HNB Assurance PLC (HNBA), held its annual Banca Night to felicitate the finest achievers of the Bancassurance Channel over the gone year. This day of celebration was graced by the presence of the Chief Executive Office of HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI), Deepthi Lokuarachchi and many other distinguished guests.
Deepthi Lokuarachchi, Chief Executive Officer of HNBA and HNBGI thanked the Bancassurance Team led by Madawa Gunaratna, Senior Manager, Partnerships of HNBA for the immense contribution towards the growth and development of the business. Sharing views on this special occasion, Lokuarachchi stated “the Bancassurance spectrum is a vital business channel with an impact on the growth of the business. The dedication and commitment of our Banccassurance Force has played a significant role in achieving the business targets and has helped the business to grow in a highly competitive landscape by capitalizing on their core competencies and expertise.
Sharing views on this occasion, Assistant General Manager Deposits and Remittances & Chief Employee Experience Officer of Hatton National Bank PLC (HNB), Kalum Wijesooriya stated, “HNB is extremely pleased on the outcome of the Bancassurance Channel and how synergies within the Group helps in seizing opportunities in fast-growing financial markets”. Accordingly, M. M. Sanjeewani attached to the Mahiyanganaya Branch was awarded with the Best Junior Executive Award and J. M. L. S. Jayasundara of the Thambuttegama Branch won the accolade for the Best Bancassurance Officer.
HNB Assurance PLC (HNBA) is the proud sponsor of the Sri Lanka Deaf Cricket Team for the 3rd Asia Deaf Cricket Cup which is currently being held in Hyderabad, India. The Sri Lanka Deaf Cricket Team owned the runners up title at the 2nd Asia Deaf Cricket Cup tournament which was held in 2012. The team consists of members from various parts of the island and has been trained under the guidance of the Head Coach, Jayalath Aponso.
Sharing thoughts on the sponsorship, Deepthi Lokuarachchi, Chief Executive Officer of HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI) stated that this is a great opportunity to showcase the true Sri Lankan winning spirit in an international arena and HNBA is humbled by the opportunity to support such a team with a conquering spirit and the Company firmly believes in supporting and uplifting such individuals and teams. As part of the Company’s corporate stewardship, each year the Company pays great emphasis on several categories such as arts and culture, education, sports, providing purified drinking water facilities as well as conserving the environment and ensures that the Company becomes a part of worthy causes in supporting and uplifting lives of communities scattered across the country.
Speaking further, Lokuarachchi added “contemporary business practices in today’s context is centred on fulfilling corporate social responsibility and HNBA seizes every opportunity and ensures that the HNBA brand name is portrayed through causes which reflects the true human spirit.
HNB Assurance PLC (HNBA) released its Integrated Annual Report for the financial year 2016 which highlighted the growth in Life Insurance as well as the General Insurance business. The Annual Report of the Company showcased its journey of 15 years and the impact which the business has created on all stakeholders throughout its journey.
Sharing her views on the performance of HNBA and HNBGI over 2016, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI stated, ‘It surely was a year of stiff competition across the entire industry. Owing to the regulatory requirements and fulfilling the legal and social obligations, several strategic changes were made in order to secure market share and to achieve a favorable business growth. In comparison with the previous financial results of 2015, I am indeed pleased to state that performance of both HNBA and HNBGI resulted in a 22% top-line growth and a growth of 228% in the bottom-line”. “The Life and General Insurance industries in Sri Lanka are highly competitive and dynamic. The Regulatory measures have brought in a framework for the governance structure and the effective use of capital. The Life Insurance industry as a whole recorded a growth of 19% and General Insurance segment posted a growth of 14% as opposed to the growth of the Life Insurance industry of 20% in 2015 and the growth of the General Insurance segment of 15% in 2015. HNBA and HNBGI surpassed the industry growth rates recording growth rates of 27% in its life business and 16% in its general business” she added.
Speaking further on the growth perspectives of the Group, Mrs. Cooray added “the Group was able to record a Profit After Tax (PAT) of Rs. 647 Million, showcasing a growth of 228% over 2015. This was the highest PAT the Group recorded since its inception. It is important to note that the Group recorded this significant achievement as a result of the turnaround of HNBGI from loss to profit”.
Sharing his views on the performance of 2016, Deepthi Lokuarachhci, Chief Executive Office of HNBA and HNBGI stated, “2016 was a challenging year for the entire Insurance industry and the key challenges faced included the high settlement of claims which arose from two devastating catastrophes. Yet, the business was successful in deploying its strategies and capabilities across the Group which led both businesses to yield a profitable growth. The transition from the solvency regime to the Risk Based Capital (RBC) brought in significant changes in valuing Insurance contract liabilities and regulatory reporting”.
Speaking on the performance of each category, Mr. Lokuarachchi stated “the Life business showed a remarkable growth surpassing the industry growth and was able to retain an industry rank of six. HNBA was able to record its highest net profit of Rs. 600 Million as opposed to Rs. 427 Million in 2015. The Life business showed a GWP of Rs. 3,554 Million and a Net Income of Rs. 4,427 Million, whereas the General business showed a GWP of Rs. 3,142 Million and a Net Income of Rs. 2,516 Million. The Life Fund reached an 8.6 Billion Rupee mark over 2016. HNBA was able to declare a maximum bonus of Rs. 54 per Rs. 1,000 to its policy holders and a dividend rate of 8% for policyholders of the fund-based product category. The General Insurance business was able to maintain a healthy balanced mix between the Motor and Non-motor segments. The brand was able to retain its position within the top ten General Insurers of Sri Lanka. With this growth momentum, the Board as well as the Management of HNBA and HNBGI has derived sustainable business strategies which would allow the business to compete in a challenging business environment and to post a steady growth during the course of 2017”.
Image Caption: L-R – HNBA & HNBGI Chairperson Rose Cooray and HNBA & HNBGI Chief Executive Officer Deepthi Lokuarachchi
Celebrating this International Women’s Day and paying tribute to the graceful spirit of womanhood, HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) unveiled ‘Liya Harasara’ for the fifth consecutive year. The launch of this special campaign was announced recently and will be in force throughout the months of March and April. The fifth edition of Liya Harasara provides a great opportunity, whereby women could avail themselves of a range of special benefits.
Sharing his views on Liya Harasara, Prasantha Fernando, Chief Operating Officer of HNBA stated, ‘Women in today’s society play a significant role, with great strength, confidence and independence and hold an equal share in society and are seen as great leaders, entrepreneurs and more importantly as co-bread winners in households. As a brand we take this opportunity to salute and pay tribute to women across our country for their role in shaping society’.
Speaking on this campaign, Chief Business Officer of HNBA, Ivan Nicholas stated that Liya Harasara is an outcome of a combination of a unique range of benefits as well as collaborative product offerings from HNBA and HNBGI and other brands such as Hatton National Bank PLC (HNB), Singer Plus and Vision Care. Speaking further Ivan Nicholas stated, ‘the fifth edition of Liya Harasara offer ladies a free Life Cover of up to 1 Million Rupees with every Life Policy they obtain and pregnancy related hospitalization benefit of up to Rs. 10,000 per day from HNBA for those policies which have this cover. In addition, Liya Harasara offer ladies a free personal accident cover of up to Rs. 500,000 for every Motor Car Insurance policy obtained from HNBGI. The brand has collaborated with its Parent Shareholder, HNB, where women could obtain a credit card without having to pay a joining fee or the first year annual fee. Further, women could obtain a discount of up to 10% for selected purchases from Singer Plus Showrooms Island wide and also a discount of 10% for purchases of spectacles, sunglasses and hearing aids from Vision Care Showrooms Island wide.
Commenting on this edition of Liya Harasara, Chief Business Officer, (Personal Lines and Branch Network) of HNBGI, Jude Benjamin, thanked HNB, Singer Plus and Vision Care for collaborating with HNBA and HNBGI stating, ‘we are pleased to associate ourselves with brands such as HNB, Singer Plus and Vision Care and we are confident that this endeavor would result in a favorable outcome in the market, benefiting women across our country’.