HNB General Insurance closed on yet another impressive year contributing handsomely to the overall achievement of the HNB Assurance Group. HNB General Insurance(HNBGI) recorded an impressive growth of 21% in its Gross Written Premium (GWP) as at end December 2022 to reach LKR 6.8Bn.
Sharing his thoughts on the performance of the sales efforts of the Company, Mr. Sithumina Jayasundara, CEO of HNB GI opined “These remarkable numbers are a result of a conscious effort, going into 2022 we knew we had to be precise and tailor our efforts to suit each region and channel” he further added “We are proud to have achieved such remarkable growth in a challenging year. Our strategic focus on channel development and commitment to delivering innovative solutions to customers have paid off, and we are confident that our focus on agency development will drive our growth in the future.” He went on to add “I would also like to express my gratitude to all the teams for their unwavering dedication and hard work during a tough year, and for putting their hands up to help achieve these remarkable results.”
Chief Business Officer, Corporate & Branch Network / General Manager of HNBGI, Mr. Sampath Wickramarachchi expressed his views stating, “Although faced with several challenges caused by the lasting effects of the global pandemic and ongoing economic and political instability, the entire team did well to contribute Rs.3.9 Bn to the total GWP of the company which is a growth of 24% compared to a year earlier. The Corporate & Alternate Channel did well to outperform its target, by as much as 120%, to record an impressive 43% growth over the previous year. The Broker unit also surpassed handsomely by 147%, recording a mammoth year-on-year growth of 58%. Furthermore, the Corporate Sales Conventional unit exceeded its target by 104%, with a year-on-year growth rate of 46%.”
He further added “these remarkable achievements are a testament to the hard work and commitment of all of HNBGI’s teams. We will continue to seek growth opportunities and implement new business strategies to enhance our Corporate & Bancassurance businesses, including introducing and pursuing new avenues and business acquisition models.”
Mr. Jude Benjamin, Chief Business Officer - Branch Network & Personal Lines / General Manager, sharing his thoughts stating “In addition to the agency channel, we saw impressive growth in other key areas. Our HNB, HNB Finance, and HNB Bancassurance channels grew by 18%, 39%, and 19% respectively. These results reflect our dedication to delivering exceptional service and value to our customers across all channels. Looking ahead, we remain committed to upholding our high standards and providing top-quality services to our customers. We are confident that our continued focus on agency development, combined with our other growth initiatives, will enable us to maintain our position as a leading provider of insurance solutions.”
HNB General Insurance Limited (HNBGI) was incorporated in January 2015 and specializes in Motor and Non-Motor Insurance Solutions and is presently one of the fast-growing General Insurance Companies in Sri Lanka, with a network of 57 branches. The Company is ranked within the Top 100 Brands in the country and has been awarded a ‘National Insurer Financial Strength Rating’ of A- (lka) by Fitch Ratings Lanka Limited and has obtained the Great Place to Work® Certification. The Company was awarded the Motor Insurance Initiative of the Year - Sri Lanka award at the Insurance Asia Awards 2021, and is a fully owned subsidiary of HNB Assurance PLC.
April
HNB General Insurance and Hatton National Bank Renew Adhishtana Partnership Enhanced Services for Sri Lankans Working Abroad and their loved ones To offer enhanced services for Sri Lankans working abroad and their loved ones Adhishtana program underwent significant revamp to better help customers HNB General Insurance Limited (HNBGI), one of the fastest growing general insurance providers and a proud member of the HNB Group, marks a significant milestone with the renewal of its partnership with Hatton National Bank PLC (HNB). This partnership expansion aims to enhance the range of insurance coverage and services accessible to customers enrolled in HNB's Adhishtana loan program. Adhishtana, HNB's savings scheme tailored for Sri Lankan nationals employed abroad, is well-regarded for facilitating pre-departure loans. The partnership between HNBGI and HNB, initiated in 2023 to provide comprehensive insurance coverage to Adhishtana customers, has undergone a significant overhaul in renewal and the revamp introduces a more extensive array of services and benefits, positioning it as the best means of financial security and protection for those seeking foreign employment. In the renewed partnership, HNBGI now covers additional categories of Sri Lankan migrant workers and their immediate family members. The Adhishtana partnership between HNB and HNBGI is conducted in collaboration with the Association of Licensed Foreign Employment Agencies (ALFEA). Sithumina Jayasundara, CEO of HNB General Insurance, conveyed his contentment with the renewed partnership, expressing, "Recognizing the pivotal role played by Sri Lankan employees abroad in contributing to our economy, especially in the current context, it is our national obligation to express gratitude. The revitalized Adhishtana partnership with HNB stands as a significant achievement, as it not only enhances our service for foreign employees but also elevates it to a new level by providing additional benefits and extending coverage to a wider range of professionals." "Given the escalating number of Sri Lankan professionals actively pursuing employment opportunities abroad each month, it is imperative for us to elevate our service offerings and fortify our support for them. The ongoing partnership with HNB GI provides substantial peace of mind to our expanding customer base concerning their financial security and protection. This underscores our commitment as the HNB Group to capitalize on our respective strengths and deliver integrated services that truly resonate with our customers," stated HNB DGM – Retail Banking Group, Sanjay Wijemanne . HNB General Insurance is a dedicated partner, addressing a diverse range of insurance needs from motor to non-motor and Takaful solutions for individuals and commercial entities across Sri Lanka. As a subsidiary of HNB Assurance PLC and a member of the HNB Group, HNB General Insurance operates through an extensive network of branches, ensuring comprehensive service coverage throughout the island. Backed by an Insurer Financial Strength Rating of ‘A- (lka)’ by Fitch Ratings Lanka Limited, HNB General Insurance is committed to creating sustainable value for stakeholders through innovation and care.
April
HNB General Insurance proudly announces the appointment of Mrs. Dayalanie Abeygunawardena to its Director Board. Mrs. Abeygunawardena brings with her a wealth of experience and expertise in insurance, management consulting, and leadership development. With over 30 years of senior management experience, Mrs. Abeygunawardena has served in various leadership roles, including Chief Operating Officer at Janashakthi Insurance Company. During her tenure, she led General Insurance operations, facilitated two successful mergers, and championed staff engagement and leadership transformation initiatives. Mrs. Abeygunawardena is a Chartered Insurance Practitioner, a Professional Certified Coach, and holds an MBA from Edith Cowan University, Australia, and an MSc in Business Psychology from Herriot Watt University, UK. As a visionary leader, Mrs. Abeygunawardena has been recognized for her contributions to the industry, receiving the Gold Award in the Banking and Insurance Sector at the 6th Professional and Career Women Awards in 2016. In her new role at HNB General Insurance, Mrs. Abeygunawardena will leverage her expertise to drive strategic initiatives and further strengthen the company's position as a leading insurance provider in Sri Lanka. About HNB General Insurance: HNB General Insurance is a dedicated partner, addressing a diverse range of insurance needs from motor to non-motor and Takaful solutions for individuals and commercial entities across Sri Lanka. As a subsidiary of HNB Assurance PLC and a member of the HNB Group, HNBGI operates through an extensive network of branches, ensuring comprehensive service coverage throughout the island. Backed by an Insurer Financial Strength Rating of ‘A- (lka)’ by Fitch Ratings Lanka Limited, HNBGI is committed to creating sustainable value for stakeholders through innovation and care.
March
HNB General Insurance, a leading provider of general insurance solutions in Sri Lanka, marks a significant milestone in its journey towards compliance with the International Financial Reporting Standard (IFRS) 17 by becoming the first local general insurance company to implement WTW's ResQ Financial Reporter (FR) and engage WTW as the main advisor for the implementation. The implementation kickoff took place on March 11th, 2024. WTW’s ResQFR is a solution that provides an efficient flexible framework to generate IFRS17 financial statements and the supporting disclosure requirements, saving time and effort for insurers when undertaking end-to-end reporting processes. The IFRS 17 standard is set to be mandatory for insurance entities in Sri Lanka by 2026. This new standard mandates insurers to adopt a fair value approach to measuring insurance liabilities, fostering enhanced transparency and comparability in financial reporting. HNB General Insurance's innovative adoption of ResQFR underscores its unwavering commitment to proactively embracing international best practices. The system positions the company with the requisite tools and capabilities to accurately assess and articulate its financial performance under IFRS 17. “Being the pioneers among general insurance companies in Sri Lanka to embrace WTW's ResQFR solution is a testament to our dedication. This strategic investment reaffirms our resolve towards IFRS 17 compliance, ensuring precision and openness in our financial disclosures. We firmly believe that ResQFR will serve as a formidable asset in navigating the evolving regulatory landscape and realizing our strategic objectives” stated Sithumina Jayasundara, CEO of HNB General Insurance Limited. IFRS 17 signifies a pivotal shift in the insurance sector, ushering in new requirements for financial reporting. By integrating ResQFR, HNB General Insurance stands to reap several benefits, including more robust and efficient financial reporting, improved data management and analytical capabilities, augmented transparency and consistency in financial disclosures, and a competitive edge in the marketplace. "The implementation of WTW's ResQFR signifies a significant step forward for HNB General Insurance," remarked Nalin Subasinghe, Chief Actuarial Officer at HNB General Insurance. "This initiative underscores our commitment to adopting best-in-class solutions for accurate financial reporting under IFRS 17. With ResQFR, we are well-equipped to address the complexities of the new regulatory framework while maintaining transparency and efficiency in our operations." "ResQFR is a calculation and data management solution that takes the complexity out of IFRS 17, so insurance companies can focus on the core activities of their business. It is designed to enable the rapid implementation of IFRS 17 for P&C insurers. We are delighted that HNB General Insurance has chosen WTW and our solution to support them in their journey towards IFRS 17 compliance. Working alongside with our consultants, we are confident that HNB General Insurance can achieve their financial reporting objectives efficiently while maintaining industry-leading standards throughout the process," said Vivek Jalan, Head of Insurance Consulting & Technology, India and Sri Lanka, WTW. About HNB General Insurance HNB General Insurance is a dedicated partner, addressing a diverse range of insurance needs from motor to non-motor and Takaful solutions for individuals and commercial entities across Sri Lanka. As a subsidiary of HNB Assurance PLC and a member of the HNB Group, HNB General Insurance operates through an extensive network of branches, ensuring comprehensive service coverage throughout the island. Backed by an Insurer Financial Strength Rating of ‘A- (lka)’ by Fitch Ratings Lanka Limited, HNB General Insurance is committed to creating sustainable value for stakeholders through innovation and care. About WTW WTW’s Insurance Consulting and Technology business has over 1,600 colleagues operating in 35 markets worldwide. It is a leading provider of advice, solutions and software – primarily to the insurance industry. Its consulting services help clients manage risk and capital, improve business performance, and create competitive advantage – by focusing on financial and regulatory reporting, enterprise risk and capital management, M&A and corporate restructuring, products, pricing, business management and strategy.
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