public on a number of causes which has an immense impact on a healthy lifestyle.

Commenting on this MOU, Deepthi Lokuarachchi, Chief Executive Officer of HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI) stated, ‘As a socially responsible brand, we take every measure to ensure that people in today’s society is protected by all means, especially from unfortunate health conditions. We strongly believe that protection begins in one’s own household and is propagated to the surrounding environment; hence individuals should be aware of various health conditions and diseases. Through this partnership we hope to educate the general public on a number of topics which has a significant impact on our society’s health and well-being’. Sharing views on this partnership formed with HNBA, Secretary of CCPSL Dr. Shiromi Maduwage stated, ‘We are indeed pleased to join hands with a brand that has taken a stand to propagate the concept of healthy living on a much larger scale. Each year CCPSL carries out a number of activities, Island wide under a main theme with an aim of educating the general public on a number of topics related to health and wellbeing. This year CCPSL has introduced the theme ‘strengthening the health system for improving quality of care and patient safety’. Accordingly, CCPSL has planned to carry out a number of national, provincial, district and regional level activities including a number of health symposiums to communicate the importance of health and well-being’.

Image Caption: L-R CCPSL Council Member Dr. Sameera Sennanayake, CCPSL Secretary Dr. Shiromi Maduwage, HNBA Chief Operating Officer Prasantha Fernando, HNBA and HNBGI Chief Executive Officer Deepthi Lokuarachchi and HNBA & HNBGI Head of Marketing Dinesh Yogaratnam

***

Benefits of Life Insurance: What are they?

Life Insurance has many benefits to it. Not only it has a protection element, but it provides a helping hand in uncertain situations in life. Listed below are some key benefits of having a Life Insurance policy.

  • A Full Life Cover

The Life Cover refers to the primary benefit of the Life Insurance policy. The Life Cover will be paid to the nominated party in an unfortunate situation. There are several factors  such as the sum needed to cover daily expenses and the amount needed to overcome during an uncertain situation should be considered.

  • Long-Term Savings

A Life Insurance policy provides a systematic path by creating savings for the future. These saving would help in building a stable retirement fund or a fund for your family and children.

  • Specific Planning

Every individual goes through various stages in life and the needs and challenges of each stage differ. Having a Life Insurance policy for various life stages would help individuals to face uncertain situations and other challenges with confidence and determination.

***

Deepthi Lokuarachchi Appointed as President of the Insurance Association of Sri Lanka

The Insurance Association of Sri Lanka (IASL) announced the appointment of Mr. Deepthi Lokuarachchi as its President. He assumed office taking over from his predecessor President Mr. Dirk Pereira, Chief Executive Officer of Union Assurance PLC.

Mr. Lokuarachchi holds a Law Degree (LL.B) from the University of Colombo and was enrolled and admitted as an Attorney at Law in 1996. He obtained his Associate Membership of the Chartered Insurance Institute, UK and a professional Chartered Insurer status in 2004 and the status of a Chartered Insurance Risk Manager.

Mr. Lokuarachchi counts over two decades of professional experience in the fields of general management, distribution and risk management and overall operations management. He currently heads HNB Assurance PLC and its fully owned subsidiary HNB General Insurance Limited as the Chief Executive Officer. He has served many leading Insurance companies in Sri Lanka, including Eagle Insurance as the General Manager of Distribution and Risk Management, AIG Insurance Limited Sri Lanka as the Deputy Chief Executive and the Chief Operating Officer in charge of the Sri Lankan and Maldivian Operations, Orient Insurance Limited Sri Lanka, a subsidiary of Arab Orient
Insurance UAE as the Chief Executive Officer and Sri Lanka Insurance Corporation Limited as the Chief Executive Officer. Mr. Lokuarachchi was the President of the Sri Lanka Insurance Institute, the professional body of the Insurance industry in Sri Lanka.

The Insurance Association of Sri Lanka was formed in 1989 as a collective of all Insurance service providers and it remains the premier Body of the Insurance Industry that handle matters of common interest to insurers and also liaises very closely with the Regulator in respect of matters concerning Life and General Insurance industries and work towards enhancing awareness regarding Insurance and promotes uniform and sound practices and high ethical standards within the industry.

***

Tips for a Successful Career

Here are 07 important tips to boost-up your career!

  • Prioritize Your Goals

Have a list prepared on your daily tasks and ensure to prioritize your goals for the day. The tasks of the day must be outlined with the most important and urgent ones on top. In a similar manner, plan out your short-term and long-term goals and evaluate your progress frequently.

  • Stay Focused

Avoid distractions and stay focused on your daily tasks. Keep track of time in completing each task. Prepare a to-do list each day and compare your completed tasks against the prepared list. This will help you to stay focused on your daily tasks.

  • Broaden Your Skills

Nothing remains the same and so do job requirements. Update your knowledge and skills. Seek improvement of your know-hows. Attend seminars, conferences, read books, be an eternal learner.

  •  Socialize

Be ready to participate in social functions. Be open to new acquaintances. Meet new people and deal with them respectfully and enthusiastically. Be an active listener; you will surely learn something new.

  • Know Your Skills and Competencies

Know your strengths and weaknesses. Capitalize on your strengths and work on your weaknesses. Look out for opportunities and threats within the industry.

  • Communication Skills

Learn to communicate effectively. Listen to what others are saying and focus on how to give and receive constructive feedback, to persuade effectively and to ask for help and collect information.

  • Seek satisfaction

If you are disappointed with what you are doing, try to transform it into something you love. Job satisfaction is important in climbing the corporate ladder. Participate in Continuous Professional Development programs related to your career.

***