Deepthi Lokuarachchi Becomes the Managing Director/Chief Executive Officer of HNB Assurance PLC and HNB General Insurance Limited

Deepthi Lokuarachchi, Chief Executive Officer of HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) was appointed to the Boards of HNBA and HNBGI as Managing Director recently. The appointment is made subject to the approval of the Insurance Board of Sri Lanka. Mr. Lokuarachchi now functions as the Managing Director/Chief Executive Officer of both Companies.

Mr. Lokuarachchi is an old boy of Trinity College, Kandy. Having obtained his Law degree (LL.B) from the University of Colombo, he was enrolled and admitted as an Attorney-at-Law in 1996. He obtained his Associate Membership of the Chartered Insurance Institute, UK and the status of a Professional Chartered Insurer in 2004. As of recent times, his professional status was converted to that 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.  His career began at Eagle Insurance in 1993. During his tenure with the company he held various key positions culminating in 2007/2008 as General Manager, Distribution and Risk Management. Climbing up the corporate ladder, he then joined AIG Insurance Limited Sri Lanka in 2008 and served for a period of 3 years and bade farewell in 2011 as the Deputy Chief Executive and the Chief Operating Officer in charge of the Sri Lankan and Maldivian operations. His last two appointments included the appointment as Chief Executive Officer of Orient Insurance Limited Sri Lanka, a subsidiary of Arab Orient Insurance, UAE as the overall in charge of the Sri Lankan operations and the appointment as Chief Executive Officer of Sri Lanka Insurance Corporation Limited for a period of two years.

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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”.

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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

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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.

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