HNB Assurance Continues to Grow Steadily

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) posted a Profit After Tax (PAT) of LKR 176 MN for the second quarter of 2017, reflecting a phenomenal growth of 332% compared to the PAT of LKR 41 MN recorded during the same period of 2016. The impressive performance of the Group reflected in all performance indicators. The Parent Company, HNBA posted a PAT of LKR 100 MN marking a growth of 54% while its subsidiary with a PAT of LKR  76 MN recorded a more impressive growth of 414% in PAT.

During the second quarter of 2017, the Group achieved a 22% growth in its Gross Written Premium (GWP), depicting a value of LKR 3.8 BN as against the GWP of LKR 3.1 BN recorded during the comparable period in 2016. The Life Insurance segment contributed a GWP of LKR 1,919 MN and the General Insurance segment contributed a GWP of LKR 1,901 MN to the overall GWP. The Life and General Insurance segments recorded Premium growth rates of 17% and 27% respectively. During the second quarter of 2017, the group recorded an investment income growth of 54% reaching a value of LKR 771 MN against LKR 500 MN recorded during the same period of 2016.  The Total Assets of the Group reached a value of LKR 16 BN and Investments in Financial Instruments reached a value of LKR 13 BN. During the same period the Life Insurance Fund and General Insurance Fund grew by 14% and 29% reaching values of LKR 10 BN and LKR 2.5 BN respectively.

Sharing her thoughts on the Group’s financial performance, Chairperson of HNBA and HNBGI Mrs. Rose Cooray stated, “We are indeed delighted to announce the results of another successful quarter.  Both Life and General Insurance segments have showcased steady revenue growths. The concerted and well targeted efforts the Group has taken throughout 2017 to grow profitable business has made both HNBA and HNBGI more resilient and competitive Insurance companies in the industry.  The Group continues to leverage on its core competencies in stabilizing its market share by delivering a substantial long-term value to our shareholders whilst meeting all our obligations to our valued customers with highest responsibility. These financial results are a testament of the Group’s continuous financial stability and its growth momentum”.

Speaking on the financial performance of the Group, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated, “Despite many tough challenges in a rapidly changing market, the Group has made significant strides by creating a stronger platform for growth by delivering a steady financial performance. This growth momentum of the Group showcases the strength of our business strategy and we are confident that both our Life and General Insurance companies will reach out as strong players in this industry”.


A Protection Proposition for Your Employees from HNBA

HNB Assurance PLC (HNBA) unveiled its Group Life Product, offering four predefined packages that businesses could choose from in providing the financial protection that their staff need.

Speaking on the importance of providing a solid platform of protection to employees, Managing Director/CEO of HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI), Mr. Deepthi Lokuarachchi stated “we live in a period of time of rising costs and risks. In a tight economic backdrop, small and medium scale enterprises (SMEs) find it challenging to provide solid forms of protection plans for their employees due to higher underwritten premiums or under-evaluating the risk component associated. SMEs in Sri Lanka play a major role in today’s economy as it uplifts economic diversification. The Group Life product of HNBA is a lot more than a spring of protection for your employees. It provides a number of benefits to both employees and the comfort of knowledge to employers, that your employees are very well protected. Further, employers are able to benefit from this as a strategic measure in line with its human resource practices in order to cement and strengthen its employee – employer relationships as well the psychological contract with the organization, as we firmly believe that motivated and happy employees reflects the true values of an organization”.

Mr. Prasantha Fernando, Chief Operating Officer of HNBA elaborating on this product added “companies could choose from one of the four packages that we have to offer that ranges from just providing a basic life cover for one’s staff, to providing an annuity, to offering a comprehensive bouquet of covers that include critical illness, disability cover and hospital cash”.


HNBA and HNBGI Relocate its Galle Branch

Striving for excellence and delivering value to its customers and stakeholders, HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) relocated its Galle Branch recently. The Branch offers a full spectrum of Life, General and Takaful insurance solutions.

Speaking at the opening, Chief Operating Officer of HNBA, Mr. Prasantha Fernando stated “The Company has been expanding its Branch network across Sri Lanka, offering the best protection plans for individuals and families to face the challenges of tomorrow. The Branch is located in the heart of Galle and offers a range of Life, General and Takaful Insurance solutions. The Branch offers an interactive customer experience intertwined with the expertise of our professional Insurance Advisors and staff helping customers select the best form of protection for themselves as well as their families both in Life and General Insurance”. Expressing his views, Chief Business Officer of HNBGI, Mr. Jude Benjamin stated “We’re indeed thankful to the team led by the Galle HNBA Cluster Manager Harishchandra Rajanayake and HNBGI Cluster Manager Madusha Kulathunga, for their dedication and support as well as for the efficient management of Branch operations and for their customer service excellence which has led the Branch to foster blooming results”.

The Branch is located at No. 46/1/1, Colombo Road, Kaluwella, Galle.


HNBA MD Discussed the Dynamic HR Practices of HNBA & HNBGI

The ‘people factor’ of an organization with no doubt is its greatest strength, making its management crucial in a highly competitive industry such as Insurance. HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) has deployed a Human Resource strategy for its staff which focuses on enriching the life of its employees, both through enhancing quality of time at work as well as providing for greater work-life balance.

Sharing views on the Human Resource strategy, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated, “The Human Resource strategy is a key success driver of any organization and it is believed that the Human Resource function adds a great deal of value to the corporation and the ‘people factor’ provides for greater stability of the business as well as superior organizational performance. Cherished Human Resource practices could result in a pool of competent and dedicated employees. The Group pays great emphasis on its recruitment strategy as well as in retaining its employees. As a Group with over 900 employees, the Strategic Human Resource practices extend beyond the standard Human Resource practices, to help our staff and their families fulfill their aspirations and dreams. Extensive measures are taken in order to create a contemporary organization culture with augmented values as well as a support mechanism to enable one to go forth in one’s career.”

Speaking further Mr. Lokuarachchi added “The Group has an ‘open door’ policy where employees could access the top management concerning any matter. Continuous learning and development is encouraged throughout each tier of the organization. The Group envisions creating charismatic leaders and has invested its resources in talent management and talent development which helps in building competencies and skills within employees. As part of the Human Resource strategy, training programs are conducted on a monthly basis focusing on professional as well as personal development of employees. These programs range from personal grooming to professional training to workshops on striking the right work-life balance and healthy living. A case in point here is the workshop that was held for staff on the prevention of Dengue and H1N1 as well as a workshop to help individuals understand what measures should be taken in order to spend the golden eve of one’s life in a happy and a healthy manner. These workshops were conducted by Dr. Shiromi Maduwage and Dr. Sameera Sennanayake of the College of Community Physicians of Sri Lanka. The Group identifies the true potential of each staff member and set in place a compensation scheme which has both monetary and non-monetary components. The Group constantly encourage employees in enhancing leadership roles and in empowering employees by creating additional tiers in the management hierarchy to allow career progression. In addition, the Group has taken a step forward in implementing advanced Human Resource Information systems and reward schemes”.


Highfliers Hailed at the 12th HNB Assurance Sales Convention

HNB Assurance PLC (HNBA) felicitated the bright-sparks of its Sales Force at the 12th Sales Convention held recently at the Hilton Colombo.  The eagerly anticipated night of the Company’s event calendar was graced by the presence of Mrs. Rose Cooray as Chief Guest, the Board of Directors of HNBA as well as the Management of both HNBA and its fully owned subsidiary HNB General Insurance Limited (HNBGI).

Sharing her thoughts on this day of celebration, Chairperson of HNBA and HNBGI Mrs. Rose Cooray stated “Tonight we celebrate the breakthrough performance, the enthusiasm and the go-getter spirit of our Sales Force. The Sales Force has been a significant stake of the Company since its inception and has delivered an extraordinary performance in 2016, immensely contributing to the growth of the Company. I’m extremely pleased at the outcome of their commitment, dedication towards constantly striving to raise the bar further”.

Sharing his thoughts on this celebratory night, Managing Director/Chief Executive Officer of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated “Throughout its journey of 15 years, the Company has showcased its strength and stability by yielding significant results. The Sales Force has contributed substantially to the growth of the Company by capturing new market segments, as well as by seizing the existing market gaps in a challenging industry. Tonight we celebrate the accomplishments of the crème of the Sales Force including forty one Million Dollar Round Table (MDRT) qualifiers, one Court of the Table (COT) qualifier and one Top of the Table (TOT) qualifier and I’m delighted to laud those individuals who have gone that extra mile to realize achievements such as these”.

Speaking on the performance and on the future outlook, Chief Operating Officer of HNBA Mr. Prasantha Fernando stated, “The devotion the Sales Force has in no small measure helped the Company to grow over the years to the stature and stability that it has achieved to date. These results have created a favorable mindset amongst our Sales Force in this highly competitive market, and regardless of the obstacles, I’m sure the achievements of the Sales Force of HNBA will continue to grow from strength to strength as a result of their resolve to succeed”.

The 12th HNBA Sales Convention honored 225 Advisors under categories of Bronze, Silver, Gold and Super Gold. Amongst those golden trophies were the accolades for the Best Service Center, Best Zonal Manager, Best Cluster Manager, Best Regional Office Manager, awards for MDRT, COT and TOT qualifiers. The top awardee of the night was Ms. U. K. K. C. Silva who was awarded as the Best Sales Person of the Year.

Another specialty of the night was the tokens of appreciation presented to several artists of the golden era, acknowledging their contribution to enlighten the entertainment industry of Sri Lanka. Accordingly the acknowledged artists were Mr. Prince Udaya Priyantha, Mr. Berty Gunethilake, Mrs. Chandrani Gunewardena and Mr. Piyadasa Athukorala.

Image Caption: L-R: HNBA and HNBGI Managing Director/CEO Mr. Deepthi Lokuarachchi, HNBA and HNBGI Chairperson Mrs. Rose Cooray, HNBA Best Sales Person of 2016 Ms. U. K. K. C. Silva, HNBA Chief Operating Officer Mr. Prasantha Fernando, HNBA Chief Business Officer Mr. Ivan Nicholas and HNBA Zonal Head Mr. Hiran Fernandopulle.