HNB Assurance Wins Big at CA Annual Report Awards

HNB Assurance Group bagged another Gold Award for its 2017 Integrated Annual Report, themed ‘The Winning Formula’. The HNBA Group seized this top most award in the Insurance Companies Category at the 54th Annual Report Awards Ceremony, organized by the Institute of Chartered Accountants of Sri Lanka.

Sharing his views, Managing Director/CEO of HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI), Mr. Deepthi Lokuarachchi stated “the annual report of an entity is the single most important document and is a vital part of a company’s integrative communications process. Every annual report presents an opportunity to communicate the strategic direction, financial position and values of the company to all stakeholders.  Over the years, HNBA Group has won many honors for its integrated annual report and as a business in the financial market, the annual report of the Group ensures transparency, sustainable reporting and good governance” Mr. Lokuarachchi further added, “we are indeed pleased to be recipient of this year’s Gold Award and this is a testament to the Group’s efforts in setting new benchmarks in corporate reporting”.

Chief Financial Officer of HNBA and HNBGI Mr. Indika Perera thanked the project team stating, “this is another successful outcome of a dedicated team of passionate individuals working determinedly in completing the Group’s Annual Report. This accolade recognizes the commitment and dedication of the project team and the Group is pleased on the efforts of the project team”.

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Investing on Insurance is the Perfect Remedy…

Insurance is a promise built on a concrete of mutual understanding and trust. Here are some reason why insurance is important.

Insurance grants peace of money

Insurance, an intangible where you can`t see or touch, provides another intangible: peace of mind. Company holders can take on certain business deals because they can transfer the risks- thanks to insurance. Insurance is the appropriate safety cob web that allow entrepreneurs investigate opportunities.

Insurance is the safeguard of family and business stability

Safety cob web when risks go wrong. Life insurance can guide the life of a family, should a member be lost. It is more likely to be similar for a business. A member or a machinery should go out of task, the company can move on forward, thanks to insurance. It all goes back to the idea that insurance, when turning on makes policyholders whole again.

Increases economic growth

Insurance develop a symbolic impact on the economy by mobilizing domestic provisions for future. Insurance converts the gathered capital into beneficial investments. Insurance helps to reduce loss, the financial balance, advance trade and commerce activities. This will make an increment in the economic growth and expansion. Thus insurance plays a vital role in sustainable advancement of the economy.

Life insurance promotes savings

Insurance does not only save against risks, but also act as an investment channel. This facilitate a processed saving due to payment of regular premium. Simply it is a form of investment. Insurance will grow a habit of investing money by paying to the insurance company.

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HNBA Group Heads Forth with Steady Financial Growth

HNB Assurance Group delivered striking financial results for nine months ended September 2018, posting a Profit After Tax (PAT) of LKR 932 MN. This includes the regular profits for the period together with the One-Off Surplus which is resultant of the insurance industry valuation rule change and the 1st quarter valuation of the Life Insurance Fund under the new valuation method. The profit hence showcased a 230% growth in comparison to the corresponding period of 2017.  However, the aforementioned One-Off Surplus will only be applicable for the year 2018. The Group recorded a Gross Written Premium (GWP) of LKR 6.5 BN against a GWP of LKR 5.8 BN recoded in 2017.

Sharing her views on the financial performance, Chairperson of HNB Assurance PLC and its fully owned subsidiary HNB General Insurance Limited (HNBGI) Mrs. Rose Cooray stated, “Amidst many challenging economic factors prevailing in the market, HNBA and HNBGI have delivered outstanding performance, yielding significant results and further consolidating our firm standing in the industry. These results are a testament to the Group’s steady growth and future outlook. The Group has taken several measures to improve its efficiency and processes to provide a superlative service to its clientele”.

Speaking on the Group’s steady performance, Managing Director/CEO of HNBA and HNBGI, Mr. Deepthi Lokuarachchi stated, “These financial results are reflective of the Company’s continued commitment to grow profitable lines of business and affirm our standing in the market, delivering value to our customers and shareholders”. He further stated that the share price of HNB Assurance has remained stable since 2017, despite the challenging environment prevailing in the stock market. Mr. Lokuarachchi added, “Segments such as Motor and Fire of the General Insurance business depicted impressive results. The Life Insurance business reflected a growth on par with the market growth rates. The total assets of the Group reached a value of LKR 20.6 BN and the investment in financial instruments surpassed a value of LKR 17 BN. The Life and General Insurance Funds reached values of LKR 12 BN and 2.6 BN respectively”.

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HNBA Celebrates World Children’s Day

Commemorating this World Children’s Day, HNB Assurance PLC (HNBA) held a number of programs island-wide to communicate the importance of providing a solid form of protection to our children under the theme ‘give them their today and make way for their tomorrow’. The first event of this campaign was held on the children’s day at Rahula College, Matara followed by an event at Christ Church Girls School, Baddegama as well as in the Ampara Town Hall. The key focus of these events was on the protection of our children as well as on the growth and development of our children to fulfill their true potential.

Sharing his views, Managing Director/CEO of HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI), Mr. Deepthi Lokuarachchi stated, “It is no secret that children are considered as the building blocks of a strong nation and this World Children’s Day HNBA has taken another step to create awareness on a number of important topics related to growth and development of our children. As brands committed on providing protection to our community, HNBA and HNBGI will always support the endeavors to uplift child protection and development. Children should not be celebrated on just one particular day but should be celebrated throughout the year as they will be the responsible citizens of tomorrow”. Further Mr. Lokuarachchi stated, “the Company has taken many efforts and has introduced several insurance plans to pave the way for children to reach their dreams”.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 58 branches.  HNBA is a Life Insurance company with a rating of A (lka) by Fitch Ratings Lanka for “National Insurer Financial Strength Rating” and “National Long- term Rating”. Following the introduction of the segregation rules by the Insurance Regulator, HNB General Insurance Limited (HNBGI) was created and commenced its operations in January 2015; HNBGI continues to specialize in motor, non-motor and Takaful insurance solutions and is a fully owned subsidiary of HNB Assurance PLC.  HNBA is rated within the Top 100 Brands and Top 100 companies in Sri Lanka by LMD and HNB Assurance has won International awards for Brand Excellence, Digital Marketing and HR Excellence and also won many awards for its Annual Reports at the Award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation of Accountants).

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HNBA Posts Steady Growth in First Half of 2018

HNB Assurance Group delivered impressive financial results for the 1st half of 2018, posting a Profit After Tax (PAT) of LKR 805 MN. The 1st half PAT is inclusive of the regular profits together with the One-off Surplus which arose from the insurance industry valuation rule change as well as the 1st quarter valuation of the Life Fund under the new valuation method. The profit growth thus reflected the 357% growth over prior. However, the resultant increase remains uniquely applicable only for the year 2018, the Company communication stated. The Group recorded a Gross Written Premium (GWP) of LKR 4.2 BN depicting a growth of 12% amidst very tight market conditions when compared with the GWP of LKR 3.8 BN recorded during the corresponding period of 2017.

Sharing her views on the financial results, Mrs. Rose Cooray, Chairperson of HNBA and HNBGI stated, “The Group has made progress during the first half, further strengthening our footprint in the insurance industry. These impressive results were achieved amidst many economic and operational challenges. The first half operating results showcase solidity of the HNBA Group and the improved efficiencies of the Life and General businesses and the strategies in place to cater to the insurance needs of our community. Both businesses of the Group are committed to deliver value to all stakeholders as well as to further consolidate firm standing of the Group in the insurance industry”.

Expressing his views on the first half financial results, Mr. Deepthi Lokuarachchi, Managing Director/CEO of HNBA and HNBGI stated, “These results are an outcome of the Group’s well-founded strategies and well-focused management practices. In a challenging economic backdrop, the Group was successful in achieving a GWP growth of 12% during 1H 2018”. Speaking on the performance of each business, Managing Director/CEO, Mr. Lokuarachchi commented “classes such as motor and fire of the General Insurance business showcased an impressive growth while other classes including the Life Insurance business have grown consistently with the market ratios of growth. Total assets of the Group reached LKR 20 BN and the investment in financial instruments surpassed the value of LKR 16.5 BN. As at 30th June 2018, the Life Insurance Fund reached a value of LKR 11.6 BN and the General Insurance Fund reached a value of LKR 2.6 BN”. Speaking on the Group’s future prospects, Mr. Lokuarachchi added that the Group remains confident of its ability to deal with ongoing and imminent challenges facing the business and to grow beyond benchmarks.

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