Lasitha Wimalaratne Promoted as Chief Operating Officer and Principal Officer of HNB Assurance PLC

HNB Assurance PLC (HNBA) announced the promotion of Lasitha Wimalaratne as its Chief Operating Officer and Principal Officer with effect from 21st July, 2020. Lasitha who joined HNB Assurance as Deputy Chief Operating Officer on 4th March, 2019 was instrumental in developing revolutionary products such as PrivilegedLife and SupremeHealth Benefit which took the industry by storm. His strategic direction has contributed to the growth of the Company in several ways. Under his guidance HNBA recorded a New Business Premium growth of 27% in 2019 and produced 75 Million Dollar Round Table Qualifiers.

With professional experience of over 22 years, of which over 19 years in Life Insurance Operations, Lasitha has held many key positions in both local and international entities including 07 years at AIA Insurance Sri Lanka and 03 years in Sales & Marketing exposure in London. Prior to his appointment at HNBA, Lasitha served Softlogic Life Insurance PLC in the capacity of General Manager and Specified Officer overseeing Life Operations.

Having graduated from the University of Sunderland, UK with a Bachelor of Arts Degree in Business Studies, Lasitha obtained his Master of Business Administration Degree from the University of Wales, UK. A Chartered Insurer and a Fellow Member of the Charter Insurance Institute, UK (FCII), Lasitha is also a Fellow Member of the Australian and New Zealand Institute of Insurance and Finance (AZIIF-Fellow) and an Associate Member of the Chartered Institute of Marketing, UK (ACIM).

Lasitha is the current Honorary President of the Sri Lanka Insurance Institute (SLII) and has been serving SLII as a Council Member since 2011. He was also the Founder Secretary General of the Association of Chartered Insurance Professionals (ACIP) and is a current Council Member of ACIP. Lasitha has been a part of several local and international Insurance Seminars and has been a Guest Speaker and a Panelist at several Conferences including the Insurance Claims & Underwriting Management Asia Summit 2017 which was held in Singapore and he was the first to publish a book on insurance in a local context, titled “Jeewitha Rakshanaye Asisriya” which highlights the importance and benefits of Life Insurance.

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HNB Assurance Talks Investment Strategy in Tackling Post-COVID Economic Challenges.

As Sri Lanka gradually steps out of lockdown measures, markets are rolling out carefully devised plans like never before, with cuts and chops to cater the all new ‘normal’. The insurance industry in particular has become more attentive and attuned to the time, where deep seated changes are seen throughout the fabric of the Company, also with other players adopting various strategies to cope the challenging outlook of the financial services sector, following the global outbreak of COVID-19. Navigating amidst many a challenges in this regard, HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) has set out well-assessed investment strategies as part of the overall business strategies deemed to add value to all stakeholders, also with the aim of supporting the country’s economy in the run up to its recovery.

Sharing his views on the Company’s investment strategy and the way forward, Nilesh Amarasinghe, Chief Investment and Strategy Officer of HNBA Group stated “Having experienced a two month long freeze in certain markets, the financial sector has become wide-eyed, as efforts are now towards converting the setbacks to build a stronger foundation for more sustainable returns in the long run. As for the Group, we actively engaged in counterbalancing actions supported by the contingency planning processes that is set in place, one of which was justified by our investment in highly rated companies that led us in minimizing the effect posed by this global crisis. This is further testified by the recent affirmation of the Group’s Fitch Ratings at A (lka) for “National Insurer Financial Strength Rating”.

Speaking further on the Group’s business model, Mr. Amarasinghe added, “Being a Company with a fund based portfolio, managing nearly Rs. 25 Billion funds, a robust fund management strategy is of utmost importance in value creation to our Shareholders and Policyholders, as well as in obtaining increased investment returns. As of year 2019, the Group was able to maintain an average yield of 12.3%, sourced as a result of the investment in longer tenure instruments. This generated attractive returns to our Shareholders and Policyholders, and was followed throughout the beginning of year 2020 as well, which was key in keeping these time sensitive external changes at bay. Such conscious business practices also resulted in maintaining an equity exposure that is less than 1%, despite drastic drops in interest rates. We believe that similar actions upon successful forecasting using economic indicators would support the careful allocation of our strategic assets to maximize returns effectively, which in turn would aid the market to function at its full and true potential”.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 branches.  HNBA is a Life Insurance company with a rating of A (lka) by Fitch Ratings Lanka for “National Insurer Financial Strength 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).

Prasantha Fernando Appointed as Chief Executive Officer of HNB Assurance PLC and HNB General Insurance Limited.

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HNB Assurance PLC Group announces the appointment of Mr. Prasantha Fernando as the Chief Executive Officer of its Life and General Insurance businesses succeeding Mr. Deepthi Lokuarachchi who served the Group in the capacity of Managing Director/CEO. In line with the Group’s retirement policy, Mr. Lokuarachchi will be stepping down from his position with effect from 20th July, 2020 upon reaching the age of 55.

Mr. Prasantha Fernando, a career insurance professional joined HNB Assurance as General Manager – Life in March, 2012 and has been serving the Company since then. He holds a Bachelor’s Degree in Mathematics and Statistics awarded by the University of Colombo and is also a Chartered Insurer with the Associateship of the Chartered Insurance Institute, UK. Mr. Fernando being an old boy of Royal College of Colombo has taken an active role during his tenure in the Company and brought about many transformational changes in the Life Insurance business of the Group. Prior to his engagement with HNB Assurance, he served Aviva NDB Insurance since 1992 when it was known as CTC Eagle Insurance. Mr. Fernando has also served the Association of Chartered Insurance Professionals as a Founding Member and was a past Chairman of the Life Insurance Forum of the Insurance Association of Sri Lanka and is an Executive Committee Member of the Insurance Association of Sri Lanka.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 branches. HNBA is a Life Insurance company with a rating of A (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength 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 won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation Accountants).

HNB Assurance Successfully Concludes its First Virtually Facilitated AGM 2020.

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The first virtually facilitated Annual General Meeting of HNB Assurance PLC was held recently. The Company effectively addressed all Shareholders during the 18th Annual General Meeting supported by well equipped live streaming facilities. The initiative was coordinated keeping in line with all safety precautions imposed in the country due to the active pandemic situation.

Sharing her views on the Annual General Meeting, Chairperson of HNBA and HNBGI Mrs. Rose Cooray stated, “The Company led the discussion through digitally driven platforms as part of the well-thought measures initiated towards business continuation, and also in adherence to all compulsory safety guidelines. The uninterrupted streaming service facilities were efficient in addressing our valued Shareholders and related stakeholders effectively on business matters, all thanks to the planning and dedication of the management and IT staff of the Company”.

Managing Director/CEO of HNBA and HNBGI, Deepthi Lokuarachchi expressed his thoughts stating, “Careful management of our resources to achieve our business margins in such restricting times is for each of our stakeholders’ betterment, and the 18th ‘Virtual’ Annual General Meeting of HNBA has demonstrated comprehensive outcomes in this regard. I am thankful for the support of all staff involved, and also to our Shareholders for taking their valued time to adopt the relevant technology in making this event a success”.

HNB Assurance PLC (HNBA) is one of the fastest growing Insurance Companies in Sri Lanka with a network of 63 branches. HNBA is a Life Insurance company with a rating of A (lka) by Fitch Ratings Lanka for ‘National Insurer Financial Strength 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 won many awards for its Annual Reports at award ceremonies organized by the Institute of Chartered Accountants of Sri Lanka and SAFA (South Asian Federation Accountants).

HNB Assurance and HNB General Insurance Earn Great Place to Work® Certification

HNB Assurance PLC (HNBA) and its fully owned subsidiary HNB General Insurance Limited (HNBGI) obtained the Great Place to Work® certification upon meeting the global assessment standards and cultural audit requirements. Global people analytics and consulting firm Great Place to Work® is the global authority on assessing and benchmarking employee perception and organizational culture.

Sharing his views on this global recognition, Managing Director/CEO of HNBA and HNBGI Mr. Deepthi Lokuarachchi stated “At HNBA and HNBGI, we continue to evolve and grow and this recognition is a testament to the continuous growth HNBA Group has demonstrated. This designation further validates our ethos, processes and practices and it solidifies our vision of sustained growth and creating a workplace of shared values, empowering culture and streamlined practices. As an organization spearheaded by values, people and processes, we firmly believe that we should continue to evolve and grow by understanding our people and their needs. Keeping this in mind, I firmly trust in achieving a brighter and stronger future for the two companies together, operating with each other in the ups and downs as one true family”.

Chief Human Resources Officer of HNBA and HNBGI Mr. Dinuka Pattikiriarachchi shared his views stating “Our values are deeply engraved in our people practices and processors. Our laid down behaviour framework works as a moderator for all our decisions from hiring talent to performance management, from compensation management to talent management etc. As a team, we understand the importance of consistency and continues improvement needed in fostering a happy work place. To do that we invest time and resources in understanding our people, their needs and changes in the business environment and I feel we are reaping the benefits of such investment now. This recognition is a significant milestone in our journey but surely not an end destination. Achievements of this nature will certainly provide more thrust to our efforts in creating a benchmark in Employee Satisfaction”.

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